VGHAX vs. SHPAX
VGHAX (Vanguard Health Care Fund Admiral Shares) and SHPAX (Saratoga Health & Biotechnology Fund) are both Health & Biotech Equities funds. Over the past 10 years, VGHAX returned 9.33%/yr vs 6.52%/yr for SHPAX. Their correlation of 0.89 suggests significant overlap in exposure. VGHAX charges 0.25%/yr vs 2.90%/yr for SHPAX.
Performance
VGHAX vs. SHPAX - Performance Comparison
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Returns By Period
In the year-to-date period, VGHAX achieves a -1.82% return, which is significantly lower than SHPAX's -0.71% return. Over the past 10 years, VGHAX has outperformed SHPAX with an annualized return of 9.33%, while SHPAX has yielded a comparatively lower 6.52% annualized return.
VGHAX
- 1D
- -0.50%
- 1M
- 0.87%
- YTD
- -1.82%
- 6M
- -1.58%
- 1Y
- 20.19%
- 3Y*
- 9.03%
- 5Y*
- 6.92%
- 10Y*
- 9.33%
SHPAX
- 1D
- -0.94%
- 1M
- -0.33%
- YTD
- -0.71%
- 6M
- -1.08%
- 1Y
- 15.56%
- 3Y*
- 6.73%
- 5Y*
- 4.70%
- 10Y*
- 6.52%
VGHAX vs. SHPAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGHAX Vanguard Health Care Fund Admiral Shares | -1.82% | 19.72% | 9.10% | 5.51% | -1.00% | 12.82% | 12.62% | 22.99% | 1.07% | 19.64% |
SHPAX Saratoga Health & Biotechnology Fund | -0.71% | 17.43% | 0.26% | -0.36% | 1.93% | 16.71% | 3.52% | 27.67% | -5.30% | 11.78% |
Correlation
The correlation between VGHAX and SHPAX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.89 |
The correlation between VGHAX and SHPAX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
VGHAX vs. SHPAX — Risk / Return Rank
VGHAX
SHPAX
VGHAX vs. SHPAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Health Care Fund Admiral Shares (VGHAX) 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.
| VGHAX | SHPAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.19 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.67 | +0.53 |
| Martin ratioReturn relative to average drawdown | 5.91 | 4.18 | +1.73 |
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Drawdowns
VGHAX vs. SHPAX - Drawdown Comparison
The maximum VGHAX drawdown since its inception was -36.85%, smaller than the maximum SHPAX drawdown of -69.50%. Use the drawdown chart below to compare losses from any high point for VGHAX and SHPAX.
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Drawdown Indicators
| VGHAX | SHPAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.85% | -69.50% | +32.65% |
Max Drawdown (1Y)Largest decline over 1 year | -9.19% | -9.33% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -16.05% | -16.32% | +0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.92% | -16.32% | -0.60% |
Max Drawdown (10Y)Largest decline over 10 years | -27.17% | -28.05% | +0.88% |
Current DrawdownCurrent decline from peak | -4.86% | -6.59% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -5.61% | -27.88% | +22.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.43% | 3.73% | -0.30% |
Volatility
VGHAX vs. SHPAX - Volatility Comparison
The current volatility for Vanguard Health Care Fund Admiral Shares (VGHAX) is 4.69%, while Saratoga Health & Biotechnology Fund (SHPAX) has a volatility of 5.10%. This indicates that VGHAX 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.
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Volatility by Period
| VGHAX | SHPAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 5.10% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.62% | 10.41% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.91% | 14.60% | +0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.15% | 14.34% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.59% | 16.62% | +0.97% |
VGHAX vs. SHPAX - Expense Ratio Comparison
VGHAX has a 0.25% expense ratio, which is lower than SHPAX's 2.90% expense ratio.
Dividends
VGHAX vs. SHPAX - Dividend Comparison
VGHAX's dividend yield for the trailing twelve months is around 6.79%, more than SHPAX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHPAX Saratoga Health & Biotechnology Fund | 3.69% | 3.66% | 1.35% | 5.38% | 6.34% | 3.76% | 13.82% | 13.24% | 22.00% | 17.98% | 12.52% | 10.70% |
VGHAX Vanguard Health Care Fund Admiral Shares | 6.79% | 6.07% | 22.84% | 7.22% | 5.49% | 7.05% | 8.02% | 11.87% | 9.15% | 7.36% | 8.60% | 8.21% |
Frequently Asked Questions
VGHAX and SHPAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHPAX has higher volatility (5.10%) compared to VGHAX (4.69%). In terms of maximum drawdown, VGHAX dropped -36.85% vs SHPAX's -69.50%.
VGHAX currently has the higher Sharpe Ratio (1.36 vs 1.07), 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.
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