SMICX vs. FSRRX

Last updated Jun 4, 2026

SMICX (Saratoga Moderately Conservative Balanced Allocation Portfolio) and FSRRX (Fidelity Strategic Real Return Fund) are both Diversified Portfolio funds. Over the past 5 years, SMICX returned 6.77%/yr vs 6.34%/yr for FSRRX. A 0.59 correlation means they provide meaningful diversification when combined. SMICX charges 0.99%/yr vs 0.70%/yr for FSRRX.

Performance

SMICX vs. FSRRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Fidelity Strategic Real Return Fund (FSRRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMICX achieves a 5.18% return, which is significantly lower than FSRRX's 8.69% return.

SMICX

• 1D: 0.52%
• 1M: 2.66%
• YTD: 5.18%
• 6M: 5.15%
• 1Y: 14.21%
• 3Y*: 12.41%
• 5Y*: 6.77%
• 10Y*: —

FSRRX

• 1D: 0.21%
• 1M: 0.10%
• YTD: 8.69%
• 6M: 9.04%
• 1Y: 16.60%
• 3Y*: 10.12%
• 5Y*: 6.34%
• 10Y*: 5.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMICX vs. FSRRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	5.18%	12.07%	11.02%	12.83%	-9.82%	11.85%	9.22%	16.62%	-7.61%
FSRRX Fidelity Strategic Real Return Fund	8.69%	10.45%	5.84%	4.59%	-3.34%	15.84%	3.74%	10.48%	-3.99%

Correlation

The correlation between SMICX and FSRRX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.59

Over the past year, the correlation between SMICX and FSRRX has dropped to 0.30 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

SMICX vs. FSRRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMICX

SMICX Risk / Return Rank: 37
SMICX Sharpe Ratio Rank: 36
SMICX Sortino Ratio Rank: 36
SMICX Omega Ratio Rank: 35
SMICX Calmar Ratio Rank: 35
SMICX Martin Ratio Rank: 44

FSRRX

FSRRX Risk / Return Rank: 96
FSRRX Sharpe Ratio Rank: 96
FSRRX Sortino Ratio Rank: 95
FSRRX Omega Ratio Rank: 93
FSRRX Calmar Ratio Rank: 98
FSRRX Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMICX vs. FSRRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Fidelity Strategic Real Return Fund (FSRRX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SMICX	FSRRX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.55	-1.82
Sortino ratio: Return per unit of downside risk	2.52	4.95	-2.43
Omega ratio: Gain probability vs. loss probability	1.31	1.71	-0.40
Calmar ratio: Return relative to maximum drawdown	2.22	8.14	-5.92
Martin ratio: Return relative to average drawdown	9.41	32.01	-22.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMICX vs. FSRRX - Sharpe Ratio Comparison

The current SMICX Sharpe Ratio is 1.73, which is lower than the FSRRX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of SMICX and FSRRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMICX	FSRRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	3.55	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.93	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.59	+0.03

Drawdowns

SMICX vs. FSRRX - Drawdown Comparison

The maximum SMICX drawdown since its inception was -22.85%, smaller than the maximum FSRRX drawdown of -33.42%. Use the drawdown chart below to compare losses from any high point for SMICX and FSRRX.

Drawdown Indicators

	SMICX	FSRRX	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	-33.42%	+10.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-2.05%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-11.42%	-5.80%	-5.62%
Max Drawdown (5Y) Largest decline over 5 years	-14.24%	-12.78%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.93%	—
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-3.39%	-4.21%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	0.52%	+1.04%

Volatility

SMICX vs. FSRRX - Volatility Comparison

Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) has a higher volatility of 2.65% compared to Fidelity Strategic Real Return Fund (FSRRX) at 1.30%. This indicates that SMICX's price experiences larger fluctuations and is considered to be riskier than FSRRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMICX	FSRRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	1.30%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	3.68%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	4.71%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.85%	6.88%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	6.73%	+4.38%

SMICX vs. FSRRX - Expense Ratio Comparison

SMICX has a 0.99% expense ratio, which is higher than FSRRX's 0.70% expense ratio.

Dividends

SMICX vs. FSRRX - Dividend Comparison

SMICX's dividend yield for the trailing twelve months is around 10.59%, more than FSRRX's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRRX Fidelity Strategic Real Return Fund	4.13%	4.68%	4.82%	5.29%	7.31%	5.35%	2.25%	3.05%	9.39%	1.57%	2.34%	1.75%
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	10.59%	11.14%	4.00%	0.87%	7.81%	11.59%	1.39%	3.45%	2.95%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMICX and FSRRX in my portfolio?

SMICX and FSRRX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMICX or FSRRX?

SMICX has higher volatility (2.65%) compared to FSRRX (1.30%). In terms of maximum drawdown, SMICX dropped -22.85% vs FSRRX's -33.42%.

Which has better risk-adjusted returns?

FSRRX currently has the higher Sharpe Ratio (3.55 vs 1.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.