UGSDX vs. UMNIX

Last updated Jun 26, 2026

UGSDX (U.S. Global Investors U.S. Government Ultra-Short Bond Fund) and UMNIX (Lazard US Short Duration Fixed Income Portfolio) are both Ultrashort Bond funds. At a 0.22 correlation, their price movements are largely independent. UGSDX charges 1.06%/yr vs 0.40%/yr for UMNIX.

Performance

UGSDX vs. UMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and Lazard US Short Duration Fixed Income Portfolio (UMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UGSDX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.32%
• 6M: 1.63%
• 1Y: 3.51%
• 3Y*: 3.95%
• 5Y*: 2.30%
• 10Y*: 1.57%

UMNIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UGSDX vs. UMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	1.32%	3.93%	4.31%	4.15%	-1.66%	-0.44%	0.32%	1.49%	1.18%	1.49%
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 UGSDX and UMNIX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 6, 2014	0.22

The correlation between UGSDX and UMNIX shifts across timeframes, from 0.17 (3 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UGSDX vs. UMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) 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.

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.

	UGSDX	UMNIX	Difference
Sharpe ratio: Return per unit of total volatility	3.60	—	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

Drawdowns

Drawdown Indicators

	UGSDX	UMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	—	—
Max Drawdown (1Y) Largest decline over 1 year	0.00%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-2.83%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.29%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	UGSDX	UMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.52%	—	—

UGSDX vs. UMNIX - Expense Ratio Comparison

UGSDX has a 1.06% expense ratio, which is higher than UMNIX's 0.40% expense ratio.

Dividends

UGSDX vs. UMNIX - Dividend Comparison

UGSDX's dividend yield for the trailing twelve months is around 3.45%, more than UMNIX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	3.45%	3.85%	4.23%	3.55%	0.87%	0.06%	0.32%	1.48%	1.17%	1.48%	0.44%	0.44%
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 UGSDX and UMNIX in my portfolio?

UGSDX and UMNIX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.