SBMBX vs. LUNAX

Last updated Jun 23, 2026

SBMBX (Saratoga Energy & Basic Materials Fund) and LUNAX (Saratoga Conservative Balanced Allocation Portfolio) are both mutual funds - SBMBX is a Energy Equities fund managed by Saratoga, while LUNAX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SBMBX returned 5.34%/yr vs 5.71%/yr for LUNAX. A 0.57 correlation means they provide meaningful diversification when combined. SBMBX charges 3.30%/yr vs 0.99%/yr for LUNAX.

Performance

SBMBX vs. LUNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Energy & Basic Materials Fund (SBMBX) and Saratoga Conservative Balanced Allocation Portfolio (LUNAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SBMBX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 2.30%
• 3Y*: 1.48%
• 5Y*: 5.34%
• 10Y*: 2.08%

LUNAX

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

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

SBMBX vs. LUNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SBMBX Saratoga Energy & Basic Materials Fund	0.00%	5.05%	-7.25%	6.28%	19.60%	25.58%	-19.21%	-0.96%	-21.99%
LUNAX Saratoga Conservative Balanced Allocation Portfolio	4.00%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%

Correlation

The correlation between SBMBX and LUNAX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.57

Over the past year, the correlation between SBMBX and LUNAX has dropped to 0.15 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

SBMBX vs. LUNAX — Risk / Return Rank

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

SBMBX

SBMBX Risk / Return Rank: 5
SBMBX Sharpe Ratio Rank: 4
SBMBX Sortino Ratio Rank: 4
SBMBX Omega Ratio Rank: 5
SBMBX Calmar Ratio Rank: 6
SBMBX Martin Ratio Rank: 5

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

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.

SBMBX vs. LUNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Energy & Basic Materials Fund (SBMBX) and Saratoga Conservative Balanced Allocation Portfolio (LUNAX). 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.

	SBMBX	LUNAX	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.65	-1.40
Sortino ratio: Return per unit of downside risk	0.43	2.43	-2.01
Omega ratio: Gain probability vs. loss probability	1.07	1.30	-0.23
Calmar ratio: Return relative to maximum drawdown	0.46	2.14	-1.68
Martin ratio: Return relative to average drawdown	0.89	9.08	-8.19

SBMBX vs. LUNAX - Sharpe Ratio Comparison

The current SBMBX Sharpe Ratio is 0.25, which is lower than the LUNAX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SBMBX and LUNAX, 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

SBMBX vs. LUNAX - Drawdown Comparison

The maximum SBMBX drawdown since its inception was -74.35%, which is greater than LUNAX's maximum drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for SBMBX and LUNAX.

Drawdown Indicators

	SBMBX	LUNAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-18.47%	-55.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.66%	-5.41%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-25.34%	-7.83%	-17.51%
Max Drawdown (5Y) Largest decline over 5 years	-26.66%	-11.78%	-14.88%
Max Drawdown (10Y) Largest decline over 10 years	-65.48%	—	—
Current Drawdown Current decline from peak	-31.22%	-0.09%	-31.13%
Average Drawdown Average peak-to-trough decline	-28.69%	-2.83%	-25.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.27%	+1.53%

Volatility

SBMBX vs. LUNAX - Volatility Comparison

The current volatility for Saratoga Energy & Basic Materials Fund (SBMBX) is 0.00%, while Saratoga Conservative Balanced Allocation Portfolio (LUNAX) has a volatility of 2.77%. This indicates that SBMBX experiences smaller price fluctuations and is considered to be less risky than LUNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMBX	LUNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.77%	-2.77%
Volatility (6M) Calculated over the trailing 6-month period	3.20%	5.76%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	7.02%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	7.55%	+13.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.03%	8.76%	+15.27%

SBMBX vs. LUNAX - Expense Ratio Comparison

SBMBX has a 3.30% expense ratio, which is higher than LUNAX's 0.99% expense ratio.

Dividends

SBMBX vs. LUNAX - Dividend Comparison

SBMBX's dividend yield for the trailing twelve months is around 2.13%, less than LUNAX's 9.00% 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%
SBMBX Saratoga Energy & Basic Materials Fund	2.13%	2.13%	2.17%	0.00%	2.75%	0.75%	1.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SBMBX and LUNAX in my portfolio?

SBMBX and LUNAX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBMBX or LUNAX?

LUNAX has higher volatility (2.77%) compared to SBMBX (0.00%). In terms of maximum drawdown, SBMBX dropped -74.35% vs LUNAX's -18.47%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (1.65 vs 0.25), 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.