STPAX vs. SPMAX

Last updated Aug 4, 2026

STPAX (Saratoga Technology & Communications Portfolio) and SPMAX (Saratoga Mid Capitalization Portfolio) are both mutual funds - STPAX is a Technology Equities fund managed by Saratoga, while SPMAX is a Mid Cap Blend Equities fund managed by Saratoga. Over the past 10 years, STPAX returned 15.75%/yr vs 9.48%/yr for SPMAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. STPAX charges 2.53%/yr vs 2.06%/yr for SPMAX.

Performance

STPAX vs. SPMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Technology & Communications Portfolio (STPAX) 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, STPAX achieves a 6.30% return, which is significantly lower than SPMAX's 13.00% return. Over the past 10 years, STPAX has outperformed SPMAX with an annualized return of 15.75%, while SPMAX has yielded a comparatively lower 9.48% annualized return.

STPAX

• 1D: 2.19%
• 1M: 0.27%
• 6M: 7.03%
• YTD: 6.30%
• 1Y: 14.03%
• 3Y*: 16.89%
• 5Y*: 8.20%
• 10Y*: 15.75%
• ALL TIME*: 7.20%

SPMAX

• 1D: 0.57%
• 1M: -4.01%
• 6M: 5.09%
• YTD: 13.00%
• 1Y: 18.44%
• 3Y*: 16.61%
• 5Y*: 8.86%
• 10Y*: 9.48%
• ALL TIME*: 8.57%

*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)
SPMAX Saratoga Mid Capitalization Portfolio	$0.00	$0.00	$0.00
STPAX Saratoga Technology & Communications Portfolio	$0.00	$0.00	$0.00

STPAX vs. SPMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STPAX Saratoga Technology & Communications Portfolio	6.30%	16.20%	20.02%	45.01%	-31.89%	16.54%	26.75%	45.00%	0.06%	27.77%
SPMAX Saratoga Mid Capitalization Portfolio	13.00%	9.76%	17.27%	15.52%	-11.91%	19.87%	9.67%	29.93%	-16.98%	12.86%

Correlation

The correlation between STPAX and SPMAX is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 1, 2002	0.79

The correlation between STPAX and SPMAX shifts across timeframes, from 0.62 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

STPAX vs. SPMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

STPAX

STPAX Risk / Return Rank: 14
STPAX Sharpe Ratio Rank: 14
STPAX Sortino Ratio Rank: 14
STPAX Omega Ratio Rank: 14
STPAX Calmar Ratio Rank: 13
STPAX Martin Ratio Rank: 14

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

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.

STPAX vs. SPMAX - Risk-Adjusted Trends Comparison

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

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.

	STPAX	SPMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.82	-0.21
Sortino ratio: Return per unit of downside risk	0.93	1.29	-0.36
Omega ratio: Gain probability vs. loss probability	1.11	1.15	-0.04
Calmar ratio: Return relative to maximum drawdown	0.73	1.42	-0.69
Martin ratio: Return relative to average drawdown	2.17	4.35	-2.18

STPAX vs. SPMAX - Sharpe Ratio Comparison

The current STPAX Sharpe Ratio is 0.61, which is comparable to the SPMAX Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of STPAX 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.

Drawdowns

STPAX vs. SPMAX - Drawdown Comparison

The maximum STPAX drawdown since its inception was -94.25%, which is greater than SPMAX's maximum drawdown of -52.68%. Use the drawdown chart below to compare losses from any high point for STPAX and SPMAX.

Drawdown Indicators

	STPAX	SPMAX	Difference
Max Drawdown Largest peak-to-trough decline	-94.25%	-52.68%	-41.57%
Max Drawdown (1Y) Largest decline over 1 year	-15.49%	-12.39%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-22.78%	-23.42%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	-23.42%	-13.65%
Max Drawdown (10Y) Largest decline over 10 years	-37.07%	-42.83%	+5.76%
Current Drawdown Current decline from peak	-5.80%	-9.54%	+3.74%
Average Drawdown Average peak-to-trough decline	-58.45%	-8.58%	-49.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	4.04%	+1.15%

Volatility

STPAX vs. SPMAX - Volatility Comparison

Saratoga Technology & Communications Portfolio (STPAX) and Saratoga Mid Capitalization Portfolio (SPMAX) have volatilities of 5.72% and 5.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STPAX	SPMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	5.92%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	14.70%	17.55%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	21.37%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	18.85%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.13%	20.46%	+1.67%

STPAX vs. SPMAX - Expense Ratio Comparison

STPAX has a 2.53% expense ratio, which is higher than SPMAX's 2.06% expense ratio.

Dividends

STPAX vs. SPMAX - Dividend Comparison

STPAX's dividend yield for the trailing twelve months is around 16.27%, less than SPMAX's 29.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMAX Saratoga Mid Capitalization Portfolio	29.10%	32.89%	18.90%	1.28%	2.11%	16.31%	9.56%	0.01%	13.58%	8.25%	8.08%	5.04%
STPAX Saratoga Technology & Communications Portfolio	16.27%	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 SPMAX in my portfolio?

STPAX and SPMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STPAX or SPMAX?

SPMAX has higher volatility (5.92%) compared to STPAX (5.72%). In terms of maximum drawdown, STPAX dropped -94.25% vs SPMAX's -52.68%.

Which has better risk-adjusted returns?

SPMAX currently has the higher Sharpe Ratio (0.82 vs 0.61), 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.