LZSCX vs. FSOPX

Last updated Jun 4, 2026

LZSCX (Lazard US Small-Mid Cap Equity Portfolio R6) and FSOPX (Fidelity Series Small Cap Opportunities Fund) are both Small Cap Blend Equities funds. Over the past 10 years, LZSCX returned 8.98%/yr vs 12.77%/yr for FSOPX. With a 0.96 correlation, they move nearly in lockstep. LZSCX charges 0.94%/yr vs 0.00%/yr for FSOPX.

Performance

LZSCX vs. FSOPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Small-Mid Cap Equity Portfolio R6 (LZSCX) and Fidelity Series Small Cap Opportunities Fund (FSOPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with LZSCX having a 16.82% return and FSOPX slightly higher at 16.83%. Over the past 10 years, LZSCX has underperformed FSOPX with an annualized return of 8.98%, while FSOPX has yielded a comparatively higher 12.77% annualized return.

LZSCX

• 1D: 1.11%
• 1M: 2.87%
• YTD: 16.82%
• 6M: 16.43%
• 1Y: 32.19%
• 3Y*: 14.29%
• 5Y*: 5.23%
• 10Y*: 8.98%

FSOPX

• 1D: 0.85%
• 1M: 1.12%
• YTD: 16.83%
• 6M: 15.66%
• 1Y: 40.89%
• 3Y*: 21.01%
• 5Y*: 11.01%
• 10Y*: 12.77%

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

LZSCX vs. FSOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZSCX Lazard US Small-Mid Cap Equity Portfolio R6	16.82%	2.46%	13.77%	10.16%	-15.20%	20.08%	6.43%	30.01%	-13.49%	14.25%
FSOPX Fidelity Series Small Cap Opportunities Fund	16.83%	15.81%	15.31%	20.38%	-17.82%	23.39%	17.03%	29.92%	-8.12%	11.10%

Correlation

The correlation between LZSCX and FSOPX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 26, 2007	0.96

The correlation between LZSCX and FSOPX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

LZSCX vs. FSOPX — Risk / Return Rank

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

LZSCX

LZSCX Risk / Return Rank: 41
LZSCX Sharpe Ratio Rank: 34
LZSCX Sortino Ratio Rank: 34
LZSCX Omega Ratio Rank: 31
LZSCX Calmar Ratio Rank: 52
LZSCX Martin Ratio Rank: 51

FSOPX

FSOPX Risk / Return Rank: 73
FSOPX Sharpe Ratio Rank: 69
FSOPX Sortino Ratio Rank: 66
FSOPX Omega Ratio Rank: 55
FSOPX Calmar Ratio Rank: 88
FSOPX Martin Ratio Rank: 87

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.

LZSCX vs. FSOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Small-Mid Cap Equity Portfolio R6 (LZSCX) and Fidelity Series Small Cap Opportunities Fund (FSOPX). 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.

	LZSCX	FSOPX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.42	-0.72
Sortino ratio: Return per unit of downside risk	2.42	3.41	-0.99
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.12
Calmar ratio: Return relative to maximum drawdown	2.77	4.35	-1.58
Martin ratio: Return relative to average drawdown	10.42	17.03	-6.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LZSCX vs. FSOPX - Sharpe Ratio Comparison

The current LZSCX Sharpe Ratio is 1.70, which is comparable to the FSOPX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of LZSCX and FSOPX, 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

	LZSCX	FSOPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.42	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.51	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.58	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.39	+0.09

Drawdowns

LZSCX vs. FSOPX - Drawdown Comparison

The maximum LZSCX drawdown since its inception was -58.08%, smaller than the maximum FSOPX drawdown of -61.75%. Use the drawdown chart below to compare losses from any high point for LZSCX and FSOPX.

Drawdown Indicators

	LZSCX	FSOPX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-61.75%	+3.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-9.99%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-29.89%	-27.17%	-2.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.89%	-30.06%	+0.17%
Max Drawdown (10Y) Largest decline over 10 years	-43.64%	-39.15%	-4.49%
Current Drawdown Current decline from peak	-0.80%	-1.66%	+0.86%
Average Drawdown Average peak-to-trough decline	-9.04%	-10.37%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.54%	+0.77%

Volatility

LZSCX vs. FSOPX - Volatility Comparison

Lazard US Small-Mid Cap Equity Portfolio R6 (LZSCX) has a higher volatility of 5.55% compared to Fidelity Series Small Cap Opportunities Fund (FSOPX) at 5.26%. This indicates that LZSCX's price experiences larger fluctuations and is considered to be riskier than FSOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZSCX	FSOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	5.26%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	13.46%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	17.92%	+2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	21.70%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	21.99%	+0.41%

LZSCX vs. FSOPX - Expense Ratio Comparison

LZSCX has a 0.94% expense ratio, which is higher than FSOPX's 0.00% expense ratio.

Dividends

LZSCX vs. FSOPX - Dividend Comparison

LZSCX's dividend yield for the trailing twelve months is around 4.26%, more than FSOPX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOPX Fidelity Series Small Cap Opportunities Fund	3.78%	4.41%	9.41%	0.98%	5.16%	30.85%	2.01%	6.67%	13.99%	10.31%	0.69%	5.93%
LZSCX Lazard US Small-Mid Cap Equity Portfolio R6	4.26%	4.98%	17.48%	8.00%	4.28%	15.21%	0.57%	3.22%	17.28%	12.69%	2.37%	6.80%

Frequently Asked Questions

Can I hold both LZSCX and FSOPX in my portfolio?

With a correlation of 0.92, LZSCX and FSOPX 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, LZSCX or FSOPX?

LZSCX has higher volatility (5.55%) compared to FSOPX (5.26%). In terms of maximum drawdown, LZSCX dropped -58.08% vs FSOPX's -61.75%.

Which has better risk-adjusted returns?

FSOPX currently has the higher Sharpe Ratio (2.42 vs 1.70), 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.