LZEMX vs. LEAIX

Last updated Jun 25, 2026

LZEMX (Lazard Emerging Markets Equity Portfolio) and LEAIX (Lazard Emerging Markets Equity Advantage Portfolio) are both Emerging Markets Diversified funds from Lazard. Over the past 10 years, LZEMX returned 10.86%/yr vs 11.86%/yr for LEAIX. Their correlation of 0.91 suggests significant overlap in exposure. LZEMX charges 1.06%/yr vs 0.91%/yr for LEAIX.

Performance

LZEMX vs. LEAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, LZEMX achieves a 22.13% return, which is significantly lower than LEAIX's 26.52% return. Over the past 10 years, LZEMX has underperformed LEAIX with an annualized return of 10.86%, while LEAIX has yielded a comparatively higher 11.86% annualized return.

LZEMX

• 1D: -2.67%
• 1M: 0.90%
• YTD: 22.13%
• 6M: 22.97%
• 1Y: 44.62%
• 3Y*: 26.47%
• 5Y*: 12.79%
• 10Y*: 10.86%

LEAIX

• 1D: -4.67%
• 1M: 2.43%
• YTD: 26.52%
• 6M: 26.84%
• 1Y: 46.71%
• 3Y*: 25.63%
• 5Y*: 9.02%
• 10Y*: 11.86%

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

LZEMX vs. LEAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZEMX Lazard Emerging Markets Equity Portfolio	22.13%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%
LEAIX Lazard Emerging Markets Equity Advantage Portfolio	26.52%	33.74%	11.41%	12.67%	-21.01%	0.96%	17.39%	20.44%	-16.25%	42.52%

Correlation

The correlation between LZEMX and LEAIX 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	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.91

The correlation between LZEMX and LEAIX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

LZEMX vs. LEAIX — 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: 92
LZEMX Omega Ratio Rank: 91
LZEMX Calmar Ratio Rank: 92
LZEMX Martin Ratio Rank: 90

LEAIX

LEAIX Risk / Return Rank: 86
LEAIX Sharpe Ratio Rank: 92
LEAIX Sortino Ratio Rank: 83
LEAIX Omega Ratio Rank: 84
LEAIX Calmar Ratio Rank: 87
LEAIX Martin Ratio Rank: 86

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. LEAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and Lazard Emerging Markets Equity Advantage Portfolio (LEAIX). 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	LEAIX	Difference
Sharpe ratio: Return per unit of total volatility	3.36	2.74	+0.62
Sortino ratio: Return per unit of downside risk	4.27	3.45	+0.82
Omega ratio: Gain probability vs. loss probability	1.62	1.50	+0.12
Calmar ratio: Return relative to maximum drawdown	4.63	3.82	+0.81
Martin ratio: Return relative to average drawdown	16.55	14.34	+2.20

LZEMX vs. LEAIX - Sharpe Ratio Comparison

The current LZEMX Sharpe Ratio is 3.36, which is comparable to the LEAIX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of LZEMX and LEAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LZEMX vs. LEAIX - Drawdown Comparison

The maximum LZEMX drawdown since its inception was -60.08%, which is greater than LEAIX's maximum drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for LZEMX and LEAIX.

Drawdown Indicators

	LZEMX	LEAIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-37.24%	-22.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-13.29%	+2.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-16.21%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-36.30%	+7.01%
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	-37.24%	-6.84%
Current Drawdown Current decline from peak	-3.81%	-4.67%	+0.86%
Average Drawdown Average peak-to-trough decline	-16.60%	-11.47%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.53%	-0.62%

Volatility

LZEMX vs. LEAIX - Volatility Comparison

The current volatility for Lazard Emerging Markets Equity Portfolio (LZEMX) is 6.12%, while Lazard Emerging Markets Equity Advantage Portfolio (LEAIX) has a volatility of 9.85%. This indicates that LZEMX experiences smaller price fluctuations and is considered to be less risky than LEAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZEMX	LEAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.12%	9.85%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	12.15%	16.36%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	18.52%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	16.54%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	17.60%	-1.23%

LZEMX vs. LEAIX - Expense Ratio Comparison

LZEMX has a 1.06% expense ratio, which is higher than LEAIX's 0.91% expense ratio.

Dividends

LZEMX vs. LEAIX - Dividend Comparison

LZEMX's dividend yield for the trailing twelve months is around 1.68%, more than LEAIX's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LEAIX Lazard Emerging Markets Equity Advantage Portfolio	1.51%	1.90%	1.52%	1.93%	3.42%	8.01%	0.84%	1.92%	2.43%	1.15%	1.62%	0.00%
LZEMX Lazard Emerging Markets Equity Portfolio	1.68%	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 LEAIX in my portfolio?

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

LEAIX has higher volatility (9.85%) compared to LZEMX (6.12%). In terms of maximum drawdown, LZEMX dropped -60.08% vs LEAIX's -37.24%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.36 vs 2.74), 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.