STPAX vs. UPUPX

Last updated Jun 5, 2026

STPAX (Saratoga Technology & Communications Portfolio) and UPUPX (Upright Growth Fund) are both Technology Equities funds. Over the past 10 years, STPAX returned 16.81%/yr vs 8.06%/yr for UPUPX. A 0.75 correlation means they provide meaningful diversification when combined. STPAX charges 2.53%/yr vs 2.09%/yr for UPUPX.

Performance

STPAX vs. UPUPX - Performance Comparison

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

Returns By Period

In the year-to-date period, STPAX achieves a 11.54% return, which is significantly lower than UPUPX's 60.70% return. Over the past 10 years, STPAX has outperformed UPUPX with an annualized return of 16.81%, while UPUPX has yielded a comparatively lower 8.06% annualized return.

STPAX

• 1D: -1.16%
• 1M: 7.53%
• YTD: 11.54%
• 6M: 11.34%
• 1Y: 28.20%
• 3Y*: 21.63%
• 5Y*: 10.34%
• 10Y*: 16.81%

UPUPX

• 1D: -0.46%
• 1M: 29.62%
• YTD: 60.70%
• 6M: 61.99%
• 1Y: 95.81%
• 3Y*: 36.63%
• 5Y*: 11.18%
• 10Y*: 8.06%

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

STPAX vs. UPUPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STPAX Saratoga Technology & Communications Portfolio	11.54%	16.20%	20.02%	45.01%	-31.89%	16.54%	26.75%	45.00%	0.06%	27.77%
UPUPX Upright Growth Fund	60.70%	20.83%	30.23%	8.10%	-45.66%	57.76%	108.70%	7.48%	-49.71%	-14.17%

Correlation

The correlation between STPAX and UPUPX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 22, 1999	0.75

The correlation between STPAX and UPUPX shifts across timeframes, from 0.63 (10 years) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

STPAX vs. UPUPX — Risk / Return Rank

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

STPAX

STPAX Risk / Return Rank: 31
STPAX Sharpe Ratio Rank: 38
STPAX Sortino Ratio Rank: 32
STPAX Omega Ratio Rank: 33
STPAX Calmar Ratio Rank: 26
STPAX Martin Ratio Rank: 27

UPUPX

UPUPX Risk / Return Rank: 93
UPUPX Sharpe Ratio Rank: 97
UPUPX Sortino Ratio Rank: 89
UPUPX Omega Ratio Rank: 84
UPUPX Calmar Ratio Rank: 98
UPUPX Martin Ratio Rank: 97

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. UPUPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Technology & Communications Portfolio (STPAX) and Upright Growth Fund (UPUPX). 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	UPUPX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.67	-1.94
Sortino ratio: Return per unit of downside risk	2.30	4.36	-2.06
Omega ratio: Gain probability vs. loss probability	1.30	1.57	-0.28
Calmar ratio: Return relative to maximum drawdown	1.86	8.27	-6.41
Martin ratio: Return relative to average drawdown	6.24	26.96	-20.72
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. UPUPX - Sharpe Ratio Comparison

The current STPAX Sharpe Ratio is 1.74, which is lower than the UPUPX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of STPAX and UPUPX, 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	UPUPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	3.67	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.36	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.24	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.16	+0.11

Drawdowns

STPAX vs. UPUPX - Drawdown Comparison

The maximum STPAX drawdown since its inception was -94.25%, which is greater than UPUPX's maximum drawdown of -78.77%. Use the drawdown chart below to compare losses from any high point for STPAX and UPUPX.

Drawdown Indicators

	STPAX	UPUPX	Difference
Max Drawdown Largest peak-to-trough decline	-94.25%	-78.77%	-15.48%
Max Drawdown (1Y) Largest decline over 1 year	-15.49%	-11.97%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.78%	-33.68%	+10.90%
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	-49.24%	+12.17%
Max Drawdown (10Y) Largest decline over 10 years	-37.07%	-75.55%	+38.48%
Current Drawdown Current decline from peak	-1.16%	-0.46%	-0.70%
Average Drawdown Average peak-to-trough decline	-58.75%	-32.09%	-26.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	3.66%	+0.94%

Volatility

STPAX vs. UPUPX - Volatility Comparison

The current volatility for Saratoga Technology & Communications Portfolio (STPAX) is 4.43%, while Upright Growth Fund (UPUPX) has a volatility of 12.76%. This indicates that STPAX experiences smaller price fluctuations and is considered to be less risky than UPUPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STPAX	UPUPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	12.76%	-8.33%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	21.20%	-8.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	26.94%	-10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	31.13%	-9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.03%	33.96%	-11.93%

STPAX vs. UPUPX - Expense Ratio Comparison

STPAX has a 2.53% expense ratio, which is higher than UPUPX's 2.09% expense ratio.

Dividends

STPAX vs. UPUPX - Dividend Comparison

STPAX's dividend yield for the trailing twelve months is around 15.51%, more than UPUPX's 5.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
STPAX Saratoga Technology & Communications Portfolio	15.51%	17.30%	13.90%	7.63%	22.55%	13.94%	14.21%	12.52%	4.84%	8.32%	9.28%	12.58%
UPUPX Upright Growth Fund	5.26%	8.45%	0.00%	2.12%	1.33%	3.85%	0.00%	0.00%	0.00%	3.53%	21.87%	5.39%

Frequently Asked Questions

Can I hold both STPAX and UPUPX in my portfolio?

STPAX and UPUPX have a correlation of 0.68, 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 UPUPX?

UPUPX has higher volatility (12.76%) compared to STPAX (4.43%). In terms of maximum drawdown, STPAX dropped -94.25% vs UPUPX's -78.77%.

Which has better risk-adjusted returns?

UPUPX currently has the higher Sharpe Ratio (3.67 vs 1.74), 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.