LZEMX vs. DODGX

Last updated Jun 9, 2026

LZEMX (Lazard Emerging Markets Equity Portfolio) and DODGX (Dodge & Cox Stock Fund Class I) are both mutual funds - LZEMX is a Emerging Markets Diversified fund managed by Lazard, while DODGX is a Large Cap Value Equities fund actively managed by Dodge & Cox. Over the past 10 years, LZEMX returned 10.39%/yr vs 12.65%/yr for DODGX. A 0.59 correlation means they provide meaningful diversification when combined. LZEMX charges 1.06%/yr vs 0.51%/yr for DODGX.

Performance

LZEMX vs. DODGX - Performance Comparison

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

Returns By Period

In the year-to-date period, LZEMX achieves a 21.36% return, which is significantly higher than DODGX's 3.91% return. Over the past 10 years, LZEMX has underperformed DODGX with an annualized return of 10.39%, while DODGX has yielded a comparatively higher 12.65% annualized return.

LZEMX

• 1D: -2.93%
• 1M: -0.92%
• YTD: 21.36%
• 6M: 23.16%
• 1Y: 48.08%
• 3Y*: 26.83%
• 5Y*: 12.23%
• 10Y*: 10.39%

DODGX

• 1D: -0.70%
• 1M: 0.89%
• YTD: 3.91%
• 6M: 6.39%
• 1Y: 12.33%
• 3Y*: 15.24%
• 5Y*: 8.58%
• 10Y*: 12.65%

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

LZEMX vs. DODGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZEMX Lazard Emerging Markets Equity Portfolio	21.36%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%
DODGX Dodge & Cox Stock Fund Class I	3.91%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	18.33%

Correlation

The correlation between LZEMX and DODGX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jul 15, 1994	0.59

The correlation between LZEMX and DODGX shifts across timeframes, from 0.41 (1 year) to 0.60 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

LZEMX vs. DODGX — Risk / Return Rank

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

LZEMX

LZEMX Risk / Return Rank: 93
LZEMX Sharpe Ratio Rank: 97
LZEMX Sortino Ratio Rank: 93
LZEMX Omega Ratio Rank: 91
LZEMX Calmar Ratio Rank: 92
LZEMX Martin Ratio Rank: 90

DODGX

DODGX Risk / Return Rank: 23
DODGX Sharpe Ratio Rank: 20
DODGX Sortino Ratio Rank: 20
DODGX Omega Ratio Rank: 19
DODGX Calmar Ratio Rank: 27
DODGX Martin Ratio Rank: 29

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. DODGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and Dodge & Cox Stock Fund Class I (DODGX). 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	DODGX	Difference
Sharpe ratio: Return per unit of total volatility	3.56	1.21	+2.35
Sortino ratio: Return per unit of downside risk	4.54	1.76	+2.78
Omega ratio: Gain probability vs. loss probability	1.66	1.21	+0.45
Calmar ratio: Return relative to maximum drawdown	4.71	1.82	+2.90
Martin ratio: Return relative to average drawdown	17.23	6.39	+10.84
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. DODGX - Sharpe Ratio Comparison

The current LZEMX Sharpe Ratio is 3.56, which is higher than the DODGX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of LZEMX and DODGX, 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	DODGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.56	1.21	+2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.54	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.66	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.63	-0.22

Drawdowns

LZEMX vs. DODGX - Drawdown Comparison

The maximum LZEMX drawdown since its inception was -60.08%, roughly equal to the maximum DODGX drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for LZEMX and DODGX.

Drawdown Indicators

	LZEMX	DODGX	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-63.24%	+3.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-7.48%	-2.94%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-14.89%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-21.85%	-8.64%
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	-40.41%	-3.67%
Current Drawdown Current decline from peak	-4.41%	-0.70%	-3.71%
Average Drawdown Average peak-to-trough decline	-16.63%	-7.51%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.12%	+0.72%

Volatility

LZEMX vs. DODGX - Volatility Comparison

Lazard Emerging Markets Equity Portfolio (LZEMX) has a higher volatility of 5.78% compared to Dodge & Cox Stock Fund Class I (DODGX) at 2.97%. This indicates that LZEMX's price experiences larger fluctuations and is considered to be riskier than DODGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZEMX	DODGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	2.97%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	8.21%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	11.24%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	15.97%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	19.22%	-2.80%

LZEMX vs. DODGX - Expense Ratio Comparison

LZEMX has a 1.06% expense ratio, which is higher than DODGX's 0.51% expense ratio.

Dividends

LZEMX vs. DODGX - Dividend Comparison

LZEMX's dividend yield for the trailing twelve months is around 1.69%, less than DODGX's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	9.36%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
LZEMX Lazard Emerging Markets Equity Portfolio	1.69%	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 DODGX in my portfolio?

LZEMX and DODGX have a correlation of 0.41, 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 DODGX?

LZEMX has higher volatility (5.78%) compared to DODGX (2.97%). In terms of maximum drawdown, LZEMX dropped -60.08% vs DODGX's -63.24%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.56 vs 1.21), 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.