LEOOX vs. UMNIX

Last updated Jul 25, 2026

LEOOX (Lazard Enhanced Opportunities Portfolio Open Shares) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both mutual funds - LEOOX is a Convertible Bonds fund actively managed by Lazard, while UMNIX is a Ultrashort Bond fund managed by Lazard. At a 0.04 correlation, their price movements are largely independent. LEOOX charges 1.50%/yr vs 0.40%/yr for UMNIX.

Performance

LEOOX vs. UMNIX - 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 Short Duration Fixed Income Portfolio (UMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

UMNIX

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

*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

LEOOX vs. UMNIX - 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%
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 LEOOX and UMNIX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.04

Return for Risk

LEOOX vs. UMNIX — 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

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.

LEOOX vs. UMNIX - 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 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.

	LEOOX	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.22	—	—
Omega ratio: Gain probability vs. loss probability	1.82	—	—
Calmar ratio: Return relative to maximum drawdown	2.44	—	—
Martin ratio: Return relative to average drawdown	33.08	—	—

Drawdowns

Drawdown Indicators

	LEOOX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.94%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-10.94%	—	—
Current Drawdown Current decline from peak	-0.10%	—	—
Average Drawdown Average peak-to-trough decline	-1.98%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	LEOOX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.12%	—	—

LEOOX vs. UMNIX - Expense Ratio Comparison

LEOOX has a 1.50% expense ratio, which is higher than UMNIX's 0.40% expense ratio.

Dividends

LEOOX vs. UMNIX - Dividend Comparison

LEOOX's dividend yield for the trailing twelve months is around 0.64%, less than UMNIX's 2.65% 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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.65%	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 LEOOX and UMNIX in my portfolio?

LEOOX and UMNIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.