LZSCX vs. SWSSX

Last updated Jun 4, 2026

LZSCX (Lazard US Small-Mid Cap Equity Portfolio R6) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, LZSCX returned 8.98%/yr vs 11.20%/yr for SWSSX. Their correlation of 0.95 suggests significant overlap in exposure. LZSCX charges 0.94%/yr vs 0.04%/yr for SWSSX.

Performance

LZSCX vs. SWSSX - 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 Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LZSCX achieves a 16.82% return, which is significantly lower than SWSSX's 18.71% return. Over the past 10 years, LZSCX has underperformed SWSSX with an annualized return of 8.98%, while SWSSX has yielded a comparatively higher 11.20% 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%

SWSSX

• 1D: 0.92%
• 1M: 5.00%
• YTD: 18.71%
• 6M: 17.43%
• 1Y: 41.24%
• 3Y*: 18.69%
• 5Y*: 6.65%
• 10Y*: 11.20%

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

LZSCX vs. SWSSX - 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%
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.71%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between LZSCX and SWSSX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.95

The correlation between LZSCX and SWSSX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

LZSCX vs. SWSSX — 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

SWSSX

SWSSX Risk / Return Rank: 64
SWSSX Sharpe Ratio Rank: 60
SWSSX Sortino Ratio Rank: 55
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX Martin Ratio Rank: 74

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. SWSSX - 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 Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.28	-0.58
Sortino ratio: Return per unit of downside risk	2.42	3.13	-0.71
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.08
Calmar ratio: Return relative to maximum drawdown	2.77	3.97	-1.20
Martin ratio: Return relative to average drawdown	10.42	14.11	-3.68
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. SWSSX - Sharpe Ratio Comparison

The current LZSCX Sharpe Ratio is 1.70, which is comparable to the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of LZSCX and SWSSX, 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	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.28	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.30	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.47	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.36	+0.11

Drawdowns

LZSCX vs. SWSSX - Drawdown Comparison

The maximum LZSCX drawdown since its inception was -58.08%, roughly equal to the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for LZSCX and SWSSX.

Drawdown Indicators

	LZSCX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-60.34%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-11.00%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-29.89%	-27.50%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.89%	-31.93%	+2.04%
Max Drawdown (10Y) Largest decline over 10 years	-43.64%	-41.81%	-1.83%
Current Drawdown Current decline from peak	-0.80%	-0.13%	-0.67%
Average Drawdown Average peak-to-trough decline	-9.04%	-10.73%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	3.09%	+0.22%

Volatility

LZSCX vs. SWSSX - Volatility Comparison

Lazard US Small-Mid Cap Equity Portfolio R6 (LZSCX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 5.55% and 5.61%, 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

	LZSCX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	5.61%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	13.60%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	19.15%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	22.59%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	24.09%	-1.69%

LZSCX vs. SWSSX - Expense Ratio Comparison

LZSCX has a 0.94% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

LZSCX vs. SWSSX - Dividend Comparison

LZSCX's dividend yield for the trailing twelve months is around 4.26%, more than SWSSX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.08%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Frequently Asked Questions

Can I hold both LZSCX and SWSSX in my portfolio?

With a correlation of 0.94, LZSCX and SWSSX 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 SWSSX?

SWSSX has higher volatility (5.61%) compared to LZSCX (5.55%). In terms of maximum drawdown, LZSCX dropped -58.08% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.28 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.