THQ vs. SHPAX

Last updated Aug 1, 2026

THQ (Abrdn Healthcare Opportunities Fund) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, THQ returned 9.22%/yr vs 6.90%/yr for SHPAX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. THQ charges 1.47%/yr vs 2.90%/yr for SHPAX.

Performance

THQ vs. SHPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Abrdn Healthcare Opportunities Fund (THQ) 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, THQ achieves a 4.81% return, which is significantly lower than SHPAX's 8.70% return. Over the past 10 years, THQ has outperformed SHPAX with an annualized return of 9.22%, while SHPAX has yielded a comparatively lower 6.90% annualized return.

THQ

• 1D: -0.53%
• 1M: -0.31%
• 6M: 3.77%
• YTD: 4.81%
• 1Y: 30.09%
• 3Y*: 10.44%
• 5Y*: 3.90%
• 10Y*: 9.22%
• ALL TIME*: 7.96%

SHPAX

• 1D: -0.43%
• 1M: 0.61%
• 6M: 6.99%
• YTD: 8.70%
• 1Y: 28.95%
• 3Y*: 9.65%
• 5Y*: 5.82%
• 10Y*: 6.90%
• ALL TIME*: 6.58%

*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)
SHPAX Saratoga Health & Biotechnology Fund	$0.00	$0.00	$0.00
THQ Abrdn Healthcare Opportunities Fund	$3.38M	$4.74M	$3.75M

THQ vs. SHPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THQ Abrdn Healthcare Opportunities Fund	4.81%	13.88%	15.51%	-1.62%	-17.53%	33.39%	15.20%	22.70%	3.41%	21.84%
SHPAX Saratoga Health & Biotechnology Fund	8.70%	17.43%	0.26%	-0.36%	1.93%	16.71%	3.52%	27.67%	-5.30%	11.78%

Correlation

The correlation between THQ and SHPAX is 0.58, 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.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jul 29, 2014	0.70

The correlation between THQ and SHPAX shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

THQ vs. SHPAX — Risk / Return Rank

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

THQ

THQ Risk / Return Rank: 59
THQ Sharpe Ratio Rank: 70
THQ Sortino Ratio Rank: 68
THQ Omega Ratio Rank: 67
THQ Calmar Ratio Rank: 46
THQ Martin Ratio Rank: 42

SHPAX

SHPAX Risk / Return Rank: 71
SHPAX Sharpe Ratio Rank: 75
SHPAX Sortino Ratio Rank: 75
SHPAX Omega Ratio Rank: 69
SHPAX Calmar Ratio Rank: 83
SHPAX Martin Ratio Rank: 53

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.

THQ vs. SHPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Abrdn Healthcare Opportunities Fund (THQ) 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.

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.

	THQ	SHPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.78	-0.17
Sortino ratio: Return per unit of downside risk	2.26	2.60	-0.33
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	1.74	2.85	-1.11
Martin ratio: Return relative to average drawdown	5.95	7.30	-1.35

THQ vs. SHPAX - Sharpe Ratio Comparison

The current THQ Sharpe Ratio is 1.61, which is comparable to the SHPAX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of THQ 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.

Drawdowns

THQ vs. SHPAX - Drawdown Comparison

The maximum THQ drawdown since its inception was -39.35%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for THQ and SHPAX.

Drawdown Indicators

	THQ	SHPAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.35%	-69.50%	+30.15%
Max Drawdown (1Y) Largest decline over 1 year	-16.74%	-9.33%	-7.41%
Max Drawdown (3Y) Largest decline over 3 years	-25.86%	-16.32%	-9.54%
Max Drawdown (5Y) Largest decline over 5 years	-32.20%	-16.32%	-15.88%
Max Drawdown (10Y) Largest decline over 10 years	-39.35%	-28.05%	-11.30%
Current Drawdown Current decline from peak	-1.37%	-1.20%	-0.17%
Average Drawdown Average peak-to-trough decline	-8.54%	-27.78%	+19.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	3.65%	+1.25%

Volatility

THQ vs. SHPAX - Volatility Comparison

The current volatility for Abrdn Healthcare Opportunities Fund (THQ) is 4.57%, while Saratoga Health & Biotechnology Fund (SHPAX) has a volatility of 5.55%. This indicates that THQ experiences smaller price fluctuations and is considered to be less risky than SHPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THQ	SHPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	5.55%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	11.34%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.24%	14.93%	+3.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.22%	14.53%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	16.65%	+3.88%

THQ vs. SHPAX - Expense Ratio Comparison

THQ has a 1.47% expense ratio, which is lower than SHPAX's 2.90% expense ratio.

Dividends

THQ vs. SHPAX - Dividend Comparison

THQ's dividend yield for the trailing twelve months is around 11.53%, more than SHPAX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHPAX Saratoga Health & Biotechnology Fund	3.37%	3.66%	1.35%	5.38%	6.34%	3.76%	13.82%	13.24%	22.00%	17.98%	12.52%	10.70%
THQ Abrdn Healthcare Opportunities Fund	11.53%	11.29%	11.09%	7.45%	6.81%	5.27%	6.62%	7.08%	8.05%	7.71%	8.70%	9.50%

Frequently Asked Questions

Can I hold both THQ and SHPAX in my portfolio?

THQ and SHPAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THQ or SHPAX?

SHPAX has higher volatility (5.55%) compared to THQ (4.57%). In terms of maximum drawdown, THQ dropped -39.35% vs SHPAX's -69.50%.

Which has better risk-adjusted returns?

SHPAX currently has the higher Sharpe Ratio (1.78 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.