GLFOX vs. PAXDX

Last updated Aug 1, 2026

GLFOX (Lazard Global Listed Infrastructure Portfolio Open Shares) and PAXDX (Pax Global Sustainable Infrastructure Fund) are both Infrastructure Equities funds. Over the past 5 years, GLFOX returned 10.55%/yr vs 3.44%/yr for PAXDX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. GLFOX charges 1.22%/yr vs 0.83%/yr for PAXDX.

Performance

GLFOX vs. PAXDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Pax Global Sustainable Infrastructure Fund (PAXDX). 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 higher than PAXDX's 5.11% 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%

PAXDX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 5.11%
• 1Y: 7.68%
• 3Y*: 7.25%
• 5Y*: 3.44%
• 10Y*: —
• ALL TIME*: 8.31%

*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)
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	$0.00	$0.00	$0.00
PAXDX Pax Global Sustainable Infrastructure Fund	$0.00	$0.00	$0.00

GLFOX vs. PAXDX - 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%
PAXDX Pax Global Sustainable Infrastructure Fund	5.11%	18.37%	-1.55%	9.33%	-13.45%	14.24%	14.25%	25.88%	-4.25%	19.24%

Correlation

The correlation between GLFOX and PAXDX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 16, 2016	0.63

Over the past year, the correlation between GLFOX and PAXDX has dropped to 0.32 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

GLFOX vs. PAXDX — 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

PAXDX

PAXDX Risk / Return Rank: 46
PAXDX Sharpe Ratio Rank: 42
PAXDX Sortino Ratio Rank: 41
PAXDX Omega Ratio Rank: 64
PAXDX Calmar Ratio Rank: 45
PAXDX Martin Ratio Rank: 40

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. PAXDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and Pax Global Sustainable Infrastructure Fund (PAXDX). 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	PAXDX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.22	+0.06
Sortino ratio: Return per unit of downside risk	1.77	1.75	+0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.55	1.77	-0.22
Martin ratio: Return relative to average drawdown	4.18	5.89	-1.70

GLFOX vs. PAXDX - Sharpe Ratio Comparison

The current GLFOX Sharpe Ratio is 1.28, which is comparable to the PAXDX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of GLFOX and PAXDX, 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. PAXDX - Drawdown Comparison

The maximum GLFOX drawdown since its inception was -29.65%, smaller than the maximum PAXDX drawdown of -33.58%. Use the drawdown chart below to compare losses from any high point for GLFOX and PAXDX.

Drawdown Indicators

	GLFOX	PAXDX	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-33.58%	+3.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-4.49%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.01%	-14.56%	+5.55%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-25.04%	+7.90%
Max Drawdown (10Y) Largest decline over 10 years	-29.65%	—	—
Current Drawdown Current decline from peak	-5.55%	-0.74%	-4.81%
Average Drawdown Average peak-to-trough decline	-3.43%	-5.21%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	1.47%	+1.86%

Volatility

GLFOX vs. PAXDX - Volatility Comparison

Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) has a higher volatility of 2.84% compared to Pax Global Sustainable Infrastructure Fund (PAXDX) at 0.00%. This indicates that GLFOX's price experiences larger fluctuations and is considered to be riskier than PAXDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLFOX	PAXDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	0.00%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	3.19%	+6.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	7.12%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	13.10%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	16.41%	-3.22%

GLFOX vs. PAXDX - Expense Ratio Comparison

GLFOX has a 1.22% expense ratio, which is higher than PAXDX's 0.83% expense ratio.

Dividends

GLFOX vs. PAXDX - Dividend Comparison

GLFOX's dividend yield for the trailing twelve months is around 7.09%, more than PAXDX's 1.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PAXDX Pax Global Sustainable Infrastructure Fund	1.06%	2.17%	2.07%	2.43%	2.48%	58.94%	2.88%	4.69%	3.55%	2.13%	0.12%	0.00%

Frequently Asked Questions

Can I hold both GLFOX and PAXDX in my portfolio?

GLFOX and PAXDX have a correlation of 0.32, 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 PAXDX?

GLFOX has higher volatility (2.84%) compared to PAXDX (0.00%). In terms of maximum drawdown, GLFOX dropped -29.65% vs PAXDX's -33.58%.

Which has better risk-adjusted returns?

GLFOX currently has the higher Sharpe Ratio (1.28 vs 1.22), 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.