LZSCX vs. UMNIX

Last updated Jun 4, 2026

LZSCX (Lazard US Small-Mid Cap Equity Portfolio R6) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both mutual funds - LZSCX is a Small Cap Blend Equities fund managed by Lazard, while UMNIX is a Ultrashort Bond fund managed by Lazard. Over the past 10 years, LZSCX returned 8.98%/yr vs 1.76%/yr for UMNIX. At a correlation of -0.05, they often move in opposite directions. LZSCX charges 0.94%/yr vs 0.40%/yr for UMNIX.

Performance

LZSCX vs. UMNIX - 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 Lazard US Short Duration Fixed Income Portfolio (UMNIX). 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 higher than UMNIX's 0.22% return. Over the past 10 years, LZSCX has outperformed UMNIX with an annualized return of 8.98%, while UMNIX has yielded a comparatively lower 1.76% 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%

UMNIX

• 1D: 0.00%
• 1M: -0.00%
• YTD: 0.22%
• 6M: 0.41%
• 1Y: 2.78%
• 3Y*: 3.80%
• 5Y*: 1.87%
• 10Y*: 1.76%

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

LZSCX vs. UMNIX - 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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	3.26%	1.09%	0.82%

Correlation

The correlation between LZSCX and UMNIX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.00
Correlation (All Time) Calculated using the full available price history since Mar 1, 2011	-0.05

The correlation between LZSCX and UMNIX shifts across timeframes, from -0.05 (all time) to 0.06 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LZSCX vs. UMNIX — 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

UMNIX

UMNIX Risk / Return Rank: 50
UMNIX Sharpe Ratio Rank: 36
UMNIX Sortino Ratio Rank: 53
UMNIX Omega Ratio Rank: 55
UMNIX Calmar Ratio Rank: 61
UMNIX Martin Ratio Rank: 47

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. UMNIX - 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 Lazard US Short Duration Fixed Income Portfolio (UMNIX). 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	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.75	-0.04
Sortino ratio: Return per unit of downside risk	2.42	3.08	-0.65
Omega ratio: Gain probability vs. loss probability	1.29	1.41	-0.12
Calmar ratio: Return relative to maximum drawdown	2.77	3.00	-0.23
Martin ratio: Return relative to average drawdown	10.42	9.84	+0.58
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. UMNIX - Sharpe Ratio Comparison

The current LZSCX Sharpe Ratio is 1.70, which is comparable to the UMNIX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of LZSCX and UMNIX, 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	UMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.75	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.96	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	1.14	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.01	-0.54

Drawdowns

LZSCX vs. UMNIX - Drawdown Comparison

The maximum LZSCX drawdown since its inception was -58.08%, which is greater than UMNIX's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for LZSCX and UMNIX.

Drawdown Indicators

	LZSCX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.08%	-4.13%	-53.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-1.04%	-11.45%
Max Drawdown (3Y) Largest decline over 3 years	-29.89%	-1.04%	-28.85%
Max Drawdown (5Y) Largest decline over 5 years	-29.89%	-4.00%	-25.89%
Max Drawdown (10Y) Largest decline over 10 years	-43.64%	-4.13%	-39.51%
Current Drawdown Current decline from peak	-0.80%	-0.38%	-0.42%
Average Drawdown Average peak-to-trough decline	-9.04%	-0.85%	-8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	0.32%	+2.99%

Volatility

LZSCX vs. UMNIX - Volatility Comparison

Lazard US Small-Mid Cap Equity Portfolio R6 (LZSCX) has a higher volatility of 5.55% compared to Lazard US Short Duration Fixed Income Portfolio (UMNIX) at 0.53%. This indicates that LZSCX's price experiences larger fluctuations and is considered to be riskier than UMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LZSCX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	0.53%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	1.15%	+13.61%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	1.78%	+18.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	1.96%	+20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	1.54%	+20.86%

LZSCX vs. UMNIX - Expense Ratio Comparison

LZSCX has a 0.94% expense ratio, which is higher than UMNIX's 0.40% expense ratio.

Dividends

LZSCX vs. UMNIX - Dividend Comparison

LZSCX's dividend yield for the trailing twelve months is around 4.26%, more than UMNIX's 2.96% 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%
UMNIX Lazard US Short Duration Fixed Income Portfolio	2.96%	3.94%	3.48%	2.70%	1.30%	0.16%	1.22%	2.48%	2.00%	1.53%	1.30%	1.06%

Frequently Asked Questions

Can I hold both LZSCX and UMNIX in my portfolio?

LZSCX and UMNIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZSCX or UMNIX?

LZSCX has higher volatility (5.55%) compared to UMNIX (0.53%). In terms of maximum drawdown, LZSCX dropped -58.08% vs UMNIX's -4.13%.

Which has better risk-adjusted returns?

UMNIX currently has the higher Sharpe Ratio (1.75 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.