SPMAX vs. SMICX

Last updated Aug 1, 2026

SPMAX (Saratoga Mid Capitalization Portfolio) and SMICX (Saratoga Moderately Conservative Balanced Allocation Portfolio) are both mutual funds - SPMAX is a Mid Cap Blend Equities fund managed by Saratoga, while SMICX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SPMAX returned 8.73%/yr vs 6.10%/yr for SMICX. Their correlation of 0.90 means they have usually moved in the same direction. SPMAX charges 2.06%/yr vs 0.99%/yr for SMICX.

Performance

SPMAX vs. SMICX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPMAX achieves a 12.35% return, which is significantly higher than SMICX's 3.00% return.

SPMAX

• 1D: 1.85%
• 1M: -4.56%
• 6M: 5.98%
• YTD: 12.35%
• 1Y: 17.76%
• 3Y*: 16.38%
• 5Y*: 8.73%
• 10Y*: 9.30%
• ALL TIME*: 8.55%

SMICX

• 1D: 1.07%
• 1M: -1.90%
• 6M: 1.71%
• YTD: 3.00%
• 1Y: 8.19%
• 3Y*: 10.18%
• 5Y*: 6.10%
• 10Y*: —
• ALL TIME*: 6.50%

*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)
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	$0.00	$0.00	$0.00
SPMAX Saratoga Mid Capitalization Portfolio	$0.00	$0.00	$0.00

SPMAX vs. SMICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMAX Saratoga Mid Capitalization Portfolio	12.35%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-16.98%	-0.43%
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	3.00%	12.07%	11.02%	12.83%	-9.82%	11.85%	9.22%	16.62%	-7.61%	0.00%

Correlation

The correlation between SPMAX and SMICX is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Dec 29, 2017	0.90

The correlation between SPMAX and SMICX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

SPMAX vs. SMICX — 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

SMICX

SMICX Risk / Return Rank: 22
SMICX Sharpe Ratio Rank: 20
SMICX Sortino Ratio Rank: 20
SMICX Omega Ratio Rank: 19
SMICX Calmar Ratio Rank: 23
SMICX Martin Ratio Rank: 28

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. SMICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX). 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	SMICX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.80	-0.03
Sortino ratio: Return per unit of downside risk	1.21	1.20	+0.01
Omega ratio: Gain probability vs. loss probability	1.14	1.14	0.00
Calmar ratio: Return relative to maximum drawdown	1.32	1.13	+0.19
Martin ratio: Return relative to average drawdown	4.08	4.32	-0.24

SPMAX vs. SMICX - Sharpe Ratio Comparison

The current SPMAX Sharpe Ratio is 0.77, which is comparable to the SMICX Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of SPMAX and SMICX, 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. SMICX - Drawdown Comparison

The maximum SPMAX drawdown since its inception was -52.68%, which is greater than SMICX's maximum drawdown of -22.85%. Use the drawdown chart below to compare losses from any high point for SPMAX and SMICX.

Drawdown Indicators

	SPMAX	SMICX	Difference
Max Drawdown Largest peak-to-trough decline	-52.68%	-22.85%	-29.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.39%	-6.64%	-5.75%
Max Drawdown (3Y) Largest decline over 3 years	-23.42%	-11.42%	-12.00%
Max Drawdown (5Y) Largest decline over 5 years	-23.42%	-14.24%	-9.18%
Max Drawdown (10Y) Largest decline over 10 years	-42.83%	—	—
Current Drawdown Current decline from peak	-10.06%	-3.41%	-6.65%
Average Drawdown Average peak-to-trough decline	-8.58%	-3.36%	-5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	1.73%	+2.27%

Volatility

SPMAX vs. SMICX - Volatility Comparison

Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 6.33% compared to Saratoga Moderately Conservative Balanced Allocation Portfolio (SMICX) at 2.88%. This indicates that SPMAX's price experiences larger fluctuations and is considered to be riskier than SMICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMAX	SMICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	2.88%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	17.54%	7.64%	+9.90%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	9.40%	+11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	9.99%	+8.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.46%	11.12%	+9.34%

SPMAX vs. SMICX - Expense Ratio Comparison

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

Dividends

SPMAX vs. SMICX - Dividend Comparison

SPMAX's dividend yield for the trailing twelve months is around 29.27%, more than SMICX's 10.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMICX Saratoga Moderately Conservative Balanced Allocation Portfolio	10.81%	11.14%	4.00%	0.87%	7.81%	11.59%	1.39%	3.45%	2.95%	0.00%	0.00%	0.00%
SPMAX Saratoga Mid Capitalization Portfolio	29.27%	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 SMICX in my portfolio?

With a correlation of 0.90, SPMAX and SMICX 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 SMICX?

SPMAX has higher volatility (6.33%) compared to SMICX (2.88%). In terms of maximum drawdown, SPMAX dropped -52.68% vs SMICX's -22.85%.

Which has better risk-adjusted returns?

SMICX currently has the higher Sharpe Ratio (0.80 vs 0.77), 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.