LZISX vs. HRIOX

Last updated Jun 4, 2026

LZISX (Lazard International Small Cap Equity Portfolio) and HRIOX (Hood River International Opportunity Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, LZISX returned 20.30%/yr vs 41.60%/yr for HRIOX. A 0.78 correlation means they provide meaningful diversification when combined. LZISX charges 1.14%/yr vs 1.50%/yr for HRIOX.

Performance

LZISX vs. HRIOX - Performance Comparison

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

Returns By Period

In the year-to-date period, LZISX achieves a 28.42% return, which is significantly lower than HRIOX's 45.74% return.

LZISX

• 1D: 0.97%
• 1M: 5.51%
• YTD: 28.42%
• 6M: 29.66%
• 1Y: 43.35%
• 3Y*: 20.30%
• 5Y*: 6.56%
• 10Y*: 7.83%

HRIOX

• 1D: 1.09%
• 1M: 9.48%
• YTD: 45.74%
• 6M: 47.75%
• 1Y: 96.60%
• 3Y*: 41.60%
• 5Y*: —
• 10Y*: —

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

LZISX vs. HRIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LZISX Lazard International Small Cap Equity Portfolio	28.42%	35.95%	-3.68%	11.59%	-26.34%	-0.82%
HRIOX Hood River International Opportunity Fund	45.74%	43.32%	20.19%	30.74%	-25.86%	2.01%

Correlation

The correlation between LZISX and HRIOX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.78

The correlation between LZISX and HRIOX has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

LZISX vs. HRIOX — Risk / Return Rank

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

LZISX

LZISX Risk / Return Rank: 61
LZISX Sharpe Ratio Rank: 57
LZISX Sortino Ratio Rank: 49
LZISX Omega Ratio Rank: 48
LZISX Calmar Ratio Rank: 77
LZISX Martin Ratio Rank: 71

HRIOX

HRIOX Risk / Return Rank: 95
HRIOX Sharpe Ratio Rank: 98
HRIOX Sortino Ratio Rank: 94
HRIOX Omega Ratio Rank: 89
HRIOX Calmar Ratio Rank: 97
HRIOX Martin Ratio Rank: 97

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.

LZISX vs. HRIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard International Small Cap Equity Portfolio (LZISX) and Hood River International Opportunity Fund (HRIOX). 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.

	LZISX	HRIOX	Difference
Sharpe ratio Return per unit of total volatility	2.22	4.03	-1.81
Sortino ratio Return per unit of downside risk	2.97	4.80	-1.83
Omega ratio Gain probability vs. loss probability	1.38	1.63	-0.25
Calmar ratio Return relative to maximum drawdown	3.50	7.09	-3.59
Martin ratio Return relative to average drawdown	13.65	28.90	-15.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LZISX vs. HRIOX - Sharpe Ratio Comparison

The current LZISX Sharpe Ratio is 2.22, which is lower than the HRIOX Sharpe Ratio of 4.03. The chart below compares the historical Sharpe Ratios of LZISX and HRIOX, 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

	LZISX	HRIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	4.03	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.02	-0.58

Drawdowns

LZISX vs. HRIOX - Drawdown Comparison

The maximum LZISX drawdown since its inception was -65.43%, which is greater than HRIOX's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for LZISX and HRIOX.

Drawdown Indicators

	LZISX	HRIOX	Difference
Max Drawdown Largest peak-to-trough decline	-65.43%	-38.76%	-26.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-13.78%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	-24.76%	+8.80%
Max Drawdown (5Y) Largest decline over 5 years	-42.01%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.80%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.78%	-12.31%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.38%	-0.28%

Volatility

LZISX vs. HRIOX - Volatility Comparison

The current volatility for Lazard International Small Cap Equity Portfolio (LZISX) is 6.33%, while Hood River International Opportunity Fund (HRIOX) has a volatility of 8.64%. This indicates that LZISX experiences smaller price fluctuations and is considered to be less risky than HRIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZISX	HRIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	8.64%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	15.49%	19.97%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	19.12%	24.52%	-5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.53%	21.29%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	21.29%	-4.23%

LZISX vs. HRIOX - Expense Ratio Comparison

LZISX has a 1.14% expense ratio, which is lower than HRIOX's 1.50% expense ratio.

Dividends

LZISX vs. HRIOX - Dividend Comparison

LZISX's dividend yield for the trailing twelve months is around 1.49%, less than HRIOX's 4.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRIOX Hood River International Opportunity Fund	4.04%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LZISX Lazard International Small Cap Equity Portfolio	1.49%	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 LZISX and HRIOX in my portfolio?

LZISX and HRIOX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZISX or HRIOX?

HRIOX has higher volatility (8.64%) compared to LZISX (6.33%). In terms of maximum drawdown, LZISX dropped -65.43% vs HRIOX's -38.76%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (4.03 vs 2.22), 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.