SPMAX vs. DDDIX
SPMAX (Saratoga Mid Capitalization Portfolio) and DDDIX (13D Activist Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, SPMAX returned 11.13%/yr vs 11.02%/yr for DDDIX. Their correlation of 0.86 suggests significant overlap in exposure. SPMAX charges 2.06%/yr vs 1.51%/yr for DDDIX.
Performance
SPMAX vs. DDDIX - Performance Comparison
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Returns By Period
In the year-to-date period, SPMAX achieves a 24.92% return, which is significantly lower than DDDIX's 27.51% return. Both investments have delivered pretty close results over the past 10 years, with SPMAX having a 11.13% annualized return and DDDIX not far behind at 11.02%.
SPMAX
- 1D
- 1.31%
- 1M
- 9.30%
- YTD
- 24.92%
- 6M
- 22.29%
- 1Y
- 37.84%
- 3Y*
- 22.14%
- 5Y*
- 11.06%
- 10Y*
- 11.13%
DDDIX
- 1D
- 0.00%
- 1M
- 5.06%
- YTD
- 27.51%
- 6M
- 26.60%
- 1Y
- 42.59%
- 3Y*
- 13.09%
- 5Y*
- 4.18%
- 10Y*
- 11.02%
SPMAX vs. DDDIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMAX Saratoga Mid Capitalization Portfolio | 24.92% | 9.76% | 17.27% | 15.52% | -11.91% | 19.87% | 9.67% | 29.93% | -16.98% | 12.86% |
DDDIX 13D Activist Fund | 27.51% | 3.05% | 1.67% | 10.86% | -17.53% | 19.62% | 18.92% | 31.79% | -13.43% | 23.76% |
Correlation
The correlation between SPMAX and DDDIX is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012 | 0.86 |
The correlation between SPMAX and DDDIX shifts across timeframes, from 0.67 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPMAX vs. DDDIX — Risk / Return Rank
SPMAX
DDDIX
SPMAX vs. DDDIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and 13D Activist Fund (DDDIX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPMAX | DDDIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 4.09 | -0.91 |
| Martin ratioReturn relative to average drawdown | 12.00 | 13.22 | -1.23 |
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Drawdowns
SPMAX vs. DDDIX - Drawdown Comparison
The maximum SPMAX drawdown since its inception was -52.68%, which is greater than DDDIX's maximum drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for SPMAX and DDDIX.
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Drawdown Indicators
| SPMAX | DDDIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.68% | -43.82% | -8.86% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -10.82% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -28.76% | +5.34% |
Max Drawdown (5Y)Largest decline over 5 years | -23.42% | -28.76% | +5.34% |
Max Drawdown (10Y)Largest decline over 10 years | -42.83% | -43.82% | +0.99% |
Current DrawdownCurrent decline from peak | 0.00% | -1.34% | +1.34% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -7.13% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 3.34% | -0.06% |
Volatility
SPMAX vs. DDDIX - Volatility Comparison
Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 7.92% compared to 13D Activist Fund (DDDIX) at 5.52%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than DDDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMAX | DDDIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.92% | 5.52% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 16.44% | 14.24% | +2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.27% | 20.13% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.69% | 20.22% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.44% | 21.01% | -0.57% |
SPMAX vs. DDDIX - Expense Ratio Comparison
SPMAX has a 2.06% expense ratio, which is higher than DDDIX's 1.51% expense ratio.
Dividends
SPMAX vs. DDDIX - Dividend Comparison
SPMAX's dividend yield for the trailing twelve months is around 26.33%, more than DDDIX's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DDDIX 13D Activist Fund | 3.62% | 4.62% | 5.16% | 3.89% | 9.39% | 9.30% | 6.98% | 6.88% | 5.33% | 1.69% | 0.00% | 0.00% |
SPMAX Saratoga Mid Capitalization Portfolio | 26.33% | 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
SPMAX and DDDIX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMAX has higher volatility (7.92%) compared to DDDIX (5.52%). In terms of maximum drawdown, SPMAX dropped -52.68% vs DDDIX's -43.82%.
DDDIX currently has the higher Sharpe Ratio (2.20 vs 1.95), 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.
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