LZEMX vs. FHKFX
LZEMX (Lazard Emerging Markets Equity Portfolio) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, LZEMX returned 14.21%/yr vs 7.64%/yr for FHKFX. Their correlation of 0.85 means they have usually moved in the same direction. LZEMX charges 1.06%/yr vs 0.01%/yr for FHKFX.
Performance
LZEMX vs. FHKFX - Performance Comparison
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Returns By Period
In the year-to-date period, LZEMX achieves a 26.32% return, which is significantly higher than FHKFX's 23.08% return.
LZEMX
- 1D
- 0.67%
- 1M
- 4.05%
- 6M
- 14.13%
- YTD
- 26.32%
- 1Y
- 47.52%
- 3Y*
- 27.13%
- 5Y*
- 14.21%
- 10Y*
- 9.95%
- ALL TIME*
- 7.82%
FHKFX
- 1D
- 0.77%
- 1M
- -1.23%
- 6M
- 10.39%
- YTD
- 23.08%
- 1Y
- 42.56%
- 3Y*
- 22.51%
- 5Y*
- 7.64%
- 10Y*
- —
- ALL TIME*
- 7.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
LZEMX vs. FHKFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LZEMX Lazard Emerging Markets Equity Portfolio | 26.32% | 41.35% | 7.60% | 22.44% | -14.86% | 5.37% | -0.07% | 18.06% | -5.68% |
FHKFX Fidelity Series Emerging Markets Fund | 23.08% | 38.51% | 5.42% | 12.10% | -24.50% | -4.15% | 17.85% | 9.64% | -8.52% |
Correlation
The correlation between LZEMX and FHKFX is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 29, 2018 | 0.85 |
The correlation between LZEMX and FHKFX has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.
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Return for Risk
LZEMX vs. FHKFX — Risk / Return Rank
LZEMX
FHKFX
LZEMX vs. FHKFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and Fidelity Series Emerging Markets Fund (FHKFX). 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.
| LZEMX | FHKFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.34 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 4.78 | 3.08 | +1.70 |
| Martin ratioReturn relative to average drawdown | 16.20 | 9.87 | +6.34 |
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Drawdowns
LZEMX vs. FHKFX - Drawdown Comparison
The maximum LZEMX drawdown since its inception was -60.08%, which is greater than FHKFX's maximum drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for LZEMX and FHKFX.
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Drawdown Indicators
| LZEMX | FHKFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.08% | -45.47% | -14.61% |
Max Drawdown (1Y)Largest decline over 1 year | -10.42% | -14.49% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -14.27% | -16.71% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -29.13% | -39.01% | +9.88% |
Max Drawdown (10Y)Largest decline over 10 years | -44.08% | — | — |
Current DrawdownCurrent decline from peak | -0.51% | -8.95% | +8.44% |
Average DrawdownAverage peak-to-trough decline | -16.56% | -17.00% | +0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 4.51% | -1.45% |
Volatility
LZEMX vs. FHKFX - Volatility Comparison
The current volatility for Lazard Emerging Markets Equity Portfolio (LZEMX) is 5.20%, while Fidelity Series Emerging Markets Fund (FHKFX) has a volatility of 9.36%. This indicates that LZEMX experiences smaller price fluctuations and is considered to be less risky than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LZEMX | FHKFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 9.36% | -4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.93% | 21.36% | -8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.79% | 23.72% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.58% | 19.96% | -5.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 20.17% | -3.80% |
LZEMX vs. FHKFX - Expense Ratio Comparison
LZEMX has a 1.06% expense ratio, which is higher than FHKFX's 0.01% expense ratio.
Dividends
LZEMX vs. FHKFX - Dividend Comparison
LZEMX's dividend yield for the trailing twelve months is around 1.62%, less than FHKFX's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHKFX Fidelity Series Emerging Markets Fund | 1.93% | 2.38% | 2.86% | 2.43% | 2.56% | 3.46% | 1.38% | 2.28% | 0.42% | 0.00% | 0.00% | 0.00% |
LZEMX Lazard Emerging Markets Equity Portfolio | 1.62% | 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
LZEMX and FHKFX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHKFX has higher volatility (9.36%) compared to LZEMX (5.20%). In terms of maximum drawdown, LZEMX dropped -60.08% vs FHKFX's -45.47%.
LZEMX currently has the higher Sharpe Ratio (3.37 vs 1.88), 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.
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