LZHYX vs. FHYSX

Last updated Jun 6, 2026

LZHYX (Lazard US Corporate Income Portfolio) and FHYSX (Federated Hermes High-Yield Strategy Portfolio) are both High Yield Bonds funds. Over the past 10 years, LZHYX returned 4.34%/yr vs 5.27%/yr for FHYSX. A 0.77 correlation means they provide meaningful diversification when combined. LZHYX charges 0.70%/yr vs 0.02%/yr for FHYSX.

Performance

LZHYX vs. FHYSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Corporate Income Portfolio (LZHYX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LZHYX achieves a 1.43% return, which is significantly higher than FHYSX's 1.19% return. Over the past 10 years, LZHYX has underperformed FHYSX with an annualized return of 4.34%, while FHYSX has yielded a comparatively higher 5.27% annualized return.

LZHYX

• 1D: 0.05%
• 1M: 0.01%
• YTD: 1.43%
• 6M: 2.06%
• 1Y: 7.55%
• 3Y*: 7.90%
• 5Y*: 3.51%
• 10Y*: 4.34%

FHYSX

• 1D: 0.00%
• 1M: 0.19%
• YTD: 1.19%
• 6M: 1.89%
• 1Y: 6.66%
• 3Y*: 8.48%
• 5Y*: 3.44%
• 10Y*: 5.27%

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

LZHYX vs. FHYSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZHYX Lazard US Corporate Income Portfolio	1.43%	10.49%	5.34%	10.22%	-10.18%	2.53%	4.88%	13.36%	-2.71%	5.39%
FHYSX Federated Hermes High-Yield Strategy Portfolio	1.19%	9.14%	6.42%	12.77%	-13.16%	4.49%	6.08%	15.14%	-2.16%	8.34%

Correlation

The correlation between LZHYX and FHYSX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 2, 2009	0.77

Over the past year, the correlation between LZHYX and FHYSX has dropped to 0.45 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

LZHYX vs. FHYSX — Risk / Return Rank

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

LZHYX

LZHYX Risk / Return Rank: 84
LZHYX Sharpe Ratio Rank: 79
LZHYX Sortino Ratio Rank: 92
LZHYX Omega Ratio Rank: 86
LZHYX Calmar Ratio Rank: 77
LZHYX Martin Ratio Rank: 88

FHYSX

FHYSX Risk / Return Rank: 69
FHYSX Sharpe Ratio Rank: 51
FHYSX Sortino Ratio Rank: 75
FHYSX Omega Ratio Rank: 79
FHYSX Calmar Ratio Rank: 58
FHYSX Martin Ratio Rank: 81

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.

LZHYX vs. FHYSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Corporate Income Portfolio (LZHYX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX). 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.

	LZHYX	FHYSX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.02	+0.51
Sortino ratio: Return per unit of downside risk	4.51	3.55	+0.96
Omega ratio: Gain probability vs. loss probability	1.57	1.50	+0.07
Calmar ratio: Return relative to maximum drawdown	3.34	2.81	+0.53
Martin ratio: Return relative to average drawdown	16.26	14.64	+1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LZHYX vs. FHYSX - Sharpe Ratio Comparison

The current LZHYX Sharpe Ratio is 2.53, which is comparable to the FHYSX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of LZHYX and FHYSX, 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

	LZHYX	FHYSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.02	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.66	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.92	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.88	-0.03

Drawdowns

LZHYX vs. FHYSX - Drawdown Comparison

The maximum LZHYX drawdown since its inception was -32.30%, which is greater than FHYSX's maximum drawdown of -21.45%. Use the drawdown chart below to compare losses from any high point for LZHYX and FHYSX.

Drawdown Indicators

	LZHYX	FHYSX	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-21.45%	-10.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.28%	-2.44%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.00%	-3.64%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-14.43%	-16.93%	+2.50%
Max Drawdown (10Y) Largest decline over 10 years	-17.80%	-21.45%	+3.65%
Current Drawdown Current decline from peak	-0.16%	-0.17%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.29%	-2.58%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.47%	0.00%

Volatility

LZHYX vs. FHYSX - Volatility Comparison

Lazard US Corporate Income Portfolio (LZHYX) and Federated Hermes High-Yield Strategy Portfolio (FHYSX) have volatilities of 0.92% and 0.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZHYX	FHYSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.90%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	2.61%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	3.40%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.93%	5.24%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	5.77%	-0.68%

LZHYX vs. FHYSX - Expense Ratio Comparison

LZHYX has a 0.70% expense ratio, which is higher than FHYSX's 0.02% expense ratio.

Dividends

LZHYX vs. FHYSX - Dividend Comparison

LZHYX's dividend yield for the trailing twelve months is around 5.14%, less than FHYSX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHYSX Federated Hermes High-Yield Strategy Portfolio	6.30%	6.28%	5.84%	5.30%	5.27%	4.54%	5.74%	6.18%	6.61%	6.98%	6.45%	8.45%
LZHYX Lazard US Corporate Income Portfolio	5.14%	5.49%	5.07%	3.87%	4.19%	3.37%	3.98%	4.42%	4.85%	4.84%	4.70%	5.20%

Frequently Asked Questions

Can I hold both LZHYX and FHYSX in my portfolio?

LZHYX and FHYSX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZHYX or FHYSX?

LZHYX has higher volatility (0.92%) compared to FHYSX (0.90%). In terms of maximum drawdown, LZHYX dropped -32.30% vs FHYSX's -21.45%.

Which has better risk-adjusted returns?

LZHYX currently has the higher Sharpe Ratio (2.53 vs 2.02), 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.