LUNAX vs. SIBPX

Last updated Apr 1, 2026

Compare and contrast key facts about Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Saratoga Investment Quality Bond Portfolio (SIBPX).

LUNAX is managed by Saratoga. It was launched on Dec 28, 2017. SIBPX is managed by Saratoga. It was launched on Sep 1, 1994.

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.

LUNAX vs. SIBPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	-3.56%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%
SIBPX Saratoga Investment Quality Bond Portfolio	-1.04%	6.50%	0.78%	2.90%	-2.51%	-1.73%	3.34%	3.84%	-0.51%

Returns By Period

In the year-to-date period, LUNAX achieves a -3.56% return, which is significantly lower than SIBPX's -1.04% return.

LUNAX

• 1D: -0.28%
• 1M: -5.16%
• YTD: -3.56%
• 6M: -2.10%
• 1Y: 7.88%
• 3Y*: 7.71%
• 5Y*: 4.43%
• 10Y*: —

SIBPX

• 1D: 0.42%
• 1M: -2.37%
• YTD: -1.04%
• 6M: -0.33%
• 1Y: 2.98%
• 3Y*: 2.64%
• 5Y*: 1.02%
• 10Y*: —

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

LUNAX vs. SIBPX - Expense Ratio Comparison

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

SIBPX

Saratoga Investment Quality Bond Portfolio

LUNAX

Saratoga Conservative Balanced Allocation Portfolio

Return for Risk

LUNAX vs. SIBPX — Risk / Return Rank

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

LUNAX

LUNAX Risk / Return Rank: 53
LUNAX Sharpe Ratio Rank: 54
LUNAX Sortino Ratio Rank: 55
LUNAX Omega Ratio Rank: 46
LUNAX Calmar Ratio Rank: 55
LUNAX Martin Ratio Rank: 56

SIBPX

SIBPX Risk / Return Rank: 33
SIBPX Sharpe Ratio Rank: 30
SIBPX Sortino Ratio Rank: 28
SIBPX Omega Ratio Rank: 20
SIBPX Calmar Ratio Rank: 52
SIBPX Martin Ratio Rank: 38

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. 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.

	LUNAX	SIBPX	Difference
Sharpe ratio Return per unit of total volatility	1.03	0.72	+0.31
Sortino ratio Return per unit of downside risk	1.51	1.06	+0.45
Omega ratio Gain probability vs. loss probability	1.20	1.12	+0.08
Calmar ratio Return relative to maximum drawdown	1.33	1.27	+0.06
Martin ratio Return relative to average drawdown	5.48	4.06	+1.42
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. SIBPX - Sharpe Ratio Comparison

The current LUNAX Sharpe Ratio is 1.03, which is higher than the SIBPX Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of LUNAX and SIBPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LUNAX	SIBPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.03	0.72	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.31	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.45	+0.12

Correlation

The correlation between LUNAX and SIBPX is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LUNAX vs. SIBPX - Dividend Comparison

LUNAX's dividend yield for the trailing twelve months is around 9.71%, more than SIBPX's 2.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.71%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%
SIBPX Saratoga Investment Quality Bond Portfolio	2.20%	2.24%	2.31%	1.54%	0.14%	1.39%	0.58%	0.99%	1.21%	1.03%

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%	-2.78%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-4.93%	-6.85%
Current Drawdown Current decline from peak	-5.41%	-2.37%	-3.04%
Average Drawdown Average peak-to-trough decline	-2.89%	-1.70%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	0.87%	+0.44%

Volatility

LUNAX vs. SIBPX - Volatility Comparison

Saratoga Conservative Balanced Allocation Portfolio (LUNAX) has a higher volatility of 2.66% compared to Saratoga Investment Quality Bond Portfolio (SIBPX) at 1.60%. 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	2.66%	1.60%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	2.61%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	4.30%	+3.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	3.29%	+4.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.76%	2.72%	+6.04%