MELIX vs. LZEMX

Last updated Jun 24, 2026

MELIX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio) and LZEMX (Lazard Emerging Markets Equity Portfolio) are both Emerging Markets Diversified funds. Over the past 10 years, MELIX returned 8.57%/yr vs 11.16%/yr for LZEMX. A 0.72 correlation means they provide meaningful diversification when combined. MELIX charges 1.15%/yr vs 1.06%/yr for LZEMX.

Performance

MELIX vs. LZEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) and Lazard Emerging Markets Equity Portfolio (LZEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MELIX achieves a 16.43% return, which is significantly lower than LZEMX's 25.47% return. Over the past 10 years, MELIX has underperformed LZEMX with an annualized return of 8.57%, while LZEMX has yielded a comparatively higher 11.16% annualized return.

MELIX

• 1D: 1.20%
• 1M: 7.41%
• YTD: 16.43%
• 6M: 16.78%
• 1Y: 22.99%
• 3Y*: 12.36%
• 5Y*: -1.22%
• 10Y*: 8.57%

LZEMX

• 1D: 0.10%
• 1M: 3.66%
• YTD: 25.47%
• 6M: 26.70%
• 1Y: 52.07%
• 3Y*: 27.62%
• 5Y*: 13.62%
• 10Y*: 11.16%

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

MELIX vs. LZEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	16.43%	10.61%	2.24%	12.17%	-33.49%	1.84%	59.43%	31.26%	-14.12%	26.01%
LZEMX Lazard Emerging Markets Equity Portfolio	25.47%	41.35%	7.60%	22.44%	-14.86%	5.37%	-0.07%	18.06%	-18.11%	28.02%

Correlation

The correlation between MELIX and LZEMX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.72

The correlation between MELIX and LZEMX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

MELIX vs. LZEMX — Risk / Return Rank

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

MELIX

MELIX Risk / Return Rank: 22
MELIX Sharpe Ratio Rank: 22
MELIX Sortino Ratio Rank: 21
MELIX Omega Ratio Rank: 24
MELIX Calmar Ratio Rank: 21
MELIX Martin Ratio Rank: 25

LZEMX

LZEMX Risk / Return Rank: 95
LZEMX Sharpe Ratio Rank: 98
LZEMX Sortino Ratio Rank: 95
LZEMX Omega Ratio Rank: 93
LZEMX Calmar Ratio Rank: 94
LZEMX Martin Ratio Rank: 93

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.

MELIX vs. LZEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) and Lazard Emerging Markets Equity Portfolio (LZEMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MELIX	LZEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	3.73	-2.51
Sortino ratio: Return per unit of downside risk	1.74	4.76	-3.02
Omega ratio: Gain probability vs. loss probability	1.23	1.69	-0.45
Calmar ratio: Return relative to maximum drawdown	1.55	5.04	-3.49
Martin ratio: Return relative to average drawdown	5.52	18.06	-12.54

MELIX vs. LZEMX - Sharpe Ratio Comparison

The current MELIX Sharpe Ratio is 1.22, which is lower than the LZEMX Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of MELIX and LZEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MELIX vs. LZEMX - Drawdown Comparison

The maximum MELIX drawdown since its inception was -46.84%, smaller than the maximum LZEMX drawdown of -60.08%. Use the drawdown chart below to compare losses from any high point for MELIX and LZEMX.

Drawdown Indicators

	MELIX	LZEMX	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-60.08%	+13.24%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-10.42%	-4.72%
Max Drawdown (3Y) Largest decline over 3 years	-21.85%	-14.27%	-7.58%
Max Drawdown (5Y) Largest decline over 5 years	-44.63%	-29.29%	-15.34%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-44.08%	-2.76%
Current Drawdown Current decline from peak	-15.79%	-1.17%	-14.62%
Average Drawdown Average peak-to-trough decline	-17.87%	-16.61%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	2.90%	+1.33%

Volatility

MELIX vs. LZEMX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) has a higher volatility of 8.80% compared to Lazard Emerging Markets Equity Portfolio (LZEMX) at 5.48%. This indicates that MELIX's price experiences larger fluctuations and is considered to be riskier than LZEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MELIX	LZEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	5.48%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	17.15%	11.82%	+5.33%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	14.09%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	14.44%	+5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	16.41%	+3.36%

MELIX vs. LZEMX - Expense Ratio Comparison

MELIX has a 1.15% expense ratio, which is higher than LZEMX's 1.06% expense ratio.

Dividends

MELIX vs. LZEMX - Dividend Comparison

MELIX has not paid dividends to shareholders, while LZEMX's dividend yield for the trailing twelve months is around 1.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LZEMX Lazard Emerging Markets Equity Portfolio	1.63%	2.05%	3.11%	3.76%	5.92%	4.89%	2.11%	2.45%	2.10%	1.99%	1.48%	2.14%
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	4.04%	6.90%	0.47%	0.97%	0.12%	1.30%

Frequently Asked Questions

Can I hold both MELIX and LZEMX in my portfolio?

MELIX and LZEMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MELIX or LZEMX?

MELIX has higher volatility (8.80%) compared to LZEMX (5.48%). In terms of maximum drawdown, MELIX dropped -46.84% vs LZEMX's -60.08%.

Which has better risk-adjusted returns?

LZEMX currently has the higher Sharpe Ratio (3.73 vs 1.22), 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.