LDMIX vs. TEQLX

Last updated Aug 4, 2026

LDMIX (Lazard Developing Markets Equity Portfolio) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, LDMIX returned 9.00%/yr vs 8.80%/yr for TEQLX. Their correlation of 0.94 means they have usually moved in the same direction. LDMIX charges 1.15%/yr vs 0.19%/yr for TEQLX.

Performance

LDMIX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Developing Markets Equity Portfolio (LDMIX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LDMIX achieves a 25.13% return, which is significantly higher than TEQLX's 18.66% return. Both investments have delivered pretty close results over the past 10 years, with LDMIX having a 9.00% annualized return and TEQLX not far behind at 8.80%.

LDMIX

• 1D: 3.84%
• 1M: -0.85%
• 6M: 15.48%
• YTD: 25.13%
• 1Y: 48.63%
• 3Y*: 20.37%
• 5Y*: 7.39%
• 10Y*: 9.00%
• ALL TIME*: 6.58%

TEQLX

• 1D: 2.08%
• 1M: -1.42%
• 6M: 9.89%
• YTD: 18.66%
• 1Y: 37.21%
• 3Y*: 18.77%
• 5Y*: 7.42%
• 10Y*: 8.80%
• ALL TIME*: 5.53%

*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)
LDMIX Lazard Developing Markets Equity Portfolio	$0.00	$0.00	$0.00
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	$0.00	$0.00	$0.00

LDMIX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LDMIX Lazard Developing Markets Equity Portfolio	25.13%	33.67%	6.73%	9.68%	-22.61%	-10.14%	19.33%	28.17%	-20.57%	41.15%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	18.66%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between LDMIX and TEQLX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.94

The correlation between LDMIX and TEQLX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

LDMIX vs. TEQLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LDMIX

LDMIX Risk / Return Rank: 80
LDMIX Sharpe Ratio Rank: 83
LDMIX Sortino Ratio Rank: 73
LDMIX Omega Ratio Rank: 78
LDMIX Calmar Ratio Rank: 88
LDMIX Martin Ratio Rank: 80

TEQLX

TEQLX Risk / Return Rank: 58
TEQLX Sharpe Ratio Rank: 56
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 60
TEQLX Calmar Ratio Rank: 74
TEQLX Martin Ratio Rank: 55

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.

LDMIX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Developing Markets Equity Portfolio (LDMIX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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.

	LDMIX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.54	+0.51
Sortino ratio: Return per unit of downside risk	2.57	2.03	+0.54
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	3.31	2.49	+0.82
Martin ratio: Return relative to average drawdown	10.35	7.94	+2.41

LDMIX vs. TEQLX - Sharpe Ratio Comparison

The current LDMIX Sharpe Ratio is 2.05, which is higher than the TEQLX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of LDMIX and TEQLX, 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

LDMIX vs. TEQLX - Drawdown Comparison

The maximum LDMIX drawdown since its inception was -51.12%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for LDMIX and TEQLX.

Drawdown Indicators

	LDMIX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-51.12%	-39.33%	-11.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-14.29%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-19.55%	-15.97%	-3.58%
Max Drawdown (5Y) Largest decline over 5 years	-37.77%	-34.45%	-3.32%
Max Drawdown (10Y) Largest decline over 10 years	-46.20%	-39.33%	-6.87%
Current Drawdown Current decline from peak	-8.35%	-9.11%	+0.76%
Average Drawdown Average peak-to-trough decline	-19.63%	-14.52%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	4.47%	+0.05%

Volatility

LDMIX vs. TEQLX - Volatility Comparison

Lazard Developing Markets Equity Portfolio (LDMIX) has a higher volatility of 10.57% compared to TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) at 9.80%. This indicates that LDMIX's price experiences larger fluctuations and is considered to be riskier than TEQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LDMIX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	9.80%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	20.73%	21.21%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	22.87%	23.10%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	18.06%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	18.15%	+1.54%

LDMIX vs. TEQLX - Expense Ratio Comparison

LDMIX has a 1.15% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

LDMIX vs. TEQLX - Dividend Comparison

LDMIX's dividend yield for the trailing twelve months is around 0.93%, less than TEQLX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LDMIX Lazard Developing Markets Equity Portfolio	0.93%	1.17%	0.84%	2.24%	0.83%	1.00%	0.25%	0.54%	0.78%	0.20%	0.95%	0.56%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.38%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both LDMIX and TEQLX in my portfolio?

With a correlation of 0.92, LDMIX and TEQLX 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, LDMIX or TEQLX?

LDMIX has higher volatility (10.57%) compared to TEQLX (9.80%). In terms of maximum drawdown, LDMIX dropped -51.12% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

LDMIX currently has the higher Sharpe Ratio (2.05 vs 1.54), 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.