LAZ vs. SPY
LAZ (Lazard Ltd) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, LAZ returned 7.84%/yr vs 15.08%/yr for SPY. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
LAZ vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, LAZ achieves a -13.71% return, which is significantly lower than SPY's 10.45% return. Over the past 10 years, LAZ has underperformed SPY with an annualized return of 7.84%, while SPY has yielded a comparatively higher 15.08% annualized return.
LAZ
- 1D
- -0.75%
- 1M
- -5.99%
- 6M
- -20.19%
- YTD
- -13.71%
- 1Y
- -17.64%
- 3Y*
- 11.27%
- 5Y*
- 3.11%
- 10Y*
- 7.84%
SPY
- 1D
- -0.77%
- 1M
- 1.26%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.46%
- 3Y*
- 20.07%
- 5Y*
- 12.94%
- 10Y*
- 15.08%
LAZ vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LAZ Lazard Ltd | -13.71% | -1.64% | 54.83% | 6.92% | -16.21% | 7.41% | 12.08% | 15.22% | -25.38% | 36.20% |
SPY State Street SPDR S&P 500 ETF | 10.45% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between LAZ and SPY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 5, 2005 | 0.59 |
The correlation between LAZ and SPY has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.
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Return for Risk
LAZ vs. SPY — Risk / Return Rank
LAZ
SPY
LAZ vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lazard Ltd (LAZ) and State Street SPDR S&P 500 ETF (SPY). 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.
| LAZ | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.31 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.43 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.15 | 10.57 | -11.72 |
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Drawdowns
LAZ vs. SPY - Drawdown Comparison
The maximum LAZ drawdown since its inception was -62.72%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for LAZ and SPY.
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Drawdown Indicators
| LAZ | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.72% | -55.19% | -7.53% |
Max Drawdown (1Y)Largest decline over 1 year | -31.39% | -8.88% | -22.51% |
Max Drawdown (3Y)Largest decline over 3 years | -44.24% | -18.76% | -25.48% |
Max Drawdown (5Y)Largest decline over 5 years | -44.24% | -24.50% | -19.74% |
Max Drawdown (10Y)Largest decline over 10 years | -59.51% | -33.72% | -25.79% |
Current DrawdownCurrent decline from peak | -27.77% | -1.12% | -26.65% |
Average DrawdownAverage peak-to-trough decline | -23.50% | -9.02% | -14.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.41% | 2.03% | +13.38% |
Volatility
LAZ vs. SPY - Volatility Comparison
Lazard Ltd (LAZ) has a higher volatility of 11.86% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that LAZ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LAZ | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.86% | 4.26% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 33.81% | 10.01% | +23.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.00% | 12.60% | +27.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.54% | 17.17% | +20.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.90% | 17.93% | +17.97% |
Dividends
LAZ vs. SPY - Dividend Comparison
LAZ's dividend yield for the trailing twelve months is around 4.87%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LAZ Lazard Ltd | 4.87% | 4.12% | 3.89% | 5.75% | 5.60% | 4.31% | 4.44% | 5.88% | 8.21% | 5.35% | 6.55% | 5.22% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
LAZ and SPY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LAZ has higher volatility (11.86%) compared to SPY (4.26%). In terms of maximum drawdown, LAZ dropped -62.72% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.71 vs -0.44), 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.
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