LEOOX vs. LZUSX

Last updated Jul 25, 2026

LEOOX (Lazard Enhanced Opportunities Portfolio Open Shares) and LZUSX (Lazard US Equity Focus Portfolio) are both mutual funds - LEOOX is a Convertible Bonds fund actively managed by Lazard, while LZUSX is a Large Cap Blend Equities fund managed by Lazard. Over the past 10 years, LEOOX returned 5.08%/yr vs 12.63%/yr for LZUSX. At a 0.11 correlation, their price movements are largely independent. LEOOX charges 1.50%/yr vs 0.70%/yr for LZUSX.

Performance

LEOOX vs. LZUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Enhanced Opportunities Portfolio Open Shares (LEOOX) 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, LEOOX achieves a 4.97% return, which is significantly lower than LZUSX's 6.72% return. Over the past 10 years, LEOOX has underperformed LZUSX with an annualized return of 5.08%, while LZUSX has yielded a comparatively higher 12.63% annualized return.

LEOOX

• 1D: 0.00%
• 1M: 0.30%
• 6M: 3.87%
• YTD: 4.97%
• 1Y: 9.64%
• 3Y*: 8.95%
• 5Y*: 5.14%
• 10Y*: 5.08%
• ALL TIME*: 4.37%

LZUSX

• 1D: -0.89%
• 1M: 2.77%
• 6M: 5.27%
• YTD: 6.72%
• 1Y: 15.02%
• 3Y*: 13.85%
• 5Y*: 8.03%
• 10Y*: 12.63%
• ALL TIME*: 9.13%

*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)
LEOOX Lazard Enhanced Opportunities Portfolio Open Shares	$0.00	$0.00	$0.00
LZUSX Lazard US Equity Focus Portfolio	$0.00	$0.00	$0.00

LEOOX vs. LZUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LEOOX Lazard Enhanced Opportunities Portfolio Open Shares	4.97%	10.90%	10.62%	6.63%	-7.89%	6.79%	9.60%	7.20%	-2.48%	4.31%
LZUSX Lazard US Equity Focus Portfolio	6.72%	15.23%	14.20%	19.79%	-16.97%	27.40%	17.28%	31.71%	-3.36%	18.18%

Correlation

The correlation between LEOOX and LZUSX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.11

The correlation between LEOOX and LZUSX shifts across timeframes, from 0.00 (3 years) to 0.18 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

LEOOX vs. LZUSX — Risk / Return Rank

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

LEOOX

LEOOX Risk / Return Rank: 80
LEOOX Sharpe Ratio Rank: 61
LEOOX Sortino Ratio Rank: 65
LEOOX Omega Ratio Rank: 98
LEOOX Calmar Ratio Rank: 75
LEOOX Martin Ratio Rank: 99

LZUSX

LZUSX Risk / Return Rank: 41
LZUSX Sharpe Ratio Rank: 46
LZUSX Sortino Ratio Rank: 44
LZUSX Omega Ratio Rank: 41
LZUSX Calmar Ratio Rank: 35
LZUSX Martin Ratio Rank: 41

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.

LEOOX vs. LZUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Enhanced Opportunities Portfolio Open Shares (LEOOX) 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.

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.

	LEOOX	LZUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.35	+0.12
Sortino ratio: Return per unit of downside risk	2.22	1.92	+0.29
Omega ratio: Gain probability vs. loss probability	1.82	1.23	+0.59
Calmar ratio: Return relative to maximum drawdown	2.44	1.57	+0.87
Martin ratio: Return relative to average drawdown	33.08	6.25	+26.83

LEOOX vs. LZUSX - Sharpe Ratio Comparison

The current LEOOX Sharpe Ratio is 1.47, which is comparable to the LZUSX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of LEOOX 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.

Drawdowns

LEOOX vs. LZUSX - Drawdown Comparison

The maximum LEOOX drawdown since its inception was -10.94%, smaller than the maximum LZUSX drawdown of -55.40%. Use the drawdown chart below to compare losses from any high point for LEOOX and LZUSX.

Drawdown Indicators

	LEOOX	LZUSX	Difference
Max Drawdown Largest peak-to-trough decline	-10.94%	-55.40%	+44.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-10.07%	+6.10%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	-19.18%	+15.21%
Max Drawdown (5Y) Largest decline over 5 years	-10.75%	-23.05%	+12.30%
Max Drawdown (10Y) Largest decline over 10 years	-10.94%	-35.12%	+24.18%
Current Drawdown Current decline from peak	-0.10%	-3.16%	+3.06%
Average Drawdown Average peak-to-trough decline	-1.98%	-7.81%	+5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	2.52%	-2.23%

Volatility

LEOOX vs. LZUSX - Volatility Comparison

The current volatility for Lazard Enhanced Opportunities Portfolio Open Shares (LEOOX) is 0.40%, while Lazard US Equity Focus Portfolio (LZUSX) has a volatility of 3.04%. This indicates that LEOOX experiences smaller price fluctuations and is considered to be less risky than LZUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEOOX	LZUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	3.04%	-2.64%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	8.85%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	11.71%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	16.46%	-11.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	17.64%	-13.52%

LEOOX vs. LZUSX - Expense Ratio Comparison

LEOOX has a 1.50% expense ratio, which is higher than LZUSX's 0.70% expense ratio.

Dividends

LEOOX vs. LZUSX - Dividend Comparison

LEOOX's dividend yield for the trailing twelve months is around 0.64%, less than LZUSX's 12.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEOOX Lazard Enhanced Opportunities Portfolio Open Shares	0.64%	0.67%	4.98%	1.40%	11.52%	3.80%	6.05%	1.00%	2.33%	9.59%	1.17%	9.62%
LZUSX Lazard US Equity Focus Portfolio	12.94%	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 LEOOX and LZUSX in my portfolio?

LEOOX and LZUSX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEOOX or LZUSX?

LZUSX has higher volatility (3.04%) compared to LEOOX (0.40%). In terms of maximum drawdown, LEOOX dropped -10.94% vs LZUSX's -55.40%.

Which has better risk-adjusted returns?

LEOOX currently has the higher Sharpe Ratio (1.47 vs 1.35), 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.