CEMFX vs. RLEMX

Last updated Aug 4, 2026

CEMFX (Cullen Emerging Markets High Dividend Fund) and RLEMX (Lazard Emerging Markets Equity Portfolio Class R6) are both Emerging Markets Equities funds. Over the past 10 years, CEMFX returned 10.17%/yr vs 10.11%/yr for RLEMX. Their correlation of 0.83 means they have usually moved in the same direction. CEMFX charges 1.00%/yr vs 1.38%/yr for RLEMX.

Performance

CEMFX vs. RLEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Emerging Markets High Dividend Fund (CEMFX) and Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEMFX achieves a 20.10% return, which is significantly lower than RLEMX's 25.45% return. Both investments have delivered pretty close results over the past 10 years, with CEMFX having a 10.17% annualized return and RLEMX not far behind at 10.11%.

CEMFX

• 1D: 3.82%
• 1M: -0.10%
• 6M: 8.24%
• YTD: 20.10%
• 1Y: 39.50%
• 3Y*: 22.09%
• 5Y*: 12.85%
• 10Y*: 10.17%
• ALL TIME*: 7.31%

RLEMX

• 1D: 1.10%
• 1M: 3.35%
• 6M: 14.90%
• YTD: 25.45%
• 1Y: 48.47%
• 3Y*: 25.92%
• 5Y*: 14.59%
• 10Y*: 10.11%
• ALL TIME*: 11.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEMFX Cullen Emerging Markets High Dividend Fund	$0.00	$0.00	$0.00
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	$0.00	$0.00	$0.00

CEMFX vs. RLEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMFX Cullen Emerging Markets High Dividend Fund	20.10%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	25.45%	41.38%	7.60%	22.42%	-14.86%	5.43%	-0.02%	17.99%	-18.11%	28.02%

Correlation

The correlation between CEMFX and RLEMX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.83

The correlation between CEMFX and RLEMX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

CEMFX vs. RLEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEMFX

CEMFX Risk / Return Rank: 79
CEMFX Sharpe Ratio Rank: 85
CEMFX Sortino Ratio Rank: 79
CEMFX Omega Ratio Rank: 80
CEMFX Calmar Ratio Rank: 86
CEMFX Martin Ratio Rank: 66

RLEMX

RLEMX Risk / Return Rank: 96
RLEMX Sharpe Ratio Rank: 98
RLEMX Sortino Ratio Rank: 96
RLEMX Omega Ratio Rank: 95
RLEMX Calmar Ratio Rank: 95
RLEMX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEMFX vs. RLEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX). 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.

	CEMFX	RLEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	3.15	-1.06
Sortino ratio: Return per unit of downside risk	2.79	4.04	-1.25
Omega ratio: Gain probability vs. loss probability	1.38	1.55	-0.17
Calmar ratio: Return relative to maximum drawdown	3.12	4.49	-1.37
Martin ratio: Return relative to average drawdown	8.90	15.21	-6.31

CEMFX vs. RLEMX - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 2.09, which is lower than the RLEMX Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of CEMFX and RLEMX, 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

CEMFX vs. RLEMX - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, smaller than the maximum RLEMX drawdown of -44.12%. Use the drawdown chart below to compare losses from any high point for CEMFX and RLEMX.

Drawdown Indicators

	CEMFX	RLEMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-44.12%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-10.41%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-14.25%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-29.17%	+2.44%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-44.12%	+4.82%
Current Drawdown Current decline from peak	-6.89%	-1.17%	-5.72%
Average Drawdown Average peak-to-trough decline	-9.56%	-10.36%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	3.07%	+1.27%

Volatility

CEMFX vs. RLEMX - Volatility Comparison

Cullen Emerging Markets High Dividend Fund (CEMFX) has a higher volatility of 7.41% compared to Lazard Emerging Markets Equity Portfolio Class R6 (RLEMX) at 5.19%. This indicates that CEMFX's price experiences larger fluctuations and is considered to be riskier than RLEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	RLEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	5.19%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	16.03%	12.98%	+3.05%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	14.87%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	14.61%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	16.39%	-1.07%

CEMFX vs. RLEMX - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is lower than RLEMX's 1.38% expense ratio.

Dividends

CEMFX vs. RLEMX - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 2.09%, more than RLEMX's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	2.09%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
RLEMX Lazard Emerging Markets Equity Portfolio Class R6	1.63%	2.05%	3.10%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	0.00%

Frequently Asked Questions

Can I hold both CEMFX and RLEMX in my portfolio?

CEMFX and RLEMX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMFX or RLEMX?

CEMFX has higher volatility (7.41%) compared to RLEMX (5.19%). In terms of maximum drawdown, CEMFX dropped -39.30% vs RLEMX's -44.12%.

Which has better risk-adjusted returns?

RLEMX currently has the higher Sharpe Ratio (3.15 vs 2.09), 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.