SSCPX vs. SPMAX

Last updated Jun 3, 2026

SSCPX (Saratoga Small Capitalization Portfolio) and SPMAX (Saratoga Mid Capitalization Portfolio) are both mutual funds - SSCPX is a Small Cap Growth Equities fund managed by Saratoga, while SPMAX is a Mid Cap Blend Equities fund managed by Saratoga. Over the past 10 years, SSCPX returned 11.09%/yr vs 9.73%/yr for SPMAX. Their correlation of 0.90 suggests significant overlap in exposure. SSCPX charges 1.70%/yr vs 2.06%/yr for SPMAX.

Performance

SSCPX vs. SPMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSCPX achieves a 19.85% return, which is significantly higher than SPMAX's 15.57% return. Over the past 10 years, SSCPX has outperformed SPMAX with an annualized return of 11.09%, while SPMAX has yielded a comparatively lower 9.73% annualized return.

SSCPX

• 1D: 0.00%
• 1M: 2.88%
• YTD: 19.85%
• 6M: 19.05%
• 1Y: 34.64%
• 3Y*: 17.42%
• 5Y*: 7.56%
• 10Y*: 11.09%

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%

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

SSCPX vs. SPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSCPX Saratoga Small Capitalization Portfolio	19.85%	6.41%	10.79%	15.16%	-17.56%	24.53%	25.39%	23.71%	-16.14%	15.58%
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%

Correlation

The correlation between SSCPX and SPMAX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 2, 2002	0.90

The correlation between SSCPX and SPMAX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SSCPX vs. SPMAX — Risk / Return Rank

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

SSCPX

SSCPX Risk / Return Rank: 44
SSCPX Sharpe Ratio Rank: 38
SSCPX Sortino Ratio Rank: 37
SSCPX Omega Ratio Rank: 34
SSCPX Calmar Ratio Rank: 61
SSCPX Martin Ratio Rank: 50

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

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.

SSCPX vs. SPMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Small Capitalization Portfolio (SSCPX) and Saratoga Mid Capitalization Portfolio (SPMAX). 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.

	SSCPX	SPMAX	Difference
Sharpe ratio Return per unit of total volatility	1.81	1.61	+0.20
Sortino ratio Return per unit of downside risk	2.54	2.32	+0.22
Omega ratio Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio Return relative to maximum drawdown	3.00	2.42	+0.58
Martin ratio Return relative to average drawdown	10.25	9.23	+1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSCPX vs. SPMAX - Sharpe Ratio Comparison

The current SSCPX Sharpe Ratio is 1.81, which is comparable to the SPMAX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SSCPX and SPMAX, 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

	SSCPX	SPMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.61	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.49	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.48	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.42	-0.03

Drawdowns

SSCPX vs. SPMAX - Drawdown Comparison

The maximum SSCPX drawdown since its inception was -53.65%, roughly equal to the maximum SPMAX drawdown of -52.68%. Use the drawdown chart below to compare losses from any high point for SSCPX and SPMAX.

Drawdown Indicators

	SSCPX	SPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-53.65%	-52.68%	-0.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-12.39%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-27.78%	-23.42%	-4.36%
Max Drawdown (5Y) Largest decline over 5 years	-27.78%	-23.42%	-4.36%
Max Drawdown (10Y) Largest decline over 10 years	-43.59%	-42.83%	-0.76%
Current Drawdown Current decline from peak	-0.12%	-1.28%	+1.16%
Average Drawdown Average peak-to-trough decline	-10.25%	-8.60%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.25%	+0.13%

Volatility

SSCPX vs. SPMAX - Volatility Comparison

The current volatility for Saratoga Small Capitalization Portfolio (SSCPX) is 5.76%, while Saratoga Mid Capitalization Portfolio (SPMAX) has a volatility of 6.19%. This indicates that SSCPX experiences smaller price fluctuations and is considered to be less risky than SPMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSCPX	SPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	6.19%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	15.12%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	19.06%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.17%	18.46%	+3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	20.32%	+2.67%

SSCPX vs. SPMAX - Expense Ratio Comparison

SSCPX has a 1.70% expense ratio, which is lower than SPMAX's 2.06% expense ratio.

Dividends

SSCPX vs. SPMAX - Dividend Comparison

SSCPX's dividend yield for the trailing twelve months is around 7.52%, less than SPMAX's 28.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SSCPX Saratoga Small Capitalization Portfolio	7.52%	9.02%	11.37%	0.00%	10.18%	24.67%	0.02%	0.00%	17.42%	0.00%	0.00%	58.90%

Frequently Asked Questions

Can I hold both SSCPX and SPMAX in my portfolio?

SSCPX and SPMAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSCPX or SPMAX?

SPMAX has higher volatility (6.19%) compared to SSCPX (5.76%). In terms of maximum drawdown, SSCPX dropped -53.65% vs SPMAX's -52.68%.

Which has better risk-adjusted returns?

SSCPX currently has the higher Sharpe Ratio (1.81 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.