FCGEX vs. GLIFX

Last updated Jun 23, 2026

FCGEX (Fiera Capital Global Equity Fund) and GLIFX (Lazard Global Listed Infrastructure Portfolio Institutional Shares) are both Global Equities funds. Over the past 5 years, FCGEX returned 8.34%/yr vs 11.35%/yr for GLIFX. A 0.55 correlation means they provide meaningful diversification when combined. FCGEX charges 1.15%/yr vs 0.97%/yr for GLIFX.

Performance

FCGEX vs. GLIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fiera Capital Global Equity Fund (FCGEX) and Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCGEX achieves a 6.72% return, which is significantly lower than GLIFX's 8.47% return.

FCGEX

• 1D: 1.40%
• 1M: 1.87%
• YTD: 6.72%
• 6M: 7.09%
• 1Y: 21.77%
• 3Y*: 12.26%
• 5Y*: 8.34%
• 10Y*: —

GLIFX

• 1D: -0.23%
• 1M: -1.03%
• YTD: 8.47%
• 6M: 9.37%
• 1Y: 17.48%
• 3Y*: 13.94%
• 5Y*: 11.35%
• 10Y*: 10.35%

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

FCGEX vs. GLIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCGEX Fiera Capital Global Equity Fund	6.72%	14.88%	10.62%	18.80%	-18.68%	25.48%	18.80%	33.58%	-4.16%	15.62%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	8.47%	23.85%	6.71%	10.89%	-1.33%	19.91%	-4.51%	22.27%	-3.82%	5.95%

Correlation

The correlation between FCGEX and GLIFX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 28, 2017	0.55

Over the past year, the correlation between FCGEX and GLIFX has dropped to 0.28 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

FCGEX vs. GLIFX — Risk / Return Rank

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

FCGEX

FCGEX Risk / Return Rank: 34
FCGEX Sharpe Ratio Rank: 36
FCGEX Sortino Ratio Rank: 38
FCGEX Omega Ratio Rank: 34
FCGEX Calmar Ratio Rank: 27
FCGEX Martin Ratio Rank: 36

GLIFX

GLIFX Risk / Return Rank: 33
GLIFX Sharpe Ratio Rank: 36
GLIFX Sortino Ratio Rank: 32
GLIFX Omega Ratio Rank: 37
GLIFX Calmar Ratio Rank: 30
GLIFX Martin Ratio Rank: 28

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.

FCGEX vs. GLIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fiera Capital Global Equity Fund (FCGEX) and Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX). 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.

	FCGEX	GLIFX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.62	+0.01
Sortino ratio: Return per unit of downside risk	2.37	2.18	+0.19
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	1.83	1.94	-0.11
Martin ratio: Return relative to average drawdown	7.46	6.14	+1.32

FCGEX vs. GLIFX - Sharpe Ratio Comparison

The current FCGEX Sharpe Ratio is 1.63, which is comparable to the GLIFX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FCGEX and GLIFX, 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

FCGEX vs. GLIFX - Drawdown Comparison

The maximum FCGEX drawdown since its inception was -31.87%, which is greater than GLIFX's maximum drawdown of -29.65%. Use the drawdown chart below to compare losses from any high point for FCGEX and GLIFX.

Drawdown Indicators

	FCGEX	GLIFX	Difference
Max Drawdown Largest peak-to-trough decline	-31.87%	-29.65%	-2.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-9.00%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-10.02%	-5.32%
Max Drawdown (5Y) Largest decline over 5 years	-28.30%	-17.15%	-11.15%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.65%	—
Current Drawdown Current decline from peak	-0.41%	-4.79%	+4.38%
Average Drawdown Average peak-to-trough decline	-5.25%	-3.36%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.84%	-0.07%

Volatility

FCGEX vs. GLIFX - Volatility Comparison

Fiera Capital Global Equity Fund (FCGEX) has a higher volatility of 4.59% compared to Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) at 2.81%. This indicates that FCGEX's price experiences larger fluctuations and is considered to be riskier than GLIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCGEX	GLIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	2.81%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	9.39%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	10.79%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	11.00%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	13.31%	+3.74%

FCGEX vs. GLIFX - Expense Ratio Comparison

FCGEX has a 1.15% expense ratio, which is higher than GLIFX's 0.97% expense ratio.

Dividends

FCGEX vs. GLIFX - Dividend Comparison

FCGEX's dividend yield for the trailing twelve months is around 7.99%, more than GLIFX's 7.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCGEX Fiera Capital Global Equity Fund	7.99%	8.52%	6.38%	0.40%	5.67%	3.20%	0.51%	3.69%	0.89%	0.10%	0.00%	0.00%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	7.24%	6.22%	4.26%	2.95%	14.81%	6.21%	2.59%	4.44%	14.29%	6.94%	1.91%	11.33%

Frequently Asked Questions

Can I hold both FCGEX and GLIFX in my portfolio?

FCGEX and GLIFX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCGEX or GLIFX?

FCGEX has higher volatility (4.59%) compared to GLIFX (2.81%). In terms of maximum drawdown, FCGEX dropped -31.87% vs GLIFX's -29.65%.

Which has better risk-adjusted returns?

FCGEX currently has the higher Sharpe Ratio (1.63 vs 1.62), 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.