SPMAX vs. SMBPX
SPMAX (Saratoga Mid Capitalization Portfolio) and SMBPX (Saratoga Municipal Bond Portfolio) are both mutual funds - SPMAX is a Mid Cap Blend Equities fund managed by Saratoga, while SMBPX is a Ultrashort Bond fund managed by Saratoga. Over the past 10 years, SPMAX returned 10.61%/yr vs -0.22%/yr for SMBPX. At a correlation of -0.04, they often move in opposite directions. SPMAX charges 2.06%/yr vs 3.16%/yr for SMBPX.
Performance
SPMAX vs. SMBPX - Performance Comparison
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Returns By Period
Over the past 10 years, SPMAX has outperformed SMBPX with an annualized return of 10.61%, while SMBPX has yielded a comparatively lower -0.22% annualized return.
SPMAX
- 1D
- 2.04%
- 1M
- 7.89%
- YTD
- 23.31%
- 6M
- 20.46%
- 1Y
- 37.42%
- 3Y*
- 21.06%
- 5Y*
- 11.33%
- 10Y*
- 10.61%
SMBPX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 3.51%
- 3Y*
- 1.66%
- 5Y*
- 0.17%
- 10Y*
- -0.22%
SPMAX vs. SMBPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMAX Saratoga Mid Capitalization Portfolio | 23.31% | 9.76% | 17.27% | 15.52% | -11.91% | 19.87% | 9.67% | 29.93% | -16.98% | 12.86% |
SMBPX Saratoga Municipal Bond Portfolio | 0.00% | 2.92% | -0.11% | 1.84% | -2.57% | -1.39% | 0.77% | 1.00% | -2.38% | 2.12% |
Correlation
The correlation between SPMAX and SMBPX is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2002 | -0.04 |
The correlation between SPMAX and SMBPX shifts across timeframes, from -0.04 (all time) to 0.08 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMAX vs. SMBPX — Risk / Return Rank
SPMAX
SMBPX
SPMAX vs. SMBPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Municipal Bond Portfolio (SMBPX). 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 | SMBPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 2.18 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 5.74 | -2.68 |
| Martin ratioReturn relative to average drawdown | 11.56 | 12.96 | -1.40 |
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Drawdowns
SPMAX vs. SMBPX - Drawdown Comparison
The maximum SPMAX drawdown since its inception was -52.68%, which is greater than SMBPX's maximum drawdown of -9.99%. Use the drawdown chart below to compare losses from any high point for SPMAX and SMBPX.
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Drawdown Indicators
| SPMAX | SMBPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.68% | -9.99% | -42.69% |
Max Drawdown (1Y)Largest decline over 1 year | -12.39% | -0.69% | -11.70% |
Max Drawdown (3Y)Largest decline over 3 years | -23.42% | -4.48% | -18.94% |
Max Drawdown (5Y)Largest decline over 5 years | -23.42% | -6.31% | -17.11% |
Max Drawdown (10Y)Largest decline over 10 years | -42.83% | -9.99% | -32.84% |
Current DrawdownCurrent decline from peak | 0.00% | -2.99% | +2.99% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -2.47% | -6.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 0.29% | +2.99% |
Volatility
SPMAX vs. SMBPX - Volatility Comparison
Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 8.11% compared to Saratoga Municipal Bond Portfolio (SMBPX) at 0.00%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than SMBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMAX | SMBPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.11% | 0.00% | +8.11% |
Volatility (6M)Calculated over the trailing 6-month period | 16.45% | 0.30% | +16.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.20% | 1.37% | +18.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.71% | 2.21% | +16.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 1.96% | +18.47% |
SPMAX vs. SMBPX - Expense Ratio Comparison
SPMAX has a 2.06% expense ratio, which is lower than SMBPX's 3.16% expense ratio.
Dividends
SPMAX vs. SMBPX - Dividend Comparison
SPMAX's dividend yield for the trailing twelve months is around 26.67%, more than SMBPX's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMBPX Saratoga Municipal Bond Portfolio | 2.69% | 2.69% | 1.16% | 0.00% | 0.00% | 0.04% | 0.10% | 0.10% | 0.36% | 0.23% | 4.23% | 1.50% |
SPMAX Saratoga Mid Capitalization Portfolio | 26.67% | 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 SMBPX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMAX has higher volatility (8.11%) compared to SMBPX (0.00%). In terms of maximum drawdown, SPMAX dropped -52.68% vs SMBPX's -9.99%.
SMBPX currently has the higher Sharpe Ratio (2.88 vs 1.88), 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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