SBMIX vs. LUNAX

Last updated Jun 23, 2026

SBMIX (Saratoga Moderate Balanced Allocation Portfolio) and LUNAX (Saratoga Conservative Balanced Allocation Portfolio) are both Diversified Portfolio funds from Saratoga. Over the past 5 years, SBMIX returned 7.04%/yr vs 5.71%/yr for LUNAX. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.

Performance

SBMIX vs. LUNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, SBMIX achieves a 5.77% return, which is significantly higher than LUNAX's 4.00% return.

SBMIX

• 1D: 1.02%
• 1M: 2.48%
• YTD: 5.77%
• 6M: 4.91%
• 1Y: 14.77%
• 3Y*: 11.92%
• 5Y*: 7.04%
• 10Y*: —

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)

SBMIX vs. LUNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SBMIX Saratoga Moderate Balanced Allocation Portfolio	5.77%	12.25%	11.36%	11.96%	-10.38%	13.50%	9.84%	17.05%	-6.88%
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 SBMIX and LUNAX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.98

The correlation between SBMIX and LUNAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

SBMIX vs. LUNAX — Risk / Return Rank

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

SBMIX

SBMIX Risk / Return Rank: 38
SBMIX Sharpe Ratio Rank: 35
SBMIX Sortino Ratio Rank: 36
SBMIX Omega Ratio Rank: 33
SBMIX Calmar Ratio Rank: 36
SBMIX Martin Ratio Rank: 48

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.

SBMIX vs. LUNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Moderate Balanced Allocation Portfolio (SBMIX) 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.

	SBMIX	LUNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.65	-0.05
Sortino ratio: Return per unit of downside risk	2.33	2.43	-0.10
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.17	2.14	+0.04
Martin ratio: Return relative to average drawdown	9.34	9.08	+0.26

SBMIX vs. LUNAX - Sharpe Ratio Comparison

The current SBMIX Sharpe Ratio is 1.60, which is comparable to the LUNAX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SBMIX 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

SBMIX vs. LUNAX - Drawdown Comparison

The maximum SBMIX drawdown since its inception was -23.97%, which is greater than LUNAX's maximum drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for SBMIX and LUNAX.

Drawdown Indicators

	SBMIX	LUNAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.97%	-18.47%	-5.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-5.41%	-1.44%
Max Drawdown (3Y) Largest decline over 3 years	-12.14%	-7.83%	-4.31%
Max Drawdown (5Y) Largest decline over 5 years	-14.92%	-11.78%	-3.14%
Current Drawdown Current decline from peak	-0.08%	-0.09%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.46%	-2.83%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.27%	+0.32%

Volatility

SBMIX vs. LUNAX - Volatility Comparison

Saratoga Moderate Balanced Allocation Portfolio (SBMIX) has a higher volatility of 3.68% compared to Saratoga Conservative Balanced Allocation Portfolio (LUNAX) at 2.77%. This indicates that SBMIX's price experiences larger fluctuations and is considered to be riskier than LUNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBMIX	LUNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	2.77%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	5.76%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	7.02%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.60%	7.55%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.92%	8.76%	+3.16%

SBMIX vs. LUNAX - Expense Ratio Comparison

Both SBMIX and LUNAX have an expense ratio of 0.99%.

Dividends

SBMIX vs. LUNAX - Dividend Comparison

SBMIX's dividend yield for the trailing twelve months is around 9.57%, more 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%
SBMIX Saratoga Moderate Balanced Allocation Portfolio	9.57%	10.12%	3.70%	1.32%	5.93%	8.04%	1.35%	3.40%	3.11%

Frequently Asked Questions

Can I hold both SBMIX and LUNAX in my portfolio?

With a correlation of 0.98, SBMIX and LUNAX 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, SBMIX or LUNAX?

SBMIX has higher volatility (3.68%) compared to LUNAX (2.77%). In terms of maximum drawdown, SBMIX dropped -23.97% vs LUNAX's -18.47%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (1.65 vs 1.60), 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.