LCAIX vs. UMNIX

Last updated Jun 24, 2026

LCAIX (Lazard Opportunistic Strategies Portfolio) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both mutual funds - LCAIX is a Tactical Allocation fund managed by Lazard, while UMNIX is a Ultrashort Bond fund managed by Lazard. At a 0.00 correlation, their price movements are largely independent. LCAIX charges 1.02%/yr vs 0.40%/yr for UMNIX.

Performance

LCAIX vs. UMNIX - Performance Comparison

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

Returns By Period

LCAIX

• 1D: -0.18%
• 1M: 0.83%
• YTD: 7.40%
• 6M: 6.76%
• 1Y: 18.14%
• 3Y*: 13.62%
• 5Y*: 6.20%
• 10Y*: 7.20%

UMNIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LCAIX vs. UMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCAIX Lazard Opportunistic Strategies Portfolio	7.40%	14.10%	11.73%	10.32%	-14.93%	12.99%	9.47%	15.16%	-12.77%	17.76%
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	3.26%	1.09%	0.82%

Correlation

The correlation between LCAIX and UMNIX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Feb 28, 2011	0.00

The correlation between LCAIX and UMNIX shifts across timeframes, from 0.00 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LCAIX vs. UMNIX — Risk / Return Rank

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

LCAIX

LCAIX Risk / Return Rank: 49
LCAIX Sharpe Ratio Rank: 46
LCAIX Sortino Ratio Rank: 43
LCAIX Omega Ratio Rank: 45
LCAIX Calmar Ratio Rank: 53
LCAIX Martin Ratio Rank: 56

UMNIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. UMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Opportunistic Strategies Portfolio (LCAIX) and Lazard US Short Duration Fixed Income Portfolio (UMNIX). 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.

	LCAIX	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.67	—	—
Martin ratio: Return relative to average drawdown	10.59	—	—

Drawdowns

Drawdown Indicators

	LCAIX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.62%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	—	—
Current Drawdown Current decline from peak	-0.82%	—	—
Average Drawdown Average peak-to-trough decline	-6.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	—	—

Volatility

Volatility by Period

	LCAIX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.94%	—	—

LCAIX vs. UMNIX - Expense Ratio Comparison

LCAIX has a 1.02% expense ratio, which is higher than UMNIX's 0.40% expense ratio.

Dividends

LCAIX vs. UMNIX - Dividend Comparison

LCAIX's dividend yield for the trailing twelve months is around 13.57%, more than UMNIX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCAIX Lazard Opportunistic Strategies Portfolio	13.57%	14.58%	10.24%	3.04%	3.64%	4.32%	2.11%	1.97%	6.02%	7.72%	1.67%	2.94%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.96%	3.94%	3.48%	2.70%	1.30%	0.16%	1.22%	2.48%	2.00%	1.53%	1.30%	1.06%

Frequently Asked Questions

Can I hold both LCAIX and UMNIX in my portfolio?

LCAIX and UMNIX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.