GLFOX vs. GLIFX

Last updated Jun 3, 2026

GLFOX (Lazard Global Listed Infrastructure Portfolio Open Shares) and GLIFX (Lazard Global Listed Infrastructure Portfolio Institutional Shares) are both Global Equities funds from Lazard. Over the past 10 years, GLFOX returned 10.06%/yr vs 10.23%/yr for GLIFX. With a 1.00 correlation, they move nearly in lockstep. GLFOX charges 1.22%/yr vs 0.97%/yr for GLIFX.

Performance

GLFOX vs. GLIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) 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, GLFOX achieves a 7.81% return, which is significantly higher than GLIFX's 7.33% return. Both investments have delivered pretty close results over the past 10 years, with GLFOX having a 10.06% annualized return and GLIFX not far ahead at 10.23%.

GLFOX

• 1D: -1.12%
• 1M: -2.36%
• YTD: 7.81%
• 6M: 7.73%
• 1Y: 15.88%
• 3Y*: 13.83%
• 5Y*: 11.11%
• 10Y*: 10.06%

GLIFX

• 1D: -0.51%
• 1M: -1.97%
• YTD: 7.33%
• 6M: 7.56%
• 1Y: 15.45%
• 3Y*: 13.91%
• 5Y*: 11.29%
• 10Y*: 10.23%

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

GLFOX vs. GLIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	7.81%	23.53%	6.43%	10.59%	-1.59%	19.67%	-4.71%	21.95%	-4.06%	20.44%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	7.33%	23.85%	6.71%	10.89%	-1.33%	19.91%	-4.51%	22.27%	-3.82%	20.77%

Correlation

The correlation between GLFOX and GLIFX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	1.00

The correlation between GLFOX and GLIFX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

GLFOX vs. GLIFX — Risk / Return Rank

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

GLFOX

GLFOX Risk / Return Rank: 26
GLFOX Sharpe Ratio Rank: 28
GLFOX Sortino Ratio Rank: 23
GLFOX Omega Ratio Rank: 29
GLFOX Calmar Ratio Rank: 25
GLFOX Martin Ratio Rank: 26

GLIFX

GLIFX Risk / Return Rank: 24
GLIFX Sharpe Ratio Rank: 26
GLIFX Sortino Ratio Rank: 23
GLIFX Omega Ratio Rank: 27
GLIFX Calmar Ratio Rank: 22
GLIFX Martin Ratio Rank: 23

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.

GLFOX vs. GLIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) 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.

	GLFOX	GLIFX	Difference
Sharpe ratio Return per unit of total volatility	1.53	1.46	+0.07
Sortino ratio Return per unit of downside risk	2.06	1.98	+0.08
Omega ratio Gain probability vs. loss probability	1.28	1.27	+0.01
Calmar ratio Return relative to maximum drawdown	1.91	1.74	+0.17
Martin ratio Return relative to average drawdown	6.50	5.88	+0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLFOX vs. GLIFX - Sharpe Ratio Comparison

The current GLFOX Sharpe Ratio is 1.53, which is comparable to the GLIFX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GLFOX 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.

Sharpe Ratios by Period

	GLFOX	GLIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	1.46	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.03	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.77	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.84	-0.02

Drawdowns

GLFOX vs. GLIFX - Drawdown Comparison

The maximum GLFOX drawdown since its inception was -29.65%, roughly equal to the maximum GLIFX drawdown of -29.65%. Use the drawdown chart below to compare losses from any high point for GLFOX and GLIFX.

Drawdown Indicators

	GLFOX	GLIFX	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-29.65%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-9.00%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-10.07%	-10.02%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-17.15%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-29.65%	-29.65%	0.00%
Current Drawdown Current decline from peak	-5.36%	-5.79%	+0.43%
Average Drawdown Average peak-to-trough decline	-3.42%	-3.36%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.66%	-0.02%

Volatility

GLFOX vs. GLIFX - Volatility Comparison

Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) have volatilities of 4.50% and 4.53%, 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	GLIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.53%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	9.30%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	10.72%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.00%	10.99%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.34%	13.33%	+0.01%

GLFOX vs. GLIFX - Expense Ratio Comparison

GLFOX has a 1.22% expense ratio, which is higher than GLIFX's 0.97% expense ratio.

Dividends

GLFOX vs. GLIFX - Dividend Comparison

GLFOX's dividend yield for the trailing twelve months is around 6.07%, less than GLIFX's 6.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	6.07%	6.03%	4.00%	2.69%	14.50%	6.02%	2.39%	4.20%	13.99%	6.82%	2.07%	11.01%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	6.29%	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 GLFOX and GLIFX in my portfolio?

With a correlation of 1.00, GLFOX and GLIFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GLFOX or GLIFX?

GLIFX has higher volatility (4.53%) compared to GLFOX (4.50%). In terms of maximum drawdown, GLFOX dropped -29.65% vs GLIFX's -29.65%.

Which has better risk-adjusted returns?

GLFOX currently has the higher Sharpe Ratio (1.53 vs 1.46), 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.