LVAZX vs. LZEMX

Last updated Jun 4, 2026

LVAZX (LSV Emerging Markets Equity Fund) and LZEMX (Lazard Emerging Markets Equity Portfolio) are both Emerging Markets Diversified funds. Over the past 5 years, LVAZX returned 16.04%/yr vs 13.38%/yr for LZEMX. Their correlation of 0.89 suggests significant overlap in exposure. LVAZX charges 1.45%/yr vs 1.06%/yr for LZEMX.

Performance

LVAZX vs. LZEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LSV Emerging Markets Equity Fund (LVAZX) and Lazard Emerging Markets Equity Portfolio (LZEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVAZX achieves a 36.52% return, which is significantly higher than LZEMX's 26.96% return.

LVAZX

• 1D: 1.05%
• 1M: 13.46%
• YTD: 36.52%
• 6M: 41.03%
• 1Y: 69.73%
• 3Y*: 32.01%
• 5Y*: 16.04%
• 10Y*: —

LZEMX

• 1D: 0.90%
• 1M: 7.95%
• YTD: 26.96%
• 6M: 29.16%
• 1Y: 57.41%
• 3Y*: 29.23%
• 5Y*: 13.38%
• 10Y*: 11.13%

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

LVAZX vs. LZEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LVAZX LSV Emerging Markets Equity Fund	36.52%	39.90%	7.26%	21.26%	-13.03%	13.77%	5.03%	5.91%
LZEMX Lazard Emerging Markets Equity Portfolio	26.96%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	8.71%

Correlation

The correlation between LVAZX and LZEMX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 28, 2019	0.89

The correlation between LVAZX and LZEMX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

LVAZX vs. LZEMX — Risk / Return Rank

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

LVAZX

LVAZX Risk / Return Rank: 97
LVAZX Sharpe Ratio Rank: 99
LVAZX Sortino Ratio Rank: 96
LVAZX Omega Ratio Rank: 96
LVAZX Calmar Ratio Rank: 96
LVAZX Martin Ratio Rank: 96

LZEMX

LZEMX Risk / Return Rank: 96
LZEMX Sharpe Ratio Rank: 99
LZEMX Sortino Ratio Rank: 97
LZEMX Omega Ratio Rank: 96
LZEMX Calmar Ratio Rank: 94
LZEMX Martin Ratio Rank: 93

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.

LVAZX vs. LZEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV Emerging Markets Equity Fund (LVAZX) and Lazard Emerging Markets Equity Portfolio (LZEMX). 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.

	LVAZX	LZEMX	Difference
Sharpe ratio: Return per unit of total volatility	4.45	4.35	+0.10
Sortino ratio: Return per unit of downside risk	5.48	5.54	-0.06
Omega ratio: Gain probability vs. loss probability	1.84	1.81	+0.03
Calmar ratio: Return relative to maximum drawdown	6.16	5.58	+0.58
Martin ratio: Return relative to average drawdown	24.21	20.53	+3.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVAZX vs. LZEMX - Sharpe Ratio Comparison

The current LVAZX Sharpe Ratio is 4.45, which is comparable to the LZEMX Sharpe Ratio of 4.35. The chart below compares the historical Sharpe Ratios of LVAZX and LZEMX, 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

	LVAZX	LZEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.45	4.35	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.12	0.94	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.41	+0.51

Drawdowns

LVAZX vs. LZEMX - Drawdown Comparison

The maximum LVAZX drawdown since its inception was -37.87%, smaller than the maximum LZEMX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for LVAZX and LZEMX.

Drawdown Indicators

	LVAZX	LZEMX	Difference
Max Drawdown Largest peak-to-trough decline	-37.87%	-60.08%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-10.42%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-14.27%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-30.55%	+3.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.78%	-16.63%	+9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.83%	+0.08%

Volatility

LVAZX vs. LZEMX - Volatility Comparison

LSV Emerging Markets Equity Fund (LVAZX) has a higher volatility of 7.12% compared to Lazard Emerging Markets Equity Portfolio (LZEMX) at 5.21%. This indicates that LVAZX's price experiences larger fluctuations and is considered to be riskier than LZEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVAZX	LZEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	5.21%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	13.54%	10.95%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.84%	13.37%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	14.32%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	16.39%	-0.47%

LVAZX vs. LZEMX - Expense Ratio Comparison

LVAZX has a 1.45% expense ratio, which is higher than LZEMX's 1.06% expense ratio.

Dividends

LVAZX vs. LZEMX - Dividend Comparison

LVAZX's dividend yield for the trailing twelve months is around 3.75%, more than LZEMX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVAZX LSV Emerging Markets Equity Fund	3.75%	5.12%	1.39%	4.58%	3.14%	8.50%	2.54%	2.99%	0.00%	0.00%	0.00%	0.00%
LZEMX Lazard Emerging Markets Equity Portfolio	1.61%	2.05%	3.11%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	2.14%

Frequently Asked Questions

Can I hold both LVAZX and LZEMX in my portfolio?

With a correlation of 0.91, LVAZX and LZEMX 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, LVAZX or LZEMX?

LVAZX has higher volatility (7.12%) compared to LZEMX (5.21%). In terms of maximum drawdown, LVAZX dropped -37.87% vs LZEMX's -60.08%.

Which has better risk-adjusted returns?

LVAZX currently has the higher Sharpe Ratio (4.45 vs 4.35), 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.