SPMAX vs. SBMIX

Last updated Jun 3, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and SBMIX (Saratoga Moderate Balanced Allocation Portfolio) are both mutual funds - SPMAX is a Mid Cap Blend Equities fund managed by Saratoga, while SBMIX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SPMAX returned 9.05%/yr vs 6.57%/yr for SBMIX. Their correlation of 0.90 suggests significant overlap in exposure. SPMAX charges 2.06%/yr vs 0.99%/yr for SBMIX.

Performance

SPMAX vs. SBMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Moderate Balanced Allocation Portfolio (SBMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMAX achieves a 15.57% return, which is significantly higher than SBMIX's 4.78% 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%

SBMIX

• 1D: 0.08%
• 1M: 2.01%
• YTD: 4.78%
• 6M: 5.16%
• 1Y: 14.54%
• 3Y*: 12.17%
• 5Y*: 6.57%
• 10Y*: —

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

SPMAX vs. SBMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPMAX Saratoga Mid Capitalization Portfolio	15.57%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-20.06%
SBMIX Saratoga Moderate Balanced Allocation Portfolio	4.78%	12.25%	11.36%	11.96%	-10.38%	13.50%	9.84%	17.05%	-6.88%

Correlation

The correlation between SPMAX and SBMIX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.90

The correlation between SPMAX and SBMIX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

SPMAX vs. SBMIX — 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

SBMIX

SBMIX Risk / Return Rank: 36
SBMIX Sharpe Ratio Rank: 33
SBMIX Sortino Ratio Rank: 35
SBMIX Omega Ratio Rank: 32
SBMIX Calmar Ratio Rank: 32
SBMIX Martin Ratio Rank: 45

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. SBMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Moderate Balanced Allocation Portfolio (SBMIX). 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	SBMIX	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.68	-0.07
Sortino ratio Return per unit of downside risk	2.32	2.45	-0.14
Omega ratio Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio Return relative to maximum drawdown	2.42	2.18	+0.24
Martin ratio Return relative to average drawdown	9.23	9.51	-0.29
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. SBMIX - Sharpe Ratio Comparison

The current SPMAX Sharpe Ratio is 1.61, which is comparable to the SBMIX Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SPMAX and SBMIX, 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	SBMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.68	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.63	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.60	-0.19

Drawdowns

SPMAX vs. SBMIX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, which is greater than SBMIX's maximum drawdown of -23.97%. Use the drawdown chart below to compare losses from any high point for SPMAX and SBMIX.

Drawdown Indicators

	SPMAX	SBMIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-23.97%	-28.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-6.85%	-5.54%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-12.14%	-11.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-14.92%	-8.50%
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	—	—
Current Drawdown Current decline from peak	-1.28%	0.00%	-1.28%
Average Drawdown Average peak-to-trough decline	-8.60%	-3.48%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	1.57%	+1.68%

Volatility

SPMAX vs. SBMIX - Volatility Comparison

Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 6.19% compared to Saratoga Moderate Balanced Allocation Portfolio (SBMIX) at 2.61%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than SBMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMAX	SBMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	2.61%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	6.93%	+8.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	8.82%	+10.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	10.51%	+7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	11.90%	+8.42%

SPMAX vs. SBMIX - Expense Ratio Comparison

SPMAX has a 2.06% expense ratio, which is higher than SBMIX's 0.99% expense ratio.

Dividends

SPMAX vs. SBMIX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 28.46%, more than SBMIX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SBMIX Saratoga Moderate Balanced Allocation Portfolio	9.66%	10.12%	3.70%	1.32%	5.93%	8.04%	1.35%	3.40%	3.11%	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 SBMIX in my portfolio?

SPMAX and SBMIX have a correlation of 0.88, 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 SBMIX?

SPMAX has higher volatility (6.19%) compared to SBMIX (2.61%). In terms of maximum drawdown, SPMAX dropped -52.68% vs SBMIX's -23.97%.

Which has better risk-adjusted returns?

SBMIX currently has the higher Sharpe Ratio (1.68 vs 1.61), 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.