AOTIX vs. LZEMX

Last updated Jun 24, 2026

AOTIX (Virtus Emerging Markets Opportunities Fund) and LZEMX (Lazard Emerging Markets Equity Portfolio) are both Emerging Markets Diversified funds. Over the past 10 years, AOTIX returned 11.55%/yr vs 11.16%/yr for LZEMX. Their correlation of 0.88 suggests significant overlap in exposure. AOTIX charges 0.94%/yr vs 1.06%/yr for LZEMX.

Performance

AOTIX vs. LZEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Emerging Markets Opportunities Fund (AOTIX) and Lazard Emerging Markets Equity Portfolio (LZEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOTIX achieves a 38.59% return, which is significantly higher than LZEMX's 25.47% return. Both investments have delivered pretty close results over the past 10 years, with AOTIX having a 11.55% annualized return and LZEMX not far behind at 11.16%.

AOTIX

• 1D: 1.63%
• 1M: 11.97%
• YTD: 38.59%
• 6M: 40.49%
• 1Y: 68.70%
• 3Y*: 26.37%
• 5Y*: 9.61%
• 10Y*: 11.55%

LZEMX

• 1D: 0.10%
• 1M: 3.66%
• YTD: 25.47%
• 6M: 26.70%
• 1Y: 52.07%
• 3Y*: 27.62%
• 5Y*: 13.62%
• 10Y*: 11.16%

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

AOTIX vs. LZEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AOTIX Virtus Emerging Markets Opportunities Fund	38.59%	29.73%	5.44%	17.83%	-22.10%	-0.26%	20.78%	17.66%	-16.62%	38.37%
LZEMX Lazard Emerging Markets Equity Portfolio	25.47%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%

Correlation

The correlation between AOTIX and LZEMX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 28, 2004	0.88

The correlation between AOTIX and LZEMX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

AOTIX vs. LZEMX — Risk / Return Rank

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

AOTIX

AOTIX Risk / Return Rank: 94
AOTIX Sharpe Ratio Rank: 98
AOTIX Sortino Ratio Rank: 91
AOTIX Omega Ratio Rank: 92
AOTIX Calmar Ratio Rank: 94
AOTIX Martin Ratio Rank: 94

LZEMX

LZEMX Risk / Return Rank: 95
LZEMX Sharpe Ratio Rank: 98
LZEMX Sortino Ratio Rank: 95
LZEMX Omega Ratio Rank: 93
LZEMX Calmar Ratio Rank: 94
LZEMX Martin Ratio Rank: 93

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.

AOTIX vs. LZEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Emerging Markets Opportunities Fund (AOTIX) and Lazard Emerging Markets Equity Portfolio (LZEMX). 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.

	AOTIX	LZEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	3.73	-0.28
Sortino ratio: Return per unit of downside risk	4.15	4.76	-0.61
Omega ratio: Gain probability vs. loss probability	1.65	1.69	-0.04
Calmar ratio: Return relative to maximum drawdown	5.03	5.04	0.00
Martin ratio: Return relative to average drawdown	19.19	18.06	+1.13

AOTIX vs. LZEMX - Sharpe Ratio Comparison

The current AOTIX Sharpe Ratio is 3.45, which is comparable to the LZEMX Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of AOTIX and LZEMX, 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

AOTIX vs. LZEMX - Drawdown Comparison

The maximum AOTIX drawdown since its inception was -68.42%, which is greater than LZEMX's maximum drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for AOTIX and LZEMX.

Drawdown Indicators

	AOTIX	LZEMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.42%	-60.08%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.70%	-10.42%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	-17.76%	-14.27%	-3.49%
Max Drawdown (5Y) Largest decline over 5 years	-35.46%	-29.29%	-6.17%
Max Drawdown (10Y) Largest decline over 10 years	-38.05%	-44.08%	+6.03%
Current Drawdown Current decline from peak	0.00%	-1.17%	+1.17%
Average Drawdown Average peak-to-trough decline	-18.62%	-16.61%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	2.90%	+0.69%

Volatility

AOTIX vs. LZEMX - Volatility Comparison

Virtus Emerging Markets Opportunities Fund (AOTIX) has a higher volatility of 10.80% compared to Lazard Emerging Markets Equity Portfolio (LZEMX) at 5.48%. This indicates that AOTIX's price experiences larger fluctuations and is considered to be riskier than LZEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOTIX	LZEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.80%	5.48%	+5.32%
Volatility (6M) Calculated over the trailing 6-month period	17.71%	11.82%	+5.89%
Volatility (1Y) Calculated over the trailing 1-year period	20.04%	14.09%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	14.44%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	16.41%	+1.24%

AOTIX vs. LZEMX - Expense Ratio Comparison

AOTIX has a 0.94% expense ratio, which is lower than LZEMX's 1.06% expense ratio.

Dividends

AOTIX vs. LZEMX - Dividend Comparison

AOTIX's dividend yield for the trailing twelve months is around 2.40%, more than LZEMX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOTIX Virtus Emerging Markets Opportunities Fund	2.40%	3.33%	6.13%	3.48%	3.15%	1.94%	1.40%	2.37%	2.81%	1.60%	1.91%	1.10%
LZEMX Lazard Emerging Markets Equity Portfolio	1.63%	2.05%	3.11%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	2.14%

Frequently Asked Questions

Can I hold both AOTIX and LZEMX in my portfolio?

AOTIX and LZEMX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOTIX or LZEMX?

AOTIX has higher volatility (10.80%) compared to LZEMX (5.48%). In terms of maximum drawdown, AOTIX dropped -68.42% vs LZEMX's -60.08%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.73 vs 3.45), 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.