LUNAX vs. BERIX

Last updated Jun 3, 2026

LUNAX (Saratoga Conservative Balanced Allocation Portfolio) and BERIX (Chartwell Income Fund) are both Diversified Portfolio funds. Over the past 5 years, LUNAX returned 5.35%/yr vs 4.60%/yr for BERIX. A 0.65 correlation means they provide meaningful diversification when combined. LUNAX charges 0.99%/yr vs 0.64%/yr for BERIX.

Performance

LUNAX vs. BERIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Chartwell Income Fund (BERIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LUNAX achieves a 3.20% return, which is significantly lower than BERIX's 4.70% return.

LUNAX

• 1D: 0.09%
• 1M: 1.31%
• YTD: 3.20%
• 6M: 3.49%
• 1Y: 11.29%
• 3Y*: 9.92%
• 5Y*: 5.35%
• 10Y*: —

BERIX

• 1D: 0.12%
• 1M: -0.35%
• YTD: 4.70%
• 6M: 5.63%
• 1Y: 13.75%
• 3Y*: 9.82%
• 5Y*: 4.60%
• 10Y*: 4.96%

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

LUNAX vs. BERIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	3.20%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%
BERIX Chartwell Income Fund	4.70%	13.23%	7.20%	7.77%	-10.14%	7.35%	4.49%	9.69%	-1.77%

Correlation

The correlation between LUNAX and BERIX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.65

Over the past year, the correlation between LUNAX and BERIX has dropped to 0.39 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

LUNAX vs. BERIX — Risk / Return Rank

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

LUNAX

LUNAX Risk / Return Rank: 37
LUNAX Sharpe Ratio Rank: 36
LUNAX Sortino Ratio Rank: 37
LUNAX Omega Ratio Rank: 35
LUNAX Calmar Ratio Rank: 32
LUNAX Martin Ratio Rank: 43

BERIX

BERIX Risk / Return Rank: 89
BERIX Sharpe Ratio Rank: 89
BERIX Sortino Ratio Rank: 80
BERIX Omega Ratio Rank: 87
BERIX Calmar Ratio Rank: 95
BERIX Martin Ratio Rank: 93

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.

LUNAX vs. BERIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Chartwell Income Fund (BERIX). 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.

	LUNAX	BERIX	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.91	-1.18
Sortino ratio Return per unit of downside risk	2.55	3.79	-1.24
Omega ratio Gain probability vs. loss probability	1.31	1.60	-0.29
Calmar ratio Return relative to maximum drawdown	2.14	5.64	-3.49
Martin ratio Return relative to average drawdown	9.24	20.27	-11.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LUNAX vs. BERIX - Sharpe Ratio Comparison

The current LUNAX Sharpe Ratio is 1.72, which is lower than the BERIX Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of LUNAX and BERIX, 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

	LUNAX	BERIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.91	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.78	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.07	-0.41

Drawdowns

LUNAX vs. BERIX - Drawdown Comparison

The maximum LUNAX drawdown since its inception was -18.47%, smaller than the maximum BERIX drawdown of -20.34%. Use the drawdown chart below to compare losses from any high point for LUNAX and BERIX.

Drawdown Indicators

	LUNAX	BERIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-20.34%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-2.51%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-5.82%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-15.73%	+3.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.34%	—
Current Drawdown Current decline from peak	0.00%	-1.15%	+1.15%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.59%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	0.70%	+0.55%

Volatility

LUNAX vs. BERIX - Volatility Comparison

Saratoga Conservative Balanced Allocation Portfolio (LUNAX) has a higher volatility of 2.09% compared to Chartwell Income Fund (BERIX) at 1.33%. This indicates that LUNAX's price experiences larger fluctuations and is considered to be riskier than BERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUNAX	BERIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	1.33%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	5.32%	4.23%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.63%	4.89%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.48%	5.94%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.75%	6.01%	+2.74%

LUNAX vs. BERIX - Expense Ratio Comparison

LUNAX has a 0.99% expense ratio, which is higher than BERIX's 0.64% expense ratio.

Dividends

LUNAX vs. BERIX - Dividend Comparison

LUNAX's dividend yield for the trailing twelve months is around 9.07%, more than BERIX's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BERIX Chartwell Income Fund	4.06%	3.97%	3.90%	3.36%	3.54%	2.58%	3.07%	3.03%	5.83%	5.22%	2.76%	2.45%
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.07%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LUNAX and BERIX in my portfolio?

LUNAX and BERIX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LUNAX or BERIX?

LUNAX has higher volatility (2.09%) compared to BERIX (1.33%). In terms of maximum drawdown, LUNAX dropped -18.47% vs BERIX's -20.34%.

Which has better risk-adjusted returns?

BERIX currently has the higher Sharpe Ratio (2.91 vs 1.72), 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.