SLCGX vs. LUNAX

Last updated Jun 3, 2026

SLCGX (Saratoga Large Capitalization Growth Portfolio) and LUNAX (Saratoga Conservative Balanced Allocation Portfolio) are both mutual funds - SLCGX is a Large Cap Growth Equities fund managed by Saratoga, while LUNAX is a Diversified Portfolio fund managed by Saratoga. Over the past 5 years, SLCGX returned 16.61%/yr vs 5.35%/yr for LUNAX. Their correlation of 0.87 suggests significant overlap in exposure. SLCGX charges 1.34%/yr vs 0.99%/yr for LUNAX.

Performance

SLCGX vs. LUNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Large Capitalization Growth Portfolio (SLCGX) 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, SLCGX achieves a 4.14% return, which is significantly higher than LUNAX's 3.20% return.

SLCGX

• 1D: 1.76%
• 1M: 8.03%
• YTD: 4.14%
• 6M: 5.06%
• 1Y: 22.68%
• 3Y*: 27.44%
• 5Y*: 16.61%
• 10Y*: 19.71%

LUNAX

• 1D: 0.09%
• 1M: 1.31%
• YTD: 3.20%
• 6M: 3.49%
• 1Y: 11.29%
• 3Y*: 9.92%
• 5Y*: 5.35%
• 10Y*: —

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

SLCGX vs. LUNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SLCGX Saratoga Large Capitalization Growth Portfolio	4.14%	22.74%	40.67%	38.79%	-28.77%	32.60%	28.67%	51.18%	-4.34%
LUNAX Saratoga Conservative Balanced Allocation Portfolio	3.20%	10.95%	8.76%	9.89%	-8.78%	10.51%	7.46%	14.09%	-5.55%

Correlation

The correlation between SLCGX and LUNAX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.87

The correlation between SLCGX and LUNAX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

SLCGX vs. LUNAX — Risk / Return Rank

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

SLCGX

SLCGX Risk / Return Rank: 19
SLCGX Sharpe Ratio Rank: 24
SLCGX Sortino Ratio Rank: 20
SLCGX Omega Ratio Rank: 22
SLCGX Calmar Ratio Rank: 14
SLCGX Martin Ratio Rank: 13

LUNAX

LUNAX Risk / Return Rank: 37
LUNAX Sharpe Ratio Rank: 36
LUNAX Sortino Ratio Rank: 37
LUNAX Omega Ratio Rank: 35
LUNAX Calmar Ratio Rank: 32
LUNAX Martin Ratio Rank: 43

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.

SLCGX vs. LUNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Large Capitalization Growth Portfolio (SLCGX) 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.

	SLCGX	LUNAX	Difference
Sharpe ratio Return per unit of total volatility	1.43	1.72	-0.29
Sortino ratio Return per unit of downside risk	1.94	2.55	-0.61
Omega ratio Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio Return relative to maximum drawdown	1.32	2.14	-0.83
Martin ratio Return relative to average drawdown	4.08	9.24	-5.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLCGX vs. LUNAX - Sharpe Ratio Comparison

The current SLCGX Sharpe Ratio is 1.43, which is comparable to the LUNAX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SLCGX 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.

Sharpe Ratios by Period

	SLCGX	LUNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	1.72	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.72	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.66	-0.16

Drawdowns

SLCGX vs. LUNAX - Drawdown Comparison

The maximum SLCGX drawdown since its inception was -71.04%, which is greater than LUNAX's maximum drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for SLCGX and LUNAX.

Drawdown Indicators

	SLCGX	LUNAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.04%	-18.47%	-52.57%
Max Drawdown (1Y) Largest decline over 1 year	-18.18%	-5.41%	-12.77%
Max Drawdown (3Y) Largest decline over 3 years	-24.17%	-7.83%	-16.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.13%	-11.78%	-19.35%
Max Drawdown (10Y) Largest decline over 10 years	-31.16%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-22.91%	-2.85%	-20.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.87%	1.25%	+4.62%

Volatility

SLCGX vs. LUNAX - Volatility Comparison

Saratoga Large Capitalization Growth Portfolio (SLCGX) has a higher volatility of 3.58% compared to Saratoga Conservative Balanced Allocation Portfolio (LUNAX) at 2.09%. This indicates that SLCGX'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

	SLCGX	LUNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.09%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	5.32%	+7.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	6.63%	+10.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.66%	7.48%	+14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	8.75%	+13.27%

SLCGX vs. LUNAX - Expense Ratio Comparison

SLCGX has a 1.34% expense ratio, which is higher than LUNAX's 0.99% expense ratio.

Dividends

SLCGX vs. LUNAX - Dividend Comparison

SLCGX's dividend yield for the trailing twelve months is around 13.28%, more than LUNAX's 9.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LUNAX Saratoga Conservative Balanced Allocation Portfolio	9.07%	9.36%	3.54%	2.54%	4.91%	7.81%	0.46%	3.57%	2.14%	0.00%	0.00%	0.00%
SLCGX Saratoga Large Capitalization Growth Portfolio	13.28%	13.83%	23.77%	7.53%	7.55%	23.16%	8.91%	31.50%	25.22%	5.81%	23.83%	10.21%

Frequently Asked Questions

Can I hold both SLCGX and LUNAX in my portfolio?

SLCGX and LUNAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLCGX or LUNAX?

SLCGX has higher volatility (3.58%) compared to LUNAX (2.09%). In terms of maximum drawdown, SLCGX dropped -71.04% vs LUNAX's -18.47%.

Which has better risk-adjusted returns?

LUNAX currently has the higher Sharpe Ratio (1.72 vs 1.43), 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.