SPMAX vs. FZAMX

Last updated Aug 4, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and FZAMX (Fidelity Advisor Mid Cap II Fund Class Z) are both Mid Cap Blend Equities funds. Over the past 10 years, SPMAX returned 9.48%/yr vs 12.33%/yr for FZAMX. Their correlation of 0.94 means they have usually moved in the same direction. SPMAX charges 2.06%/yr vs 0.61%/yr for FZAMX.

Performance

SPMAX vs. FZAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Mid Capitalization Portfolio (SPMAX) and Fidelity Advisor Mid Cap II Fund Class Z (FZAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMAX achieves a 13.00% return, which is significantly lower than FZAMX's 21.73% return. Over the past 10 years, SPMAX has underperformed FZAMX with an annualized return of 9.48%, while FZAMX has yielded a comparatively higher 12.33% annualized return.

SPMAX

• 1D: 0.57%
• 1M: -4.01%
• 6M: 5.09%
• YTD: 13.00%
• 1Y: 18.44%
• 3Y*: 16.61%
• 5Y*: 8.86%
• 10Y*: 9.48%
• ALL TIME*: 8.57%

FZAMX

• 1D: 0.03%
• 1M: -2.77%
• 6M: 14.32%
• YTD: 21.73%
• 1Y: 34.44%
• 3Y*: 18.07%
• 5Y*: 11.32%
• 10Y*: 12.33%
• ALL TIME*: 11.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FZAMX Fidelity Advisor Mid Cap II Fund Class Z	$0.00	$0.00	$0.00
SPMAX Saratoga Mid Capitalization Portfolio	$0.00	$0.00	$0.00

SPMAX vs. FZAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMAX Saratoga Mid Capitalization Portfolio	13.00%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-16.98%	12.86%
FZAMX Fidelity Advisor Mid Cap II Fund Class Z	21.73%	12.00%	17.39%	15.15%	-14.70%	25.40%	18.84%	23.85%	-14.85%	20.78%

Correlation

The correlation between SPMAX and FZAMX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Aug 20, 2013	0.94

The correlation between SPMAX and FZAMX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

SPMAX vs. FZAMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPMAX

SPMAX Risk / Return Rank: 24
SPMAX Sharpe Ratio Rank: 21
SPMAX Sortino Ratio Rank: 22
SPMAX Omega Ratio Rank: 21
SPMAX Calmar Ratio Rank: 29
SPMAX Martin Ratio Rank: 28

FZAMX

FZAMX Risk / Return Rank: 77
FZAMX Sharpe Ratio Rank: 74
FZAMX Sortino Ratio Rank: 71
FZAMX Omega Ratio Rank: 66
FZAMX Calmar Ratio Rank: 88
FZAMX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPMAX vs. FZAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Fidelity Advisor Mid Cap II Fund Class Z (FZAMX). 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	FZAMX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.80	-0.98
Sortino ratio: Return per unit of downside risk	1.29	2.53	-1.24
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	1.42	3.34	-1.92
Martin ratio: Return relative to average drawdown	4.35	12.05	-7.70

SPMAX vs. FZAMX - Sharpe Ratio Comparison

The current SPMAX Sharpe Ratio is 0.82, which is lower than the FZAMX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of SPMAX and FZAMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPMAX vs. FZAMX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, which is greater than FZAMX's maximum drawdown of -42.32%. Use the drawdown chart below to compare losses from any high point for SPMAX and FZAMX.

Drawdown Indicators

	SPMAX	FZAMX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-42.32%	-10.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-9.77%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-25.24%	+1.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-25.24%	+1.82%
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	-42.32%	-0.51%
Current Drawdown Current decline from peak	-9.54%	-5.36%	-4.18%
Average Drawdown Average peak-to-trough decline	-8.58%	-6.03%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.04%	2.71%	+1.33%

Volatility

SPMAX vs. FZAMX - Volatility Comparison

Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 5.92% compared to Fidelity Advisor Mid Cap II Fund Class Z (FZAMX) at 4.43%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than FZAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMAX	FZAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	4.43%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	17.55%	14.46%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	18.14%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	20.26%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.46%	20.91%	-0.45%

SPMAX vs. FZAMX - Expense Ratio Comparison

SPMAX has a 2.06% expense ratio, which is higher than FZAMX's 0.61% expense ratio.

Dividends

SPMAX vs. FZAMX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 29.10%, more than FZAMX's 5.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAMX Fidelity Advisor Mid Cap II Fund Class Z	5.79%	10.09%	6.93%	2.83%	5.86%	18.58%	1.41%	3.50%	10.72%	7.81%	5.00%	4.90%
SPMAX Saratoga Mid Capitalization Portfolio	29.10%	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 FZAMX in my portfolio?

With a correlation of 0.93, SPMAX and FZAMX 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, SPMAX or FZAMX?

SPMAX has higher volatility (5.92%) compared to FZAMX (4.43%). In terms of maximum drawdown, SPMAX dropped -52.68% vs FZAMX's -42.32%.

Which has better risk-adjusted returns?

FZAMX currently has the higher Sharpe Ratio (1.80 vs 0.82), 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.