GLFOX vs. DPG

Last updated Aug 1, 2026

GLFOX (Lazard Global Listed Infrastructure Portfolio Open Shares) and DPG (Duff & Phelps Utility and Infrastructure Fund Inc) are both Infrastructure Equities funds. Over the past 10 years, GLFOX returned 9.70%/yr vs 7.88%/yr for DPG. Their 0.47 correlation means their historical movements had little consistent relationship. GLFOX charges 1.22%/yr vs 2.26%/yr for DPG.

Performance

GLFOX vs. DPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Duff & Phelps Utility and Infrastructure Fund Inc (DPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLFOX achieves a 7.60% return, which is significantly lower than DPG's 17.91% return. Over the past 10 years, GLFOX has outperformed DPG with an annualized return of 9.70%, while DPG has yielded a comparatively lower 7.88% annualized return.

GLFOX

• 1D: -0.36%
• 1M: -1.14%
• 6M: 3.72%
• YTD: 7.60%
• 1Y: 14.26%
• 3Y*: 13.10%
• 5Y*: 10.55%
• 10Y*: 9.70%
• ALL TIME*: 10.60%

DPG

• 1D: -0.17%
• 1M: -0.78%
• 6M: 11.10%
• YTD: 17.91%
• 1Y: 24.29%
• 3Y*: 22.48%
• 5Y*: 9.39%
• 10Y*: 7.88%
• ALL TIME*: 4.93%

*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)
DPG Duff & Phelps Utility and Infrastructure Fund Inc	$938.71K	$864.48K	$1.05M
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	$0.00	$0.00	$0.00

GLFOX vs. DPG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	7.60%	23.53%	6.43%	10.59%	-1.59%	19.67%	-4.71%	21.95%	-4.06%	20.44%
DPG Duff & Phelps Utility and Infrastructure Fund Inc	17.91%	16.33%	38.22%	-25.07%	3.15%	30.37%	-8.91%	40.68%	-15.84%	9.12%

Correlation

The correlation between GLFOX and DPG is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.55
Correlation (10Y) Provides a long-term view across more market conditions.	0.51
Correlation (All Time) Calculated using the full available price history since Aug 1, 2011	0.47

The correlation between GLFOX and DPG has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

Return for Risk

GLFOX vs. DPG — Risk / Return Rank

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

GLFOX

GLFOX Risk / Return Rank: 40
GLFOX Sharpe Ratio Rank: 47
GLFOX Sortino Ratio Rank: 43
GLFOX Omega Ratio Rank: 46
GLFOX Calmar Ratio Rank: 37
GLFOX Martin Ratio Rank: 29

DPG

DPG Risk / Return Rank: 84
DPG Sharpe Ratio Rank: 83
DPG Sortino Ratio Rank: 80
DPG Omega Ratio Rank: 77
DPG Calmar Ratio Rank: 95
DPG Martin Ratio Rank: 82

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.

GLFOX vs. DPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Duff & Phelps Utility and Infrastructure Fund Inc (DPG). 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.

	GLFOX	DPG	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.00	-0.72
Sortino ratio: Return per unit of downside risk	1.77	2.75	-0.98
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.55	4.15	-2.60
Martin ratio: Return relative to average drawdown	4.18	10.04	-5.86

GLFOX vs. DPG - Sharpe Ratio Comparison

The current GLFOX Sharpe Ratio is 1.28, which is lower than the DPG Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of GLFOX and DPG, 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

GLFOX vs. DPG - Drawdown Comparison

The maximum GLFOX drawdown since its inception was -29.65%, smaller than the maximum DPG drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for GLFOX and DPG.

Drawdown Indicators

	GLFOX	DPG	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-64.61%	+34.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-5.85%	-3.16%
Max Drawdown (3Y) Largest decline over 3 years	-9.01%	-16.94%	+7.93%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-41.11%	+23.97%
Max Drawdown (10Y) Largest decline over 10 years	-29.65%	-64.61%	+34.96%
Current Drawdown Current decline from peak	-5.55%	-3.10%	-2.45%
Average Drawdown Average peak-to-trough decline	-3.43%	-13.27%	+9.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.41%	+0.92%

Volatility

GLFOX vs. DPG - Volatility Comparison

Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Duff & Phelps Utility and Infrastructure Fund Inc (DPG) have volatilities of 2.84% and 2.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLFOX	DPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	2.92%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	9.72%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	12.12%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	20.91%	-9.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	28.88%	-15.69%

GLFOX vs. DPG - Expense Ratio Comparison

GLFOX has a 1.22% expense ratio, which is lower than DPG's 2.26% expense ratio.

Dividends

GLFOX vs. DPG - Dividend Comparison

GLFOX's dividend yield for the trailing twelve months is around 7.09%, more than DPG's 5.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPG Duff & Phelps Utility and Infrastructure Fund Inc	5.84%	6.61%	7.19%	12.21%	10.36%	9.70%	11.48%	9.21%	11.81%	9.02%	9.03%	9.50%
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	7.09%	6.03%	4.00%	2.69%	14.50%	6.02%	2.39%	4.20%	13.99%	6.82%	2.07%	11.01%

Frequently Asked Questions

Can I hold both GLFOX and DPG in my portfolio?

GLFOX and DPG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLFOX or DPG?

DPG has higher volatility (2.92%) compared to GLFOX (2.84%). In terms of maximum drawdown, GLFOX dropped -29.65% vs DPG's -64.61%.

Which has better risk-adjusted returns?

DPG currently has the higher Sharpe Ratio (2.00 vs 1.28), 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.