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LZEMX vs. EMXC
Performance
Return for Risk
Dividends
Drawdowns
Volatility

LZEMX vs. EMXC

Last updated Apr 2, 2026

Compare and contrast key facts about Lazard Emerging Markets Equity Portfolio (LZEMX) and iShares MSCI Emerging Markets ex China ETF (EMXC).

LZEMX is managed by Lazard. It was launched on Jul 14, 1994. EMXC is a passively managed fund by iShares that tracks the performance of the MSCI Emerging Markets ex China Index. It was launched on Jul 19, 2017.

Performance

LZEMX vs. EMXC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Emerging Markets Equity Portfolio (LZEMX) and iShares MSCI Emerging Markets ex China ETF (EMXC). The values are adjusted to include any dividend payments, if applicable.

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LZEMX vs. EMXC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
LZEMX
Lazard Emerging Markets Equity Portfolio		6.61%41.35%7.60%22.44%-14.86%5.37%-0.07%18.06%-18.11%7.65%
EMXC
iShares MSCI Emerging Markets ex China ETF		9.42%35.14%2.68%18.96%-19.56%8.54%12.76%15.80%-12.96%7.01%

Returns By Period

In the year-to-date period, LZEMX achieves a 6.61% return, which is significantly lower than EMXC's 9.42% return.

LZEMX

1D
1.54%
1M
-7.29%
YTD
6.61%
6M
16.90%
1Y
40.50%
3Y*
22.54%
5Y*
11.01%
10Y*
9.39%

EMXC

1D
1.11%
1M
-7.62%
YTD
9.42%
6M
18.97%
1Y
48.03%
3Y*
20.23%
5Y*
8.43%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Lazard Emerging Markets Equity Portfolio

iShares MSCI Emerging Markets ex China ETF

Often compared with LZEMX:
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Often compared with EMXC:
EMXC vs. XCEMEMXC vs. IEMGEMXC vs. VWOEMXC vs. EEMEMXC vs. SPEMEMXC vs. VEXCEMXC vs. VEMAX

LZEMX vs. EMXC - Expense Ratio Comparison

LZEMX has a 1.06% expense ratio, which is higher than EMXC's 0.49% expense ratio.

LZEMX
Lazard Emerging Markets Equity Portfolio
EMXC
iShares MSCI Emerging Markets ex China ETF

Return for Risk

LZEMX vs. EMXC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
LZEMX
LZEMX Risk / Return Rank: 9797
Overall Rank
LZEMX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
LZEMX Sortino Ratio Rank: 9797
Sortino Ratio Rank
LZEMX Omega Ratio Rank: 9696
Omega Ratio Rank
LZEMX Calmar Ratio Rank: 9797
Calmar Ratio Rank
LZEMX Martin Ratio Rank: 9696
Martin Ratio Rank
EMXC
EMXC Risk / Return Rank: 9393
Overall Rank
EMXC Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
EMXC Sortino Ratio Rank: 9494
Sortino Ratio Rank
EMXC Omega Ratio Rank: 9393
Omega Ratio Rank
EMXC Calmar Ratio Rank: 9292
Calmar Ratio Rank
EMXC Martin Ratio Rank: 9393
Martin Ratio Rank
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. EMXC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.

LZEMXEMXCDifference

Sharpe ratio

Return per unit of total volatility

2.95

2.34

+0.60

Sortino ratio

Return per unit of downside risk

3.72

3.02

+0.71

Omega ratio

Gain probability vs. loss probability

1.57

1.44

+0.13

Calmar ratio

Return relative to maximum drawdown

3.86

3.39

+0.48

Martin ratio

Return relative to average drawdown

14.21

14.12

+0.09

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. EMXC - Sharpe Ratio Comparison

The current LZEMX Sharpe Ratio is 2.95, which is comparable to the EMXC Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of LZEMX and EMXC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

LZEMXEMXCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

2.34

+0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.78

0.51

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

0.40

-0.02

Correlation

The correlation between LZEMX and EMXC is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LZEMX vs. EMXC - Dividend Comparison

LZEMX's dividend yield for the trailing twelve months is around 1.92%, less than EMXC's 2.57% yield.

TTM20252024202320222021202020192018201720162015
LZEMX
Lazard Emerging Markets Equity Portfolio		1.92%2.05%3.11%3.76%5.92%4.89%2.11%2.45%2.10%1.99%1.48%2.14%
EMXC
iShares MSCI Emerging Markets ex China ETF		2.57%2.82%2.69%1.83%2.85%1.78%1.45%3.25%2.63%0.99%0.00%0.00%

Drawdowns

LZEMX vs. EMXC - Drawdown Comparison

The maximum LZEMX drawdown since its inception was -60.08%, which is greater than EMXC's maximum drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for LZEMX and EMXC.

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Drawdown Indicators

LZEMXEMXCDifference

Max Drawdown

Largest peak-to-trough decline

-60.08%

-42.81%

-17.27%

Max Drawdown (1Y)

Largest decline over 1 year

-10.42%

-14.41%

+3.99%

Max Drawdown (5Y)

Largest decline over 5 years

-30.55%

-28.91%

-1.64%

Max Drawdown (10Y)

Largest decline over 10 years

-44.08%

—

—

Current Drawdown

Current decline from peak

-9.04%

-9.89%

+0.85%

Average Drawdown

Average peak-to-trough decline

-16.71%

-10.35%

-6.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

3.46%

-0.57%

Volatility

LZEMX vs. EMXC - Volatility Comparison

The current volatility for Lazard Emerging Markets Equity Portfolio (LZEMX) is 6.23%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 10.61%. This indicates that LZEMX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

LZEMXEMXCDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.23%

10.61%

-4.38%

Volatility (6M)

Calculated over the trailing 6-month period

9.72%

16.16%

-6.44%

Volatility (1Y)

Calculated over the trailing 1-year period

14.30%

20.60%

-6.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.11%

16.71%

-2.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.34%

19.51%

-3.17%