LZEMX vs. CIVIX

Last updated Jun 4, 2026

LZEMX (Lazard Emerging Markets Equity Portfolio) and CIVIX (Causeway International Value Instl) are both mutual funds - LZEMX is a Emerging Markets Diversified fund managed by Lazard, while CIVIX is a Foreign Large Cap Equities fund tracking the MSCI AC World ex USA Value (Net). Over the past 10 years, LZEMX returned 11.13%/yr vs 10.22%/yr for CIVIX. A 0.72 correlation means they provide meaningful diversification when combined. LZEMX charges 1.06%/yr vs 0.85%/yr for CIVIX.

Performance

LZEMX vs. CIVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, LZEMX achieves a 26.96% return, which is significantly higher than CIVIX's 6.21% return. Over the past 10 years, LZEMX has outperformed CIVIX with an annualized return of 11.13%, while CIVIX has yielded a comparatively lower 10.22% annualized return.

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%

CIVIX

• 1D: 0.65%
• 1M: 6.71%
• YTD: 6.21%
• 6M: 11.22%
• 1Y: 25.35%
• 3Y*: 18.44%
• 5Y*: 11.87%
• 10Y*: 10.22%

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

LZEMX vs. CIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZEMX Lazard Emerging Markets Equity Portfolio	26.96%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%
CIVIX Causeway International Value Instl	6.21%	39.13%	3.73%	27.29%	-6.77%	9.12%	5.41%	20.11%	-18.62%	27.20%

Correlation

The correlation between LZEMX and CIVIX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.72

The correlation between LZEMX and CIVIX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

LZEMX vs. CIVIX — Risk / Return Rank

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

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

CIVIX

CIVIX Risk / Return Rank: 24
CIVIX Sharpe Ratio Rank: 27
CIVIX Sortino Ratio Rank: 27
CIVIX Omega Ratio Rank: 29
CIVIX Calmar Ratio Rank: 19
CIVIX Martin Ratio Rank: 19

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.

LZEMX vs. CIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and Causeway International Value Instl (CIVIX). 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.

	LZEMX	CIVIX	Difference
Sharpe ratio: Return per unit of total volatility	4.35	1.48	+2.87
Sortino ratio: Return per unit of downside risk	5.54	2.17	+3.37
Omega ratio: Gain probability vs. loss probability	1.81	1.28	+0.54
Calmar ratio: Return relative to maximum drawdown	5.58	1.56	+4.02
Martin ratio: Return relative to average drawdown	20.53	5.16	+15.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LZEMX vs. CIVIX - Sharpe Ratio Comparison

The current LZEMX Sharpe Ratio is 4.35, which is higher than the CIVIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of LZEMX and CIVIX, 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

	LZEMX	CIVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.35	1.48	+2.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.66	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.53	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.41	+0.01

Drawdowns

LZEMX vs. CIVIX - Drawdown Comparison

The maximum LZEMX drawdown since its inception was -60.08%, roughly equal to the maximum CIVIX drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for LZEMX and CIVIX.

Drawdown Indicators

	LZEMX	CIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-60.93%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-16.19%	+5.77%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-17.30%	+3.03%
Max Drawdown (5Y) Largest decline over 5 years	-30.55%	-28.51%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	-44.87%	+0.79%
Current Drawdown Current decline from peak	0.00%	-3.33%	+3.33%
Average Drawdown Average peak-to-trough decline	-16.63%	-10.99%	-5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	4.88%	-2.05%

Volatility

LZEMX vs. CIVIX - Volatility Comparison

The current volatility for Lazard Emerging Markets Equity Portfolio (LZEMX) is 5.21%, while Causeway International Value Instl (CIVIX) has a volatility of 5.71%. This indicates that LZEMX experiences smaller price fluctuations and is considered to be less risky than CIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZEMX	CIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	5.71%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	14.34%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	17.04%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	18.18%	-3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	19.43%	-3.04%

LZEMX vs. CIVIX - Expense Ratio Comparison

LZEMX has a 1.06% expense ratio, which is higher than CIVIX's 0.85% expense ratio.

Dividends

LZEMX vs. CIVIX - Dividend Comparison

LZEMX's dividend yield for the trailing twelve months is around 1.61%, less than CIVIX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIVIX Causeway International Value Instl	9.15%	9.72%	9.25%	3.61%	1.78%	1.82%	1.37%	4.63%	3.55%	1.83%	1.96%	1.95%
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 LZEMX and CIVIX in my portfolio?

LZEMX and CIVIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZEMX or CIVIX?

CIVIX has higher volatility (5.71%) compared to LZEMX (5.21%). In terms of maximum drawdown, LZEMX dropped -60.08% vs CIVIX's -60.93%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (4.35 vs 1.48), 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.