SPMAX vs. LUNAX
Compare and contrast key facts about Saratoga Mid Capitalization Portfolio (SPMAX) and Saratoga Conservative Balanced Allocation Portfolio (LUNAX).
SPMAX is managed by Saratoga. It was launched on Jun 28, 2002. LUNAX is managed by Saratoga. It was launched on Dec 28, 2017.
Performance
SPMAX vs. LUNAX - Performance Comparison
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SPMAX vs. LUNAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMAX Saratoga Mid Capitalization Portfolio | -2.04% | 9.76% | 17.27% | 15.52% | -11.91% | 19.87% | 9.67% | 29.93% | -20.06% |
LUNAX Saratoga Conservative Balanced Allocation Portfolio | -3.56% | 10.95% | 8.76% | 9.89% | -8.78% | 10.51% | 7.46% | 14.09% | -5.55% |
Returns By Period
In the year-to-date period, SPMAX achieves a -2.04% return, which is significantly higher than LUNAX's -3.56% return.
SPMAX
- 1D
- -2.36%
- 1M
- -11.02%
- YTD
- -2.04%
- 6M
- -0.94%
- 1Y
- 13.05%
- 3Y*
- 12.94%
- 5Y*
- 6.94%
- 10Y*
- 8.13%
LUNAX
- 1D
- -0.28%
- 1M
- -5.16%
- YTD
- -3.56%
- 6M
- -2.10%
- 1Y
- 7.88%
- 3Y*
- 7.71%
- 5Y*
- 4.43%
- 10Y*
- —
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SPMAX vs. LUNAX - Expense Ratio Comparison
SPMAX has a 2.06% expense ratio, which is higher than LUNAX's 0.99% expense ratio.
Return for Risk
SPMAX vs. LUNAX — Risk / Return Rank
SPMAX
LUNAX
SPMAX vs. LUNAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saratoga Mid Capitalization Portfolio (SPMAX) 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.
| SPMAX | LUNAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | 1.03 | -0.37 |
Sortino ratioReturn per unit of downside risk | 1.04 | 1.51 | -0.47 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.33 | -0.38 |
Martin ratioReturn relative to average drawdown | 3.28 | 5.48 | -2.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMAX | LUNAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.03 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.60 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.57 | -0.19 |
Correlation
The correlation between SPMAX and LUNAX is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPMAX vs. LUNAX - Dividend Comparison
SPMAX's dividend yield for the trailing twelve months is around 33.57%, more than LUNAX's 9.71% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMAX Saratoga Mid Capitalization Portfolio | 33.57% | 32.89% | 18.90% | 1.28% | 2.11% | 16.31% | 9.56% | 0.01% | 13.58% | 8.25% | 8.08% | 5.04% |
LUNAX Saratoga Conservative Balanced Allocation Portfolio | 9.71% | 9.36% | 3.54% | 2.54% | 4.91% | 7.81% | 0.46% | 3.57% | 2.14% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPMAX vs. LUNAX - Drawdown Comparison
The maximum SPMAX drawdown since its inception was -52.68%, which is greater than LUNAX's maximum drawdown of -18.47%. Use the drawdown chart below to compare losses from any high point for SPMAX and LUNAX.
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Drawdown Indicators
| SPMAX | LUNAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.68% | -18.47% | -34.21% |
Max Drawdown (1Y)Largest decline over 1 year | -12.82% | -5.41% | -7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -23.42% | -11.78% | -11.64% |
Max Drawdown (10Y)Largest decline over 10 years | -42.83% | — | — |
Current DrawdownCurrent decline from peak | -12.39% | -5.41% | -6.98% |
Average DrawdownAverage peak-to-trough decline | -8.65% | -2.89% | -5.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 1.31% | +2.41% |
Volatility
SPMAX vs. LUNAX - Volatility Comparison
Saratoga Mid Capitalization Portfolio (SPMAX) has a higher volatility of 7.80% compared to Saratoga Conservative Balanced Allocation Portfolio (LUNAX) at 2.66%. This indicates that SPMAX'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.
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Volatility by Period
| SPMAX | LUNAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.80% | 2.66% | +5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 14.18% | 4.83% | +9.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.14% | 7.82% | +13.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 7.41% | +10.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.14% | 8.76% | +11.38% |