LUNAX vs. SIBPX

Last updated Aug 1, 2026

LUNAX (Saratoga Conservative Balanced Allocation Portfolio) and SIBPX (Saratoga Investment Quality Bond Portfolio) are both mutual funds - LUNAX is a Diversified Portfolio fund managed by Saratoga, while SIBPX is a Short-Term Bond fund managed by Saratoga. Over the past 5 years, LUNAX returned 4.88%/yr vs 0.97%/yr for SIBPX. Their 0.20 correlation means their historical movements had little consistent relationship. LUNAX charges 0.99%/yr vs 1.54%/yr for SIBPX.

Performance

LUNAX vs. SIBPX - Performance Comparison

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

Returns By Period

In the year-to-date period, LUNAX achieves a 1.78% return, which is significantly higher than SIBPX's -1.58% return.

LUNAX

• 1D: 0.79%
• 1M: -1.55%
• 6M: 0.97%
• YTD: 1.78%
• 1Y: 6.04%
• 3Y*: 8.46%
• 5Y*: 4.88%
• 10Y*: —
• ALL TIME*: 5.46%

SIBPX

• 1D: 0.11%
• 1M: -0.74%
• 6M: -1.37%
• YTD: -1.58%
• 1Y: 0.01%
• 3Y*: 2.80%
• 5Y*: 0.97%
• 10Y*: —
• ALL TIME*: 1.13%

*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)
LUNAX Saratoga Conservative Balanced Allocation Portfolio	$0.00	$0.00	$0.00
SIBPX Saratoga Investment Quality Bond Portfolio	$0.00	$0.00	$0.00

LUNAX vs. SIBPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	1.78%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%
SIBPX Saratoga Investment Quality Bond Portfolio	-1.58%	6.50%	0.78%	2.90%	-2.51%	-1.73%	3.34%	3.84%	-0.51%

Correlation

The correlation between LUNAX and SIBPX is 0.51, 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.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.34
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.20

Over the past year, LUNAX and SIBPX have become more correlated (0.51) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

LUNAX vs. SIBPX — Risk / Return Rank

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

LUNAX

LUNAX Risk / Return Rank: 22
LUNAX Sharpe Ratio Rank: 21
LUNAX Sortino Ratio Rank: 21
LUNAX Omega Ratio Rank: 20
LUNAX Calmar Ratio Rank: 22
LUNAX Martin Ratio Rank: 28

SIBPX

SIBPX Risk / Return Rank: 7
SIBPX Sharpe Ratio Rank: 8
SIBPX Sortino Ratio Rank: 7
SIBPX Omega Ratio Rank: 7
SIBPX Calmar Ratio Rank: 8
SIBPX Martin Ratio Rank: 7

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.

LUNAX vs. SIBPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Saratoga Investment Quality Bond Portfolio (SIBPX). 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	SIBPX	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.27	+0.54
Sortino ratio: Return per unit of downside risk	1.22	0.42	+0.80
Omega ratio: Gain probability vs. loss probability	1.14	1.05	+0.09
Calmar ratio: Return relative to maximum drawdown	1.09	0.31	+0.78
Martin ratio: Return relative to average drawdown	4.23	0.71	+3.52

LUNAX vs. SIBPX - Sharpe Ratio Comparison

The current LUNAX Sharpe Ratio is 0.81, which is higher than the SIBPX Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of LUNAX and SIBPX, 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. SIBPX - Drawdown Comparison

The maximum LUNAX drawdown since its inception was -18.47%, which is greater than SIBPX's maximum drawdown of -5.57%. Use the drawdown chart below to compare losses from any high point for LUNAX and SIBPX.

Drawdown Indicators

	LUNAX	SIBPX	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-5.57%	-12.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-3.30%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-4.28%	-3.55%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-4.64%	-7.14%
Current Drawdown Current decline from peak	-2.72%	-2.90%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.82%	-1.72%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.45%	-0.06%

Volatility

LUNAX vs. SIBPX - Volatility Comparison

Saratoga Conservative Balanced Allocation Portfolio (LUNAX) has a higher volatility of 2.19% compared to Saratoga Investment Quality Bond Portfolio (SIBPX) at 0.98%. This indicates that LUNAX's price experiences larger fluctuations and is considered to be riskier than SIBPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUNAX	SIBPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	0.98%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	6.03%	2.90%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	3.81%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	3.43%	+4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.75%	2.77%	+5.98%

LUNAX vs. SIBPX - Expense Ratio Comparison

LUNAX has a 0.99% expense ratio, which is lower than SIBPX's 1.54% expense ratio.

Dividends

LUNAX vs. SIBPX - Dividend Comparison

LUNAX's dividend yield for the trailing twelve months is around 9.20%, more than SIBPX's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.20%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%
SIBPX Saratoga Investment Quality Bond Portfolio	1.95%	2.24%	2.31%	1.54%	0.14%	1.39%	0.58%	0.99%	1.21%	1.03%

Frequently Asked Questions

Can I hold both LUNAX and SIBPX in my portfolio?

LUNAX and SIBPX have a correlation of 0.51, 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 SIBPX?

LUNAX has higher volatility (2.19%) compared to SIBPX (0.98%). In terms of maximum drawdown, LUNAX dropped -18.47% vs SIBPX's -5.57%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (0.81 vs 0.27), 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.