SWHFX vs. SHPAX

Last updated Jun 4, 2026

SWHFX (Schwab Health Care Fund™) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, SWHFX returned 6.99%/yr vs 6.03%/yr for SHPAX. Their correlation of 0.87 suggests significant overlap in exposure. SWHFX charges 0.80%/yr vs 2.90%/yr for SHPAX.

Performance

SWHFX vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Health Care Fund™ (SWHFX) and Saratoga Health & Biotechnology Fund (SHPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWHFX achieves a -5.57% return, which is significantly lower than SHPAX's -3.62% return. Over the past 10 years, SWHFX has outperformed SHPAX with an annualized return of 6.99%, while SHPAX has yielded a comparatively lower 6.03% annualized return.

SWHFX

• 1D: -1.19%
• 1M: -0.17%
• YTD: -5.57%
• 6M: -10.58%
• 1Y: 4.51%
• 3Y*: 3.05%
• 5Y*: 2.95%
• 10Y*: 6.99%

SHPAX

• 1D: -1.01%
• 1M: -1.58%
• YTD: -3.62%
• 6M: -3.51%
• 1Y: 11.93%
• 3Y*: 6.32%
• 5Y*: 4.65%
• 10Y*: 6.03%

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

SWHFX vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWHFX Schwab Health Care Fund™	-5.57%	9.81%	0.10%	0.73%	-4.66%	23.36%	12.83%	17.64%	3.68%	20.31%
SHPAX Saratoga Health & Biotechnology Fund	-3.62%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between SWHFX and SHPAX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.87

The correlation between SWHFX and SHPAX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

SWHFX vs. SHPAX — Risk / Return Rank

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

SWHFX

SWHFX Risk / Return Rank: 4
SWHFX Sharpe Ratio Rank: 4
SWHFX Sortino Ratio Rank: 4
SWHFX Omega Ratio Rank: 4
SWHFX Calmar Ratio Rank: 4
SWHFX Martin Ratio Rank: 4

SHPAX

SHPAX Risk / Return Rank: 12
SHPAX Sharpe Ratio Rank: 11
SHPAX Sortino Ratio Rank: 11
SHPAX Omega Ratio Rank: 11
SHPAX Calmar Ratio Rank: 15
SHPAX Martin Ratio Rank: 12

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.

SWHFX vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Health Care Fund™ (SWHFX) and Saratoga Health & Biotechnology Fund (SHPAX). 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.

	SWHFX	SHPAX	Difference
Sharpe ratio Return per unit of total volatility	0.28	0.87	-0.59
Sortino ratio Return per unit of downside risk	0.50	1.32	-0.83
Omega ratio Gain probability vs. loss probability	1.06	1.16	-0.09
Calmar ratio Return relative to maximum drawdown	0.32	1.32	-0.99
Martin ratio Return relative to average drawdown	0.74	3.46	-2.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWHFX vs. SHPAX - Sharpe Ratio Comparison

The current SWHFX Sharpe Ratio is 0.28, which is lower than the SHPAX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of SWHFX and SHPAX, 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

	SWHFX	SHPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.87	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.33	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.36	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.29	+0.20

Drawdowns

SWHFX vs. SHPAX - Drawdown Comparison

The maximum SWHFX drawdown since its inception was -43.10%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for SWHFX and SHPAX.

Drawdown Indicators

	SWHFX	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-43.10%	-69.50%	+26.40%
Max Drawdown (1Y) Largest decline over 1 year	-13.74%	-9.33%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-19.35%	-16.32%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	-19.35%	-16.32%	-3.03%
Max Drawdown (10Y) Largest decline over 10 years	-27.28%	-28.05%	+0.77%
Current Drawdown Current decline from peak	-12.43%	-9.33%	-3.10%
Average Drawdown Average peak-to-trough decline	-8.17%	-27.93%	+19.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.00%	3.54%	+2.46%

Volatility

SWHFX vs. SHPAX - Volatility Comparison

Schwab Health Care Fund™ (SWHFX) has a higher volatility of 3.96% compared to Saratoga Health & Biotechnology Fund (SHPAX) at 3.70%. This indicates that SWHFX's price experiences larger fluctuations and is considered to be riskier than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWHFX	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	3.70%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	12.14%	10.08%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	14.14%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	14.28%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	16.58%	-0.61%

SWHFX vs. SHPAX - Expense Ratio Comparison

SWHFX has a 0.80% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

SWHFX vs. SHPAX - Dividend Comparison

SWHFX has not paid dividends to shareholders, while SHPAX's dividend yield for the trailing twelve months is around 3.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHPAX Saratoga Health & Biotechnology Fund	3.80%	3.66%	1.35%	5.38%	6.34%	3.76%	13.82%	13.24%	22.00%	17.98%	12.52%	10.70%
SWHFX Schwab Health Care Fund™	0.00%	0.00%	9.49%	3.60%	4.18%	12.52%	11.47%	4.56%	10.02%	7.32%	2.63%	16.31%

Frequently Asked Questions

Can I hold both SWHFX and SHPAX in my portfolio?

SWHFX and SHPAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SWHFX or SHPAX?

SWHFX has higher volatility (3.96%) compared to SHPAX (3.70%). In terms of maximum drawdown, SWHFX dropped -43.10% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (0.87 vs 0.28), 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.