LZUSX vs. UMNIX

Last updated Jun 5, 2026

LZUSX (Lazard US Equity Focus Portfolio) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both mutual funds - LZUSX is a Large Cap Blend Equities fund managed by Lazard, while UMNIX is a Ultrashort Bond fund managed by Lazard. Over the past 10 years, LZUSX returned 12.73%/yr vs 1.76%/yr for UMNIX. At a correlation of -0.04, they often move in opposite directions. LZUSX charges 0.70%/yr vs 0.40%/yr for UMNIX.

Performance

LZUSX vs. UMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Equity Focus Portfolio (LZUSX) 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, LZUSX achieves a 4.80% return, which is significantly higher than UMNIX's 0.22% return. Over the past 10 years, LZUSX has outperformed UMNIX with an annualized return of 12.73%, while UMNIX has yielded a comparatively lower 1.76% annualized return.

LZUSX

• 1D: -0.85%
• 1M: 1.04%
• YTD: 4.80%
• 6M: 5.09%
• 1Y: 19.97%
• 3Y*: 15.06%
• 5Y*: 8.70%
• 10Y*: 12.73%

UMNIX

• 1D: 0.00%
• 1M: -0.00%
• YTD: 0.22%
• 6M: 0.52%
• 1Y: 2.56%
• 3Y*: 3.80%
• 5Y*: 1.87%
• 10Y*: 1.76%

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

LZUSX vs. UMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LZUSX Lazard US Equity Focus Portfolio	4.80%	15.23%	14.20%	19.79%	-16.97%	27.40%	17.28%	31.71%	-3.36%	18.18%
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 LZUSX and UMNIX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Mar 1, 2011	-0.04

The correlation between LZUSX and UMNIX shifts across timeframes, from -0.04 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LZUSX vs. UMNIX — Risk / Return Rank

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

LZUSX

LZUSX Risk / Return Rank: 36
LZUSX Sharpe Ratio Rank: 40
LZUSX Sortino Ratio Rank: 38
LZUSX Omega Ratio Rank: 36
LZUSX Calmar Ratio Rank: 30
LZUSX Martin Ratio Rank: 38

UMNIX

UMNIX Risk / Return Rank: 52
UMNIX Sharpe Ratio Rank: 38
UMNIX Sortino Ratio Rank: 55
UMNIX Omega Ratio Rank: 57
UMNIX Calmar Ratio Rank: 63
UMNIX Martin Ratio Rank: 49

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.

LZUSX vs. UMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Equity Focus Portfolio (LZUSX) 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.

	LZUSX	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.75	+0.07
Sortino ratio: Return per unit of downside risk	2.54	3.08	-0.54
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.09
Calmar ratio: Return relative to maximum drawdown	2.02	3.00	-0.98
Martin ratio: Return relative to average drawdown	8.20	9.84	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LZUSX vs. UMNIX - Sharpe Ratio Comparison

The current LZUSX Sharpe Ratio is 1.82, which is comparable to the UMNIX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of LZUSX 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

	LZUSX	UMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.75	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.96	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	1.14	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.01	-0.52

Drawdowns

LZUSX vs. UMNIX - Drawdown Comparison

The maximum LZUSX drawdown since its inception was -55.40%, which is greater than UMNIX's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for LZUSX and UMNIX.

Drawdown Indicators

	LZUSX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.40%	-4.13%	-51.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-1.04%	-9.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.18%	-1.04%	-18.14%
Max Drawdown (5Y) Largest decline over 5 years	-23.05%	-4.00%	-19.05%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-4.13%	-30.99%
Current Drawdown Current decline from peak	-1.36%	-0.38%	-0.98%
Average Drawdown Average peak-to-trough decline	-7.85%	-0.85%	-7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.32%	+2.16%

Volatility

LZUSX vs. UMNIX - Volatility Comparison

Lazard US Equity Focus Portfolio (LZUSX) has a higher volatility of 2.24% compared to Lazard US Short Duration Fixed Income Portfolio (UMNIX) at 0.53%. This indicates that LZUSX'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

	LZUSX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	0.53%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	1.15%	+7.12%
Volatility (1Y) Calculated over the trailing 1-year period	11.18%	1.78%	+9.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	1.96%	+14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	1.54%	+16.15%

LZUSX vs. UMNIX - Expense Ratio Comparison

LZUSX has a 0.70% expense ratio, which is higher than UMNIX's 0.40% expense ratio.

Dividends

LZUSX vs. UMNIX - Dividend Comparison

LZUSX's dividend yield for the trailing twelve months is around 13.18%, more than UMNIX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LZUSX Lazard US Equity Focus Portfolio	13.18%	13.81%	6.61%	1.09%	2.77%	5.78%	5.28%	11.94%	17.57%	10.34%	3.41%	7.83%
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 LZUSX and UMNIX in my portfolio?

LZUSX and UMNIX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LZUSX or UMNIX?

LZUSX has higher volatility (2.24%) compared to UMNIX (0.53%). In terms of maximum drawdown, LZUSX dropped -55.40% vs UMNIX's -4.13%.

Which has better risk-adjusted returns?

LZUSX currently has the higher Sharpe Ratio (1.82 vs 1.75), 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.