STPAX vs. MTCIX

Last updated Jun 4, 2026

STPAX (Saratoga Technology & Communications Portfolio) and MTCIX (MFS Technology Fund) are both Technology Equities funds. Over the past 10 years, STPAX returned 16.95%/yr vs 22.51%/yr for MTCIX. Their correlation of 0.93 suggests significant overlap in exposure. STPAX charges 2.53%/yr vs 0.88%/yr for MTCIX.

Performance

STPAX vs. MTCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Technology & Communications Portfolio (STPAX) and MFS Technology Fund (MTCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STPAX achieves a 12.85% return, which is significantly lower than MTCIX's 22.51% return. Over the past 10 years, STPAX has underperformed MTCIX with an annualized return of 16.95%, while MTCIX has yielded a comparatively higher 22.51% annualized return.

STPAX

• 1D: 0.22%
• 1M: 9.87%
• YTD: 12.85%
• 6M: 12.93%
• 1Y: 30.13%
• 3Y*: 22.10%
• 5Y*: 10.94%
• 10Y*: 16.95%

MTCIX

• 1D: 0.78%
• 1M: 14.71%
• YTD: 22.51%
• 6M: 20.37%
• 1Y: 43.81%
• 3Y*: 38.82%
• 5Y*: 19.59%
• 10Y*: 22.51%

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

STPAX vs. MTCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STPAX Saratoga Technology & Communications Portfolio	12.85%	16.20%	20.02%	45.01%	-31.89%	16.54%	26.75%	45.00%	0.06%	27.77%
MTCIX MFS Technology Fund	22.51%	16.39%	56.76%	54.42%	-36.18%	14.11%	46.45%	38.84%	1.85%	38.78%

Correlation

The correlation between STPAX and MTCIX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.93

The correlation between STPAX and MTCIX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

STPAX vs. MTCIX — Risk / Return Rank

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

STPAX

STPAX Risk / Return Rank: 34
STPAX Sharpe Ratio Rank: 42
STPAX Sortino Ratio Rank: 35
STPAX Omega Ratio Rank: 37
STPAX Calmar Ratio Rank: 29
STPAX Martin Ratio Rank: 29

MTCIX

MTCIX Risk / Return Rank: 44
MTCIX Sharpe Ratio Rank: 55
MTCIX Sortino Ratio Rank: 45
MTCIX Omega Ratio Rank: 45
MTCIX Calmar Ratio Rank: 40
MTCIX Martin Ratio Rank: 36

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.

STPAX vs. MTCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Technology & Communications Portfolio (STPAX) and MFS Technology Fund (MTCIX). 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.

	STPAX	MTCIX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.19	-0.29
Sortino ratio: Return per unit of downside risk	2.48	2.83	-0.36
Omega ratio: Gain probability vs. loss probability	1.32	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.02	2.40	-0.39
Martin ratio: Return relative to average drawdown	6.79	7.94	-1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STPAX vs. MTCIX - Sharpe Ratio Comparison

The current STPAX Sharpe Ratio is 1.89, which is comparable to the MTCIX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of STPAX and MTCIX, 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

	STPAX	MTCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.19	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.77	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.94	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.39	-0.12

Drawdowns

STPAX vs. MTCIX - Drawdown Comparison

The maximum STPAX drawdown since its inception was -94.25%, which is greater than MTCIX's maximum drawdown of -82.78%. Use the drawdown chart below to compare losses from any high point for STPAX and MTCIX.

Drawdown Indicators

	STPAX	MTCIX	Difference
Max Drawdown Largest peak-to-trough decline	-94.25%	-82.78%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-15.49%	-18.59%	+3.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.78%	-25.97%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	-42.74%	+5.67%
Max Drawdown (10Y) Largest decline over 10 years	-37.07%	-42.74%	+5.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-58.76%	-29.86%	-28.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	5.62%	-1.02%

Volatility

STPAX vs. MTCIX - Volatility Comparison

The current volatility for Saratoga Technology & Communications Portfolio (STPAX) is 4.12%, while MFS Technology Fund (MTCIX) has a volatility of 5.47%. This indicates that STPAX experiences smaller price fluctuations and is considered to be less risky than MTCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STPAX	MTCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	5.47%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	12.77%	16.28%	-3.51%
Volatility (1Y) Calculated over the trailing 1-year period	16.51%	20.44%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.68%	25.42%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.03%	24.06%	-2.03%

STPAX vs. MTCIX - Expense Ratio Comparison

STPAX has a 2.53% expense ratio, which is higher than MTCIX's 0.88% expense ratio.

Dividends

STPAX vs. MTCIX - Dividend Comparison

STPAX's dividend yield for the trailing twelve months is around 15.33%, more than MTCIX's 11.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTCIX MFS Technology Fund	11.19%	13.71%	26.78%	9.66%	10.35%	11.58%	4.97%	3.87%	4.97%	3.51%	1.84%	3.62%
STPAX Saratoga Technology & Communications Portfolio	15.33%	17.30%	13.90%	7.63%	22.55%	13.94%	14.21%	12.52%	4.84%	8.32%	9.28%	12.58%

Frequently Asked Questions

Can I hold both STPAX and MTCIX in my portfolio?

With a correlation of 0.93, STPAX and MTCIX 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, STPAX or MTCIX?

MTCIX has higher volatility (5.47%) compared to STPAX (4.12%). In terms of maximum drawdown, STPAX dropped -94.25% vs MTCIX's -82.78%.

Which has better risk-adjusted returns?

MTCIX currently has the higher Sharpe Ratio (2.19 vs 1.89), 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.