LUNAX vs. VBAIX

Last updated Jul 14, 2026

LUNAX (Saratoga Conservative Balanced Allocation Portfolio) and VBAIX (Vanguard Balanced Index Fund Institutional Shares) are both Diversified Portfolio funds. Over the past 5 years, LUNAX returned 5.15%/yr vs 7.91%/yr for VBAIX. Their correlation of 0.93 suggests significant overlap in exposure. LUNAX charges 0.99%/yr vs 0.04%/yr for VBAIX.

Performance

LUNAX vs. VBAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, LUNAX achieves a 3.38% return, which is significantly lower than VBAIX's 7.19% return.

LUNAX

• 1D: 0.00%
• 1M: 0.17%
• 6M: 1.93%
• YTD: 3.38%
• 1Y: 8.72%
• 3Y*: 9.38%
• 5Y*: 5.15%
• 10Y*: —

VBAIX

• 1D: 0.17%
• 1M: 1.12%
• 6M: 5.62%
• YTD: 7.19%
• 1Y: 15.19%
• 3Y*: 15.23%
• 5Y*: 7.91%
• 10Y*: 9.88%

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

LUNAX vs. VBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LUNAX Saratoga Conservative Balanced Allocation Portfolio	3.38%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%
VBAIX Vanguard Balanced Index Fund Institutional Shares	7.19%	13.60%	17.78%	17.55%	-16.87%	14.20%	16.40%	21.79%	-4.15%

Correlation

The correlation between LUNAX and VBAIX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.93

The correlation between LUNAX and VBAIX has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

LUNAX vs. VBAIX — Risk / Return Rank

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

LUNAX

LUNAX Risk / Return Rank: 31
LUNAX Sharpe Ratio Rank: 29
LUNAX Sortino Ratio Rank: 30
LUNAX Omega Ratio Rank: 28
LUNAX Calmar Ratio Rank: 29
LUNAX Martin Ratio Rank: 37

VBAIX

VBAIX Risk / Return Rank: 67
VBAIX Sharpe Ratio Rank: 64
VBAIX Sortino Ratio Rank: 64
VBAIX Omega Ratio Rank: 61
VBAIX Calmar Ratio Rank: 68
VBAIX Martin Ratio Rank: 78

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. VBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX). 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	VBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.77	-0.60
Sortino ratio: Return per unit of downside risk	1.72	2.51	-0.79
Omega ratio: Gain probability vs. loss probability	1.21	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.54	2.53	-0.99
Martin ratio: Return relative to average drawdown	6.46	11.09	-4.63

LUNAX vs. VBAIX - Sharpe Ratio Comparison

The current LUNAX Sharpe Ratio is 1.16, which is lower than the VBAIX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of LUNAX and VBAIX, 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. VBAIX - Drawdown Comparison

The maximum LUNAX drawdown since its inception was -18.47%, smaller than the maximum VBAIX drawdown of -35.82%. Use the drawdown chart below to compare losses from any high point for LUNAX and VBAIX.

Drawdown Indicators

	LUNAX	VBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-35.82%	+17.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-5.84%	+0.43%
Max Drawdown (3Y) Largest decline over 3 years	-7.83%	-11.57%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-21.52%	+9.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.77%	—
Current Drawdown Current decline from peak	-1.19%	-0.19%	-1.00%
Average Drawdown Average peak-to-trough decline	-2.82%	-4.41%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.33%	-0.04%

Volatility

LUNAX vs. VBAIX - Volatility Comparison

Saratoga Conservative Balanced Allocation Portfolio (LUNAX) and Vanguard Balanced Index Fund Institutional Shares (VBAIX) have volatilities of 2.85% and 2.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LUNAX	VBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	2.83%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	6.74%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	7.16%	8.36%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	11.18%	-3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.76%	11.24%	-2.48%

LUNAX vs. VBAIX - Expense Ratio Comparison

LUNAX has a 0.99% expense ratio, which is higher than VBAIX's 0.04% expense ratio.

Dividends

LUNAX vs. VBAIX - Dividend Comparison

LUNAX's dividend yield for the trailing twelve months is around 9.06%, more than VBAIX's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.06%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%	0.00%	0.00%
VBAIX Vanguard Balanced Index Fund Institutional Shares	5.32%	6.01%	8.01%	4.36%	2.84%	3.20%	2.65%	2.29%	2.33%	1.96%	2.10%	2.10%

Frequently Asked Questions

Can I hold both LUNAX and VBAIX in my portfolio?

With a correlation of 0.93, LUNAX and VBAIX 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 VBAIX?

LUNAX has higher volatility (2.85%) compared to VBAIX (2.83%). In terms of maximum drawdown, LUNAX dropped -18.47% vs VBAIX's -35.82%.

Which has better risk-adjusted returns?

VBAIX currently has the higher Sharpe Ratio (1.77 vs 1.16), 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.