SPMAX vs. ATGAX

Last updated Jun 4, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and ATGAX (Aquila Opportunity Growth Fund) are both Mid Cap Blend Equities funds. A 0.50 correlation means they provide meaningful diversification when combined. SPMAX charges 2.06%/yr vs 1.50%/yr for ATGAX.

Performance

SPMAX vs. ATGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Mid Capitalization Portfolio (SPMAX) and Aquila Opportunity Growth Fund (ATGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMAX

• 1D: 3.16%
• 1M: 5.31%
• YTD: 19.23%
• 6M: 17.39%
• 1Y: 33.47%
• 3Y*: 20.62%
• 5Y*: 9.75%
• 10Y*: 10.07%

ATGAX

• 1D: 1.15%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMAX vs. ATGAX - Yearly Performance Comparison

	2026 (YTD)
SPMAX Saratoga Mid Capitalization Portfolio	2.40%
ATGAX Aquila Opportunity Growth Fund	2.03%

Correlation

The correlation between SPMAX and ATGAX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.50

Return for Risk

SPMAX vs. ATGAX — Risk / Return Rank

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

SPMAX

SPMAX Risk / Return Rank: 44
SPMAX Sharpe Ratio Rank: 40
SPMAX Sortino Ratio Rank: 39
SPMAX Omega Ratio Rank: 36
SPMAX Calmar Ratio Rank: 55
SPMAX Martin Ratio Rank: 53

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.

SPMAX vs. ATGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Aquila Opportunity Growth Fund (ATGAX). 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.

	SPMAX	ATGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	—	—
Sortino ratio: Return per unit of downside risk	2.60	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	10.78	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPMAX	ATGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	58.33	-57.91

Drawdowns

SPMAX vs. ATGAX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, which is greater than ATGAX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPMAX and ATGAX.

Drawdown Indicators

	SPMAX	ATGAX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	0.00%	-52.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.60%	0.00%	-8.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	—	—

Volatility

Volatility by Period

	SPMAX	ATGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.26%	9.26%	+10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.51%	9.26%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	9.26%	+11.08%

SPMAX vs. ATGAX - Expense Ratio Comparison

SPMAX has a 2.06% expense ratio, which is higher than ATGAX's 1.50% expense ratio.

Dividends

SPMAX vs. ATGAX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 27.58%, while ATGAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATGAX Aquila Opportunity Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMAX Saratoga Mid Capitalization Portfolio	27.58%	32.89%	18.90%	1.28%	2.11%	16.31%	9.56%	0.01%	13.58%	8.25%	8.08%	5.04%

Frequently Asked Questions

Can I hold both SPMAX and ATGAX in my portfolio?

SPMAX and ATGAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.