SPMAX vs. SBMBX

Last updated Jun 3, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and SBMBX (Saratoga Energy & Basic Materials Fund) are both mutual funds - SPMAX is a Mid Cap Blend Equities fund managed by Saratoga, while SBMBX is a Energy Equities fund managed by Saratoga. Over the past 10 years, SPMAX returned 9.73%/yr vs 2.23%/yr for SBMBX. A 0.73 correlation means they provide meaningful diversification when combined. SPMAX charges 2.06%/yr vs 3.30%/yr for SBMBX.

Performance

SPMAX vs. SBMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Energy & Basic Materials Fund (SBMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, SPMAX has outperformed SBMBX with an annualized return of 9.73%, while SBMBX has yielded a comparatively lower 2.23% annualized return.

SPMAX

• 1D: -0.46%
• 1M: 0.94%
• YTD: 15.57%
• 6M: 15.36%
• 1Y: 30.81%
• 3Y*: 19.38%
• 5Y*: 9.05%
• 10Y*: 9.73%

SBMBX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -0.08%
• 1Y: 6.34%
• 3Y*: 2.50%
• 5Y*: 3.77%
• 10Y*: 2.23%

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

SPMAX vs. SBMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMAX Saratoga Mid Capitalization Portfolio	15.57%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-16.98%	12.86%
SBMBX Saratoga Energy & Basic Materials Fund	0.00%	5.05%	-7.25%	6.28%	19.60%	25.58%	-19.21%	-0.96%	-18.00%	8.44%

Correlation

The correlation between SPMAX and SBMBX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jul 2, 2002	0.73

Over the past year, the correlation between SPMAX and SBMBX has dropped to 0.22 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

SPMAX vs. SBMBX — Risk / Return Rank

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

SPMAX

SPMAX Risk / Return Rank: 35
SPMAX Sharpe Ratio Rank: 31
SPMAX Sortino Ratio Rank: 31
SPMAX Omega Ratio Rank: 29
SPMAX Calmar Ratio Rank: 40
SPMAX Martin Ratio Rank: 43

SBMBX

SBMBX Risk / Return Rank: 12
SBMBX Sharpe Ratio Rank: 10
SBMBX Sortino Ratio Rank: 10
SBMBX Omega Ratio Rank: 15
SBMBX Calmar Ratio Rank: 16
SBMBX Martin Ratio Rank: 10

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. SBMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Energy & Basic Materials Fund (SBMBX). 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	SBMBX	Difference
Sharpe ratio Return per unit of total volatility	1.61	0.81	+0.80
Sortino ratio Return per unit of downside risk	2.32	1.22	+1.10
Omega ratio Gain probability vs. loss probability	1.28	1.20	+0.08
Calmar ratio Return relative to maximum drawdown	2.42	1.45	+0.96
Martin ratio Return relative to average drawdown	9.23	3.01	+6.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMAX vs. SBMBX - Sharpe Ratio Comparison

The current SPMAX Sharpe Ratio is 1.61, which is higher than the SBMBX Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of SPMAX and SBMBX, 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

	SPMAX	SBMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	0.81	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.19	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.09	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.18	+0.24

Drawdowns

SPMAX vs. SBMBX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, smaller than the maximum SBMBX drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for SPMAX and SBMBX.

Drawdown Indicators

	SPMAX	SBMBX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-74.35%	+21.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-5.66%	-6.73%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-25.34%	+1.92%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-26.66%	+3.24%
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	-65.48%	+22.65%
Current Drawdown Current decline from peak	-1.28%	-31.22%	+29.94%
Average Drawdown Average peak-to-trough decline	-8.60%	-28.69%	+20.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.74%	+0.51%

Volatility

SPMAX vs. SBMBX - Volatility Comparison

Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 6.19% compared to Saratoga Energy & Basic Materials Fund (SBMBX) at 0.00%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than SBMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMAX	SBMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	0.00%	+6.19%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	4.18%	+10.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	10.66%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	20.69%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	24.07%	-3.75%

SPMAX vs. SBMBX - Expense Ratio Comparison

SPMAX has a 2.06% expense ratio, which is lower than SBMBX's 3.30% expense ratio.

Dividends

SPMAX vs. SBMBX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 28.46%, more than SBMBX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMBX Saratoga Energy & Basic Materials Fund	2.13%	2.13%	2.17%	0.00%	2.75%	0.75%	1.32%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMAX Saratoga Mid Capitalization Portfolio	28.46%	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 SBMBX in my portfolio?

SPMAX and SBMBX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMAX or SBMBX?

SPMAX has higher volatility (6.19%) compared to SBMBX (0.00%). In terms of maximum drawdown, SPMAX dropped -52.68% vs SBMBX's -74.35%.

Which has better risk-adjusted returns?

SPMAX currently has the higher Sharpe Ratio (1.61 vs 0.81), 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.