SMICX vs. SBMIX

Last updated Jun 5, 2026

SMICX (Saratoga Moderately Conservative Balanced Allocation Portfolio) and SBMIX (Saratoga Moderate Balanced Allocation Portfolio) are both Diversified Portfolio funds from Saratoga. Over the past 5 years, SMICX returned 6.62%/yr vs 6.56%/yr for SBMIX. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.

Performance

SMICX vs. SBMIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SMICX having a 4.73% return and SBMIX slightly higher at 4.78%.

SMICX

• 1D: -0.43%
• 1M: 1.50%
• YTD: 4.73%
• 6M: 4.44%
• 1Y: 13.42%
• 3Y*: 12.25%
• 5Y*: 6.62%
• 10Y*: —

SBMIX

• 1D: -0.47%
• 1M: 1.76%
• YTD: 4.78%
• 6M: 4.45%
• 1Y: 13.79%
• 3Y*: 12.17%
• 5Y*: 6.56%
• 10Y*: —

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

SMICX vs. SBMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	4.73%	12.07%	11.02%	12.83%	-9.82%	11.85%	9.22%	16.62%	-7.97%
SBMIX Saratoga Moderate Balanced Allocation Portfolio	4.78%	12.25%	11.36%	11.96%	-10.38%	13.50%	9.84%	17.05%	-6.88%

Correlation

The correlation between SMICX and SBMIX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.99

The correlation between SMICX and SBMIX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SMICX vs. SBMIX — Risk / Return Rank

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

SMICX

SMICX Risk / Return Rank: 35
SMICX Sharpe Ratio Rank: 34
SMICX Sortino Ratio Rank: 35
SMICX Omega Ratio Rank: 33
SMICX Calmar Ratio Rank: 33
SMICX Martin Ratio Rank: 42

SBMIX

SBMIX Risk / Return Rank: 34
SBMIX Sharpe Ratio Rank: 33
SBMIX Sortino Ratio Rank: 33
SBMIX Omega Ratio Rank: 31
SBMIX Calmar Ratio Rank: 32
SBMIX Martin Ratio Rank: 43

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. SBMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Saratoga Moderate Balanced Allocation Portfolio (SBMIX). 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	SBMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.61	+0.02
Sortino ratio: Return per unit of downside risk	2.37	2.36	+0.01
Omega ratio: Gain probability vs. loss probability	1.29	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.08	2.07	+0.01
Martin ratio: Return relative to average drawdown	8.82	9.01	-0.19
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. SBMIX - Sharpe Ratio Comparison

The current SMICX Sharpe Ratio is 1.62, which is comparable to the SBMIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SMICX and SBMIX, 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	SBMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.61	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.63	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.60	+0.01

Drawdowns

SMICX vs. SBMIX - Drawdown Comparison

The maximum SMICX drawdown since its inception was -22.85%, roughly equal to the maximum SBMIX drawdown of -23.97%. Use the drawdown chart below to compare losses from any high point for SMICX and SBMIX.

Drawdown Indicators

	SMICX	SBMIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	-23.97%	+1.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-6.85%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-11.42%	-12.14%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-14.24%	-14.92%	+0.68%
Current Drawdown Current decline from peak	-0.43%	-0.47%	+0.04%
Average Drawdown Average peak-to-trough decline	-3.39%	-3.48%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.57%	-0.01%

Volatility

SMICX vs. SBMIX - Volatility Comparison

Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Saratoga Moderate Balanced Allocation Portfolio (SBMIX) have volatilities of 2.65% and 2.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMICX	SBMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	2.63%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.69%	6.94%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.52%	8.83%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	10.51%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	11.90%	-0.79%

SMICX vs. SBMIX - Expense Ratio Comparison

Both SMICX and SBMIX have an expense ratio of 0.99%.

Dividends

SMICX vs. SBMIX - Dividend Comparison

SMICX's dividend yield for the trailing twelve months is around 10.63%, more than SBMIX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SBMIX Saratoga Moderate Balanced Allocation Portfolio	9.66%	10.12%	3.70%	1.32%	5.93%	8.04%	1.35%	3.40%	3.11%
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	10.63%	11.14%	4.00%	0.87%	7.81%	11.59%	1.39%	3.45%	2.95%

Frequently Asked Questions

Can I hold both SMICX and SBMIX in my portfolio?

With a correlation of 0.99, SMICX and SBMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMICX or SBMIX?

SMICX has higher volatility (2.65%) compared to SBMIX (2.63%). In terms of maximum drawdown, SMICX dropped -22.85% vs SBMIX's -23.97%.

Which has better risk-adjusted returns?

SMICX currently has the higher Sharpe Ratio (1.62 vs 1.61), 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.