LZHYX vs. LZISX

Last updated Aug 1, 2026

LZHYX (Lazard US Corporate Income Portfolio) and LZISX (Lazard International Small Cap Equity Portfolio) are both mutual funds - LZHYX is a High Yield Bonds fund managed by Lazard, while LZISX is a Foreign Small & Mid Cap Equities fund managed by Lazard. Over the past 10 years, LZHYX returned 4.10%/yr vs 7.17%/yr for LZISX. Their 0.39 correlation means their historical movements had little consistent relationship. LZHYX charges 0.70%/yr vs 1.14%/yr for LZISX.

Performance

LZHYX vs. LZISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Corporate Income Portfolio (LZHYX) and Lazard International Small Cap Equity Portfolio (LZISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LZHYX achieves a 1.17% return, which is significantly lower than LZISX's 18.32% return. Over the past 10 years, LZHYX has underperformed LZISX with an annualized return of 4.10%, while LZISX has yielded a comparatively higher 7.17% annualized return.

LZHYX

• 1D: 0.16%
• 1M: -0.54%
• 6M: 0.64%
• YTD: 1.17%
• 1Y: 5.70%
• 3Y*: 7.44%
• 5Y*: 3.22%
• 10Y*: 4.10%
• ALL TIME*: 4.15%

LZISX

• 1D: 3.55%
• 1M: -6.00%
• 6M: 8.86%
• YTD: 18.32%
• 1Y: 26.20%
• 3Y*: 16.73%
• 5Y*: 4.72%
• 10Y*: 7.17%
• ALL TIME*: 6.87%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LZHYX Lazard US Corporate Income Portfolio	$0.00	$0.00	$0.00
LZISX Lazard International Small Cap Equity Portfolio	$0.00	$0.00	$0.00

LZHYX vs. LZISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZHYX Lazard US Corporate Income Portfolio	1.17%	10.49%	5.34%	10.22%	-10.18%	2.53%	4.88%	13.36%	-2.71%	5.39%
LZISX Lazard International Small Cap Equity Portfolio	18.32%	35.95%	-3.68%	11.59%	-26.34%	12.36%	13.45%	25.49%	-24.90%	36.67%

Correlation

The correlation between LZHYX and LZISX is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.55
Correlation (All Time) Calculated using the full available price history since Dec 31, 1997	0.39

Over the past year, LZHYX and LZISX have become more correlated (0.60) than their long-term average of 0.39, meaning their price movements have been converging.

Return for Risk

LZHYX vs. LZISX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LZHYX

LZHYX Risk / Return Rank: 85
LZHYX Sharpe Ratio Rank: 81
LZHYX Sortino Ratio Rank: 90
LZHYX Omega Ratio Rank: 85
LZHYX Calmar Ratio Rank: 78
LZHYX Martin Ratio Rank: 89

LZISX

LZISX Risk / Return Rank: 47
LZISX Sharpe Ratio Rank: 41
LZISX Sortino Ratio Rank: 41
LZISX Omega Ratio Rank: 39
LZISX Calmar Ratio Rank: 61
LZISX Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LZHYX vs. LZISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Corporate Income Portfolio (LZHYX) and Lazard International Small Cap Equity Portfolio (LZISX). 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.

	LZHYX	LZISX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.24	+0.73
Sortino ratio: Return per unit of downside risk	3.43	1.78	+1.65
Omega ratio: Gain probability vs. loss probability	1.42	1.22	+0.20
Calmar ratio: Return relative to maximum drawdown	2.62	2.11	+0.50
Martin ratio: Return relative to average drawdown	12.30	7.16	+5.13

LZHYX vs. LZISX - Sharpe Ratio Comparison

The current LZHYX Sharpe Ratio is 1.96, which is higher than the LZISX Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of LZHYX and LZISX, 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

LZHYX vs. LZISX - Drawdown Comparison

The maximum LZHYX drawdown since its inception was -32.30%, smaller than the maximum LZISX drawdown of -65.43%. Use the drawdown chart below to compare losses from any high point for LZHYX and LZISX.

Drawdown Indicators

	LZHYX	LZISX	Difference
Max Drawdown Largest peak-to-trough decline	-32.30%	-65.43%	+33.13%
Max Drawdown (1Y) Largest decline over 1 year	-2.28%	-12.57%	+10.29%
Max Drawdown (3Y) Largest decline over 3 years	-3.67%	-15.88%	+12.21%
Max Drawdown (5Y) Largest decline over 5 years	-14.43%	-42.01%	+27.58%
Max Drawdown (10Y) Largest decline over 10 years	-17.80%	-44.80%	+27.00%
Current Drawdown Current decline from peak	-0.64%	-9.47%	+8.83%
Average Drawdown Average peak-to-trough decline	-4.27%	-14.73%	+10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	3.70%	-3.21%

Volatility

LZHYX vs. LZISX - Volatility Comparison

The current volatility for Lazard US Corporate Income Portfolio (LZHYX) is 0.56%, while Lazard International Small Cap Equity Portfolio (LZISX) has a volatility of 7.67%. This indicates that LZHYX experiences smaller price fluctuations and is considered to be less risky than LZISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZHYX	LZISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	7.67%	-7.11%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	17.74%	-15.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	21.48%	-18.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.94%	18.02%	-13.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	17.04%	-11.98%

LZHYX vs. LZISX - Expense Ratio Comparison

LZHYX has a 0.70% expense ratio, which is lower than LZISX's 1.14% expense ratio.

Dividends

LZHYX vs. LZISX - Dividend Comparison

LZHYX's dividend yield for the trailing twelve months is around 4.75%, more than LZISX's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LZHYX Lazard US Corporate Income Portfolio	4.75%	5.49%	5.07%	3.87%	4.19%	3.37%	3.98%	4.42%	4.85%	4.84%	4.70%	5.20%
LZISX Lazard International Small Cap Equity Portfolio	1.62%	1.91%	1.89%	2.08%	5.44%	36.78%	2.07%	2.10%	4.62%	0.00%	2.96%	0.69%

Frequently Asked Questions

Can I hold both LZHYX and LZISX in my portfolio?

LZHYX and LZISX have a correlation of 0.60, 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 LZISX?

LZISX has higher volatility (7.67%) compared to LZHYX (0.56%). In terms of maximum drawdown, LZHYX dropped -32.30% vs LZISX's -65.43%.

Which has better risk-adjusted returns?

LZHYX currently has the higher Sharpe Ratio (1.96 vs 1.24), 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.