LCAIX vs. LZUSX

Last updated Jun 4, 2026

LCAIX (Lazard Opportunistic Strategies Portfolio) and LZUSX (Lazard US Equity Focus Portfolio) are both mutual funds - LCAIX is a Tactical Allocation fund managed by Lazard, while LZUSX is a Large Cap Blend Equities fund managed by Lazard. Over the past 10 years, LCAIX returned 7.07%/yr vs 12.83%/yr for LZUSX. Their correlation of 0.88 suggests significant overlap in exposure. LCAIX charges 1.02%/yr vs 0.70%/yr for LZUSX.

Performance

LCAIX vs. LZUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Opportunistic Strategies Portfolio (LCAIX) and Lazard US Equity Focus Portfolio (LZUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCAIX achieves a 8.28% return, which is significantly higher than LZUSX's 5.70% return. Over the past 10 years, LCAIX has underperformed LZUSX with an annualized return of 7.07%, while LZUSX has yielded a comparatively higher 12.83% annualized return.

LCAIX

• 1D: 0.09%
• 1M: 4.08%
• YTD: 8.28%
• 6M: 8.63%
• 1Y: 19.57%
• 3Y*: 14.05%
• 5Y*: 6.32%
• 10Y*: 7.07%

LZUSX

• 1D: -0.34%
• 1M: 2.86%
• YTD: 5.70%
• 6M: 5.71%
• 1Y: 21.29%
• 3Y*: 15.39%
• 5Y*: 9.04%
• 10Y*: 12.83%

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

LCAIX vs. LZUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCAIX Lazard Opportunistic Strategies Portfolio	8.28%	14.10%	11.73%	10.32%	-14.93%	12.99%	9.47%	15.16%	-12.77%	17.76%
LZUSX Lazard US Equity Focus Portfolio	5.70%	15.23%	14.20%	19.79%	-16.97%	27.40%	17.28%	31.71%	-3.36%	18.18%

Correlation

The correlation between LCAIX and LZUSX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.88

The correlation between LCAIX and LZUSX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

LCAIX vs. LZUSX — Risk / Return Rank

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

LCAIX

LCAIX Risk / Return Rank: 50
LCAIX Sharpe Ratio Rank: 49
LCAIX Sortino Ratio Rank: 46
LCAIX Omega Ratio Rank: 47
LCAIX Calmar Ratio Rank: 53
LCAIX Martin Ratio Rank: 56

LZUSX

LZUSX Risk / Return Rank: 41
LZUSX Sharpe Ratio Rank: 45
LZUSX Sortino Ratio Rank: 42
LZUSX Omega Ratio Rank: 40
LZUSX Calmar Ratio Rank: 34
LZUSX Martin Ratio Rank: 42

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.

LCAIX vs. LZUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Opportunistic Strategies Portfolio (LCAIX) and Lazard US Equity Focus Portfolio (LZUSX). 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.

	LCAIX	LZUSX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.97	+0.09
Sortino ratio: Return per unit of downside risk	2.86	2.73	+0.14
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	2.79	2.17	+0.62
Martin ratio: Return relative to average drawdown	11.35	8.84	+2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LCAIX vs. LZUSX - Sharpe Ratio Comparison

The current LCAIX Sharpe Ratio is 2.06, which is comparable to the LZUSX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of LCAIX and LZUSX, 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

	LCAIX	LZUSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.97	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.55	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.73	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.49	-0.12

Drawdowns

LCAIX vs. LZUSX - Drawdown Comparison

The maximum LCAIX drawdown since its inception was -40.62%, smaller than the maximum LZUSX drawdown of -55.40%. Use the drawdown chart below to compare losses from any high point for LCAIX and LZUSX.

Drawdown Indicators

	LCAIX	LZUSX	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	-55.40%	+14.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-10.07%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-19.18%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	-23.05%	+3.88%
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	-35.12%	+12.13%
Current Drawdown Current decline from peak	0.00%	-0.51%	+0.51%
Average Drawdown Average peak-to-trough decline	-6.89%	-7.85%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	2.47%	-0.72%

Volatility

LCAIX vs. LZUSX - Volatility Comparison

Lazard Opportunistic Strategies Portfolio (LCAIX) has a higher volatility of 2.95% compared to Lazard US Equity Focus Portfolio (LZUSX) at 2.13%. This indicates that LCAIX's price experiences larger fluctuations and is considered to be riskier than LZUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCAIX	LZUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.13%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	7.59%	8.26%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	11.14%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	16.42%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	17.69%	-5.80%

LCAIX vs. LZUSX - Expense Ratio Comparison

LCAIX has a 1.02% expense ratio, which is higher than LZUSX's 0.70% expense ratio.

Dividends

LCAIX vs. LZUSX - Dividend Comparison

LCAIX's dividend yield for the trailing twelve months is around 13.46%, more than LZUSX's 13.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCAIX Lazard Opportunistic Strategies Portfolio	13.46%	14.58%	10.24%	3.04%	3.64%	4.32%	2.11%	1.97%	6.02%	7.72%	1.67%	2.94%
LZUSX Lazard US Equity Focus Portfolio	13.07%	13.81%	6.61%	1.09%	2.77%	5.78%	5.28%	11.94%	17.57%	10.34%	3.41%	7.83%

Frequently Asked Questions

Can I hold both LCAIX and LZUSX in my portfolio?

LCAIX and LZUSX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCAIX or LZUSX?

LCAIX has higher volatility (2.95%) compared to LZUSX (2.13%). In terms of maximum drawdown, LCAIX dropped -40.62% vs LZUSX's -55.40%.

Which has better risk-adjusted returns?

LCAIX currently has the higher Sharpe Ratio (2.06 vs 1.97), 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.