LZEMX vs. PCLIX

Last updated Jun 4, 2026

LZEMX (Lazard Emerging Markets Equity Portfolio) and PCLIX (PIMCO CommoditiesPLUS Strategy Fund) are both mutual funds - LZEMX is a Emerging Markets Diversified fund managed by Lazard, while PCLIX is a Commodities fund managed by PIMCO. Over the past 10 years, LZEMX returned 11.13%/yr vs 12.24%/yr for PCLIX. At a 0.38 correlation, their price movements are largely independent. LZEMX charges 1.06%/yr vs 0.98%/yr for PCLIX.

Performance

LZEMX vs. PCLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Emerging Markets Equity Portfolio (LZEMX) and PIMCO CommoditiesPLUS Strategy Fund (PCLIX). 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 lower than PCLIX's 36.81% return. Over the past 10 years, LZEMX has underperformed PCLIX with an annualized return of 11.13%, while PCLIX has yielded a comparatively higher 12.24% 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%

PCLIX

• 1D: 0.54%
• 1M: -3.72%
• YTD: 36.81%
• 6M: 35.82%
• 1Y: 46.35%
• 3Y*: 18.54%
• 5Y*: 16.85%
• 10Y*: 12.24%

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

LZEMX vs. PCLIX - 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%
PCLIX PIMCO CommoditiesPLUS Strategy Fund	36.81%	5.76%	8.53%	0.69%	23.32%	43.83%	-9.18%	19.37%	-12.02%	10.86%

Correlation

The correlation between LZEMX and PCLIX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010	0.38

The correlation between LZEMX and PCLIX shifts across timeframes, from -0.04 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LZEMX vs. PCLIX — 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

PCLIX

PCLIX Risk / Return Rank: 75
PCLIX Sharpe Ratio Rank: 72
PCLIX Sortino Ratio Rank: 54
PCLIX Omega Ratio Rank: 61
PCLIX Calmar Ratio Rank: 97
PCLIX Martin Ratio Rank: 89

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. PCLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Emerging Markets Equity Portfolio (LZEMX) and PIMCO CommoditiesPLUS Strategy Fund (PCLIX). 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	PCLIX	Difference
Sharpe ratio: Return per unit of total volatility	4.35	2.47	+1.88
Sortino ratio: Return per unit of downside risk	5.54	3.11	+2.43
Omega ratio: Gain probability vs. loss probability	1.81	1.44	+0.38
Calmar ratio: Return relative to maximum drawdown	5.58	7.01	-1.42
Martin ratio: Return relative to average drawdown	20.53	17.91	+2.61
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. PCLIX - Sharpe Ratio Comparison

The current LZEMX Sharpe Ratio is 4.35, which is higher than the PCLIX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of LZEMX and PCLIX, 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	PCLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.35	2.47	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.87	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.30	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.18	+0.24

Drawdowns

LZEMX vs. PCLIX - Drawdown Comparison

The maximum LZEMX drawdown since its inception was -60.08%, smaller than the maximum PCLIX drawdown of -66.60%. Use the drawdown chart below to compare losses from any high point for LZEMX and PCLIX.

Drawdown Indicators

	LZEMX	PCLIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-66.60%	+6.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.42%	-6.84%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-12.30%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-30.55%	-21.59%	-8.96%
Max Drawdown (10Y) Largest decline over 10 years	-44.08%	-51.78%	+7.70%
Current Drawdown Current decline from peak	0.00%	-4.70%	+4.70%
Average Drawdown Average peak-to-trough decline	-16.63%	-24.15%	+7.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.67%	+0.16%

Volatility

LZEMX vs. PCLIX - Volatility Comparison

The current volatility for Lazard Emerging Markets Equity Portfolio (LZEMX) is 5.21%, while PIMCO CommoditiesPLUS Strategy Fund (PCLIX) has a volatility of 6.97%. This indicates that LZEMX experiences smaller price fluctuations and is considered to be less risky than PCLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZEMX	PCLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	6.97%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	16.87%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	19.49%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.32%	19.41%	-5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	40.55%	-24.16%

LZEMX vs. PCLIX - Expense Ratio Comparison

LZEMX has a 1.06% expense ratio, which is higher than PCLIX's 0.98% expense ratio.

Dividends

LZEMX vs. PCLIX - Dividend Comparison

LZEMX's dividend yield for the trailing twelve months is around 1.61%, more than PCLIX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PCLIX PIMCO CommoditiesPLUS Strategy Fund	1.37%	2.45%	7.50%	5.06%	42.60%	73.41%	0.77%	2.46%	18.58%	12.63%	0.16%	2.22%

Frequently Asked Questions

Can I hold both LZEMX and PCLIX in my portfolio?

LZEMX and PCLIX have a correlation of -0.04, 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 PCLIX?

PCLIX has higher volatility (6.97%) compared to LZEMX (5.21%). In terms of maximum drawdown, LZEMX dropped -60.08% vs PCLIX's -66.60%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (4.35 vs 2.47), 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.