SPMAX vs. FZFLX

Last updated Jun 24, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and FZFLX (Fidelity SAI Small-Mid Cap 500 Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, SPMAX returned 11.13%/yr vs 14.81%/yr for FZFLX. Their correlation of 0.93 suggests significant overlap in exposure. SPMAX charges 2.06%/yr vs 0.05%/yr for FZFLX.

Performance

SPMAX vs. FZFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Mid Capitalization Portfolio (SPMAX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMAX achieves a 24.92% return, which is significantly lower than FZFLX's 37.72% return. Over the past 10 years, SPMAX has underperformed FZFLX with an annualized return of 11.13%, while FZFLX has yielded a comparatively higher 14.81% annualized return.

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%

FZFLX

• 1D: 1.82%
• 1M: 5.65%
• YTD: 37.72%
• 6M: 33.84%
• 1Y: 52.31%
• 3Y*: 25.54%
• 5Y*: 12.78%
• 10Y*: 14.81%

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

SPMAX vs. FZFLX - 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%
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	37.72%	10.76%	15.52%	17.75%	-15.62%	20.40%	19.78%	31.96%	-9.25%	18.41%

Correlation

The correlation between SPMAX and FZFLX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.93

The correlation between SPMAX and FZFLX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

SPMAX vs. FZFLX — Risk / Return Rank

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

SPMAX

SPMAX Risk / Return Rank: 57
SPMAX Sharpe Ratio Rank: 51
SPMAX Sortino Ratio Rank: 50
SPMAX Omega Ratio Rank: 45
SPMAX Calmar Ratio Rank: 73
SPMAX Martin Ratio Rank: 65

FZFLX

FZFLX Risk / Return Rank: 83
FZFLX Sharpe Ratio Rank: 83
FZFLX Sortino Ratio Rank: 73
FZFLX Omega Ratio Rank: 71
FZFLX Calmar Ratio Rank: 94
FZFLX Martin Ratio Rank: 96

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. FZFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX). 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	FZFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.49	-0.55
Sortino ratio: Return per unit of downside risk	2.73	3.24	-0.50
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.18	5.06	-1.88
Martin ratio: Return relative to average drawdown	12.00	21.02	-9.03

SPMAX vs. FZFLX - Sharpe Ratio Comparison

The current SPMAX Sharpe Ratio is 1.95, which is comparable to the FZFLX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SPMAX and FZFLX, 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. FZFLX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, which is greater than FZFLX's maximum drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for SPMAX and FZFLX.

Drawdown Indicators

	SPMAX	FZFLX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-42.03%	-10.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-10.68%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-22.29%	-1.13%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-24.77%	+1.35%
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	-42.03%	-0.80%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.59%	-5.72%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.56%	+0.72%

Volatility

SPMAX vs. FZFLX - Volatility Comparison

Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 7.92% compared to Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) at 7.41%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than FZFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMAX	FZFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.92%	7.41%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	16.44%	18.68%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	20.27%	21.71%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	21.28%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.44%	21.20%	-0.76%

SPMAX vs. FZFLX - Expense Ratio Comparison

SPMAX has a 2.06% expense ratio, which is higher than FZFLX's 0.05% expense ratio.

Dividends

SPMAX vs. FZFLX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 26.33%, less than FZFLX's 41.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund	41.94%	57.77%	10.20%	2.35%	79.79%	50.77%	7.19%	6.49%	7.69%	1.68%	0.93%	0.67%
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

Can I hold both SPMAX and FZFLX in my portfolio?

With a correlation of 0.92, SPMAX and FZFLX 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 FZFLX?

SPMAX has higher volatility (7.92%) compared to FZFLX (7.41%). In terms of maximum drawdown, SPMAX dropped -52.68% vs FZFLX's -42.03%.

Which has better risk-adjusted returns?

FZFLX currently has the higher Sharpe Ratio (2.49 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.