LUNAX vs. VBAIX
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 4.88%/yr vs 7.53%/yr for VBAIX. Their correlation of 0.93 means they have usually moved in the same direction. LUNAX charges 0.99%/yr vs 0.04%/yr for VBAIX.
Performance
LUNAX vs. VBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, LUNAX achieves a 1.78% return, which is significantly lower than VBAIX's 5.84% 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%
VBAIX
- 1D
- 1.01%
- 1M
- -0.81%
- 6M
- 4.74%
- YTD
- 5.84%
- 1Y
- 13.39%
- 3Y*
- 13.84%
- 5Y*
- 7.53%
- 10Y*
- 9.67%
- ALL TIME*
- 7.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LUNAX vs. VBAIX - 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% |
VBAIX Vanguard Balanced Index Fund Institutional Shares | 5.84% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer 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.
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Return for Risk
LUNAX vs. VBAIX — Risk / Return Rank
LUNAX
VBAIX
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 ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.26 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 2.13 | -1.03 |
| Martin ratioReturn relative to average drawdown | 4.23 | 9.09 | -4.85 |
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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.
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Drawdown Indicators
| LUNAX | VBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.72% | -1.46% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -2.82% | -4.40% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 1.36% | +0.03% |
Volatility
LUNAX vs. VBAIX - Volatility Comparison
The current volatility for Saratoga Conservative Balanced Allocation Portfolio (LUNAX) is 2.19%, while Vanguard Balanced Index Fund Institutional Shares (VBAIX) has a volatility of 2.31%. This indicates that LUNAX experiences smaller price fluctuations and is considered to be less risky than VBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LUNAX | VBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 2.31% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 6.84% | -0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 8.56% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.57% | 11.19% | -3.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.75% | 11.25% | -2.50% |
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 9.20%, more than VBAIX's 5.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
VBAIX Vanguard Balanced Index Fund Institutional Shares | 5.39% | 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
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.
VBAIX has higher volatility (2.31%) compared to LUNAX (2.19%). In terms of maximum drawdown, LUNAX dropped -18.47% vs VBAIX's -35.82%.
VBAIX currently has the higher Sharpe Ratio (1.45 vs 0.81), 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.
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