SIBPX vs. LUNAX

Last updated Jun 24, 2026

SIBPX (Saratoga Investment Quality Bond Portfolio) and LUNAX (Saratoga Conservative Balanced Allocation Portfolio) are both mutual funds - SIBPX is a Short-Term Bond fund managed by Saratoga, while LUNAX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SIBPX returned 1.05%/yr vs 5.49%/yr for LUNAX. At a 0.20 correlation, their price movements are largely independent. SIBPX charges 1.54%/yr vs 0.99%/yr for LUNAX.

Performance

SIBPX vs. LUNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Investment Quality Bond Portfolio (SIBPX) 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, SIBPX achieves a -1.06% return, which is significantly lower than LUNAX's 4.00% return.

SIBPX

• 1D: -0.21%
• 1M: 0.30%
• YTD: -1.06%
• 6M: -0.96%
• 1Y: 1.93%
• 3Y*: 2.94%
• 5Y*: 1.05%
• 10Y*: —

LUNAX

• 1D: 0.00%
• 1M: 2.01%
• YTD: 4.00%
• 6M: 3.36%
• 1Y: 10.80%
• 3Y*: 9.99%
• 5Y*: 5.49%
• 10Y*: —

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

SIBPX vs. LUNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SIBPX Saratoga Investment Quality Bond Portfolio	-1.06%	6.50%	0.78%	2.90%	-2.51%	-1.73%	3.34%	3.84%	-0.51%
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 SIBPX and LUNAX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.20

Over the past year, SIBPX and LUNAX have become more correlated (0.51) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

SIBPX vs. LUNAX — Risk / Return Rank

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

SIBPX

SIBPX Risk / Return Rank: 7
SIBPX Sharpe Ratio Rank: 8
SIBPX Sortino Ratio Rank: 7
SIBPX Omega Ratio Rank: 7
SIBPX Calmar Ratio Rank: 8
SIBPX Martin Ratio Rank: 7

LUNAX

LUNAX Risk / Return Rank: 38
LUNAX Sharpe Ratio Rank: 37
LUNAX Sortino Ratio Rank: 39
LUNAX Omega Ratio Rank: 36
LUNAX Calmar Ratio Rank: 35
LUNAX Martin Ratio Rank: 45

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.

SIBPX vs. LUNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Investment Quality Bond Portfolio (SIBPX) 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.

	SIBPX	LUNAX	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.63	-1.05
Sortino ratio: Return per unit of downside risk	0.87	2.42	-1.54
Omega ratio: Gain probability vs. loss probability	1.10	1.30	-0.20
Calmar ratio: Return relative to maximum drawdown	0.69	2.12	-1.43
Martin ratio: Return relative to average drawdown	1.86	9.01	-7.14

SIBPX vs. LUNAX - Sharpe Ratio Comparison

The current SIBPX Sharpe Ratio is 0.59, which is lower than the LUNAX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SIBPX 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

SIBPX vs. LUNAX - Drawdown Comparison

The maximum SIBPX drawdown since its inception was -5.57%, smaller than the maximum LUNAX drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for SIBPX and LUNAX.

Drawdown Indicators

	SIBPX	LUNAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.57%	-18.47%	+12.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-5.41%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.28%	-7.83%	+3.55%
Max Drawdown (5Y) Largest decline over 5 years	-4.74%	-11.78%	+7.04%
Current Drawdown Current decline from peak	-2.39%	-0.09%	-2.30%
Average Drawdown Average peak-to-trough decline	-1.71%	-2.83%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.27%	-0.05%

Volatility

SIBPX vs. LUNAX - Volatility Comparison

The current volatility for Saratoga Investment Quality Bond Portfolio (SIBPX) is 1.18%, while Saratoga Conservative Balanced Allocation Portfolio (LUNAX) has a volatility of 2.67%. This indicates that SIBPX 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

	SIBPX	LUNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	2.67%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	5.76%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	7.03%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	7.55%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.76%	8.76%	-6.00%

SIBPX vs. LUNAX - Expense Ratio Comparison

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

Dividends

SIBPX vs. LUNAX - Dividend Comparison

SIBPX's dividend yield for the trailing twelve months is around 2.05%, less than LUNAX's 9.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.00%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%
SIBPX Saratoga Investment Quality Bond Portfolio	2.05%	2.24%	2.31%	1.54%	0.14%	1.39%	0.58%	0.99%	1.21%	1.03%

Frequently Asked Questions

Can I hold both SIBPX and LUNAX in my portfolio?

SIBPX and LUNAX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIBPX or LUNAX?

LUNAX has higher volatility (2.67%) compared to SIBPX (1.18%). In terms of maximum drawdown, SIBPX dropped -5.57% vs LUNAX's -18.47%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (1.63 vs 0.59), 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.