SMICX vs. STPAX

Last updated Jun 4, 2026

SMICX (Saratoga Moderately Conservative Balanced Allocation Portfolio) and STPAX (Saratoga Technology & Communications Portfolio) are both mutual funds - SMICX is a Diversified Portfolio fund managed by Saratoga, while STPAX is a Technology Equities fund managed by Saratoga. Over the past 5 years, SMICX returned 6.77%/yr vs 10.94%/yr for STPAX. Their correlation of 0.84 suggests significant overlap in exposure. SMICX charges 0.99%/yr vs 2.53%/yr for STPAX.

Performance

SMICX vs. STPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Saratoga Technology & Communications Portfolio (STPAX). 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 STPAX's 12.85% return.

SMICX

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

STPAX

• 1D: 0.22%
• 1M: 9.87%
• YTD: 12.85%
• 6M: 12.93%
• 1Y: 30.13%
• 3Y*: 22.10%
• 5Y*: 10.94%
• 10Y*: 16.95%

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

SMICX vs. STPAX - 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%
STPAX Saratoga Technology & Communications Portfolio	12.85%	16.20%	20.02%	45.01%	-31.89%	16.54%	26.75%	45.00%	0.06%

Correlation

The correlation between SMICX and STPAX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 2, 2018	0.84

The correlation between SMICX and STPAX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

Return for Risk

SMICX vs. STPAX — 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

STPAX

STPAX Risk / Return Rank: 34
STPAX Sharpe Ratio Rank: 42
STPAX Sortino Ratio Rank: 35
STPAX Omega Ratio Rank: 37
STPAX Calmar Ratio Rank: 29
STPAX Martin Ratio Rank: 29

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. STPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) and Saratoga Technology & Communications Portfolio (STPAX). 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	STPAX	Difference
Sharpe ratio Return per unit of total volatility	1.73	1.89	-0.16
Sortino ratio Return per unit of downside risk	2.52	2.48	+0.05
Omega ratio Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio Return relative to maximum drawdown	2.22	2.02	+0.20
Martin ratio Return relative to average drawdown	9.41	6.79	+2.61
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. STPAX - Sharpe Ratio Comparison

The current SMICX Sharpe Ratio is 1.73, which is comparable to the STPAX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SMICX and STPAX, 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	STPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.89	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.51	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.27	+0.35

Drawdowns

SMICX vs. STPAX - Drawdown Comparison

The maximum SMICX drawdown since its inception was -22.85%, smaller than the maximum STPAX drawdown of -94.25%. Use the drawdown chart below to compare losses from any high point for SMICX and STPAX.

Drawdown Indicators

	SMICX	STPAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	-94.25%	+71.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-15.49%	+8.85%
Max Drawdown (3Y) Largest decline over 3 years	-11.42%	-22.78%	+11.36%
Max Drawdown (5Y) Largest decline over 5 years	-14.24%	-37.07%	+22.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.07%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.39%	-58.76%	+55.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	4.60%	-3.04%

Volatility

SMICX vs. STPAX - Volatility Comparison

The current volatility for Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) is 2.65%, while Saratoga Technology & Communications Portfolio (STPAX) has a volatility of 4.12%. This indicates that SMICX experiences smaller price fluctuations and is considered to be less risky than STPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMICX	STPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	4.12%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	12.77%	-6.09%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	16.51%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.85%	21.68%	-11.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	22.03%	-10.92%

SMICX vs. STPAX - Expense Ratio Comparison

SMICX has a 0.99% expense ratio, which is lower than STPAX's 2.53% expense ratio.

Dividends

SMICX vs. STPAX - Dividend Comparison

SMICX's dividend yield for the trailing twelve months is around 10.59%, less than STPAX's 15.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
STPAX Saratoga Technology & Communications Portfolio	15.33%	17.30%	13.90%	7.63%	22.55%	13.94%	14.21%	12.52%	4.84%	8.32%	9.28%	12.58%

Frequently Asked Questions

Can I hold both SMICX and STPAX in my portfolio?

SMICX and STPAX have a correlation of 0.77, 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 STPAX?

STPAX has higher volatility (4.12%) compared to SMICX (2.65%). In terms of maximum drawdown, SMICX dropped -22.85% vs STPAX's -94.25%.

Which has better risk-adjusted returns?

STPAX currently has the higher Sharpe Ratio (1.89 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.