LUNAX vs. SAMIX

Last updated Jun 23, 2026

LUNAX (Saratoga Conservative Balanced Allocation Portfolio) and SAMIX (Saratoga Moderately Aggressive Balanced Allocation Portfolio) are both Diversified Portfolio funds from Saratoga. Over the past 5 years, LUNAX returned 5.71%/yr vs 7.56%/yr for SAMIX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.

Performance

LUNAX vs. SAMIX - Performance Comparison

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

Returns By Period

In the year-to-date period, LUNAX achieves a 4.00% return, which is significantly lower than SAMIX's 6.56% return.

LUNAX

• 1D: 0.78%
• 1M: 2.01%
• YTD: 4.00%
• 6M: 3.45%
• 1Y: 11.38%
• 3Y*: 9.84%
• 5Y*: 5.71%
• 10Y*: —

SAMIX

• 1D: 1.10%
• 1M: 2.56%
• YTD: 6.56%
• 6M: 5.60%
• 1Y: 16.05%
• 3Y*: 12.89%
• 5Y*: 7.56%
• 10Y*: —

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

LUNAX vs. SAMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	4.00%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	6.56%	12.60%	11.53%	13.68%	-10.56%	14.08%	9.36%	17.88%	-7.82%

Correlation

The correlation between LUNAX and SAMIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.98

The correlation between LUNAX and SAMIX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

LUNAX vs. SAMIX — Risk / Return Rank

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

LUNAX

LUNAX Risk / Return Rank: 39
LUNAX Sharpe Ratio Rank: 37
LUNAX Sortino Ratio Rank: 39
LUNAX Omega Ratio Rank: 37
LUNAX Calmar Ratio Rank: 36
LUNAX Martin Ratio Rank: 46

SAMIX

SAMIX Risk / Return Rank: 38
SAMIX Sharpe Ratio Rank: 35
SAMIX Sortino Ratio Rank: 36
SAMIX Omega Ratio Rank: 34
SAMIX Calmar Ratio Rank: 37
SAMIX Martin Ratio Rank: 49

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. SAMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX). 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.

	LUNAX	SAMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.61	+0.04
Sortino ratio: Return per unit of downside risk	2.43	2.32	+0.11
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.14	2.21	-0.07
Martin ratio: Return relative to average drawdown	9.08	9.50	-0.42

LUNAX vs. SAMIX - Sharpe Ratio Comparison

The current LUNAX Sharpe Ratio is 1.65, which is comparable to the SAMIX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of LUNAX and SAMIX, 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

LUNAX vs. SAMIX - Drawdown Comparison

The maximum LUNAX drawdown since its inception was -18.47%, smaller than the maximum SAMIX drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for LUNAX and SAMIX.

Drawdown Indicators

	LUNAX	SAMIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-26.06%	+7.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-7.29%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-12.90%	+5.07%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-15.54%	+3.76%
Current Drawdown Current decline from peak	-0.09%	-0.08%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.83%	-3.78%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.69%	-0.42%

Volatility

LUNAX vs. SAMIX - Volatility Comparison

The current volatility for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) is 2.77%, while Saratoga Moderately Aggressive Balanced Allocation Portfolio (SAMIX) has a volatility of 3.98%. This indicates that LUNAX experiences smaller price fluctuations and is considered to be less risky than SAMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUNAX	SAMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	3.98%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	8.13%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	7.02%	10.03%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.55%	11.20%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.76%	12.68%	-3.92%

LUNAX vs. SAMIX - Expense Ratio Comparison

Both LUNAX and SAMIX have an expense ratio of 0.99%.

Dividends

LUNAX vs. SAMIX - Dividend Comparison

LUNAX's dividend yield for the trailing twelve months is around 9.00%, less than SAMIX's 9.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.00%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%
SAMIX Saratoga Moderately Aggressive Balanced Allocation Portfolio	9.63%	10.26%	3.60%	2.78%	5.82%	8.13%	1.66%	2.44%	3.03%

Frequently Asked Questions

Can I hold both LUNAX and SAMIX in my portfolio?

With a correlation of 0.98, LUNAX and SAMIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LUNAX or SAMIX?

SAMIX has higher volatility (3.98%) compared to LUNAX (2.77%). In terms of maximum drawdown, LUNAX dropped -18.47% vs SAMIX's -26.06%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (1.65 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.