LKEQX vs. LKBAX

Last updated Jun 3, 2026

LKEQX (LKCM Equity Fund) and LKBAX (LKCM Balanced Fund) are both mutual funds - LKEQX is a Large Cap Growth Equities fund managed by LKCM, while LKBAX is a Diversified Portfolio fund managed by LKCM. Over the past 10 years, LKEQX returned 11.92%/yr vs 8.17%/yr for LKBAX. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.80% expense ratio.

Performance

LKEQX vs. LKBAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LKCM Equity Fund (LKEQX) and LKCM Balanced Fund (LKBAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LKEQX achieves a 6.14% return, which is significantly higher than LKBAX's 2.62% return. Over the past 10 years, LKEQX has outperformed LKBAX with an annualized return of 11.92%, while LKBAX has yielded a comparatively lower 8.17% annualized return.

LKEQX

• 1D: 0.18%
• 1M: 0.03%
• YTD: 6.14%
• 6M: 6.07%
• 1Y: 18.88%
• 3Y*: 13.13%
• 5Y*: 7.00%
• 10Y*: 11.92%

LKBAX

• 1D: 0.00%
• 1M: 0.77%
• YTD: 2.62%
• 6M: 3.23%
• 1Y: 9.08%
• 3Y*: 9.86%
• 5Y*: 4.77%
• 10Y*: 8.17%

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

LKEQX vs. LKBAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LKEQX LKCM Equity Fund	6.14%	10.39%	14.37%	12.65%	-15.50%	22.50%	22.79%	29.85%	-3.30%	21.69%
LKBAX LKCM Balanced Fund	2.62%	8.44%	10.97%	10.85%	-13.86%	14.01%	15.28%	21.86%	-2.15%	12.88%

Correlation

The correlation between LKEQX and LKBAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.96

The correlation between LKEQX and LKBAX has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

LKEQX vs. LKBAX — Risk / Return Rank

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

LKEQX

LKEQX Risk / Return Rank: 31
LKEQX Sharpe Ratio Rank: 30
LKEQX Sortino Ratio Rank: 30
LKEQX Omega Ratio Rank: 28
LKEQX Calmar Ratio Rank: 30
LKEQX Martin Ratio Rank: 36

LKBAX

LKBAX Risk / Return Rank: 22
LKBAX Sharpe Ratio Rank: 21
LKBAX Sortino Ratio Rank: 20
LKBAX Omega Ratio Rank: 20
LKBAX Calmar Ratio Rank: 19
LKBAX Martin Ratio Rank: 27

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.

LKEQX vs. LKBAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LKCM Equity Fund (LKEQX) and LKCM Balanced Fund (LKBAX). 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.

	LKEQX	LKBAX	Difference
Sharpe ratio Return per unit of total volatility	1.59	1.33	+0.26
Sortino ratio Return per unit of downside risk	2.28	1.89	+0.38
Omega ratio Gain probability vs. loss probability	1.28	1.23	+0.04
Calmar ratio Return relative to maximum drawdown	2.11	1.64	+0.47
Martin ratio Return relative to average drawdown	8.13	6.61	+1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LKEQX vs. LKBAX - Sharpe Ratio Comparison

The current LKEQX Sharpe Ratio is 1.59, which is comparable to the LKBAX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of LKEQX and LKBAX, 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

	LKEQX	LKBAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.33	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.44	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.69	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.57	-0.05

Drawdowns

LKEQX vs. LKBAX - Drawdown Comparison

The maximum LKEQX drawdown since its inception was -48.52%, which is greater than LKBAX's maximum drawdown of -31.40%. Use the drawdown chart below to compare losses from any high point for LKEQX and LKBAX.

Drawdown Indicators

	LKEQX	LKBAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.52%	-31.40%	-17.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-5.71%	-3.23%
Max Drawdown (3Y) Largest decline over 3 years	-20.59%	-11.65%	-8.94%
Max Drawdown (5Y) Largest decline over 5 years	-22.63%	-19.63%	-3.00%
Max Drawdown (10Y) Largest decline over 10 years	-30.15%	-26.04%	-4.11%
Current Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-6.79%	-4.28%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	1.42%	+0.90%

Volatility

LKEQX vs. LKBAX - Volatility Comparison

LKCM Equity Fund (LKEQX) has a higher volatility of 2.96% compared to LKCM Balanced Fund (LKBAX) at 1.61%. This indicates that LKEQX's price experiences larger fluctuations and is considered to be riskier than LKBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LKEQX	LKBAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	1.61%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	5.23%	+3.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	6.98%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	10.84%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	11.89%	+4.86%

LKEQX vs. LKBAX - Expense Ratio Comparison

Both LKEQX and LKBAX have an expense ratio of 0.80%.

Dividends

LKEQX vs. LKBAX - Dividend Comparison

LKEQX's dividend yield for the trailing twelve months is around 7.81%, more than LKBAX's 5.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKBAX LKCM Balanced Fund	5.86%	6.00%	4.60%	3.49%	3.59%	4.41%	4.18%	5.95%	3.02%	4.09%	5.06%	3.50%
LKEQX LKCM Equity Fund	7.81%	8.28%	6.82%	1.46%	5.50%	6.83%	5.60%	4.44%	7.75%	4.87%	6.61%	2.86%

Frequently Asked Questions

Can I hold both LKEQX and LKBAX in my portfolio?

LKEQX and LKBAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LKEQX or LKBAX?

LKEQX has higher volatility (2.96%) compared to LKBAX (1.61%). In terms of maximum drawdown, LKEQX dropped -48.52% vs LKBAX's -31.40%.

Which has better risk-adjusted returns?

LKEQX currently has the higher Sharpe Ratio (1.59 vs 1.33), 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.