UMNIX vs. GLIFX

Last updated Jun 4, 2026

UMNIX (Lazard US Short Duration Fixed Income Portfolio) and GLIFX (Lazard Global Listed Infrastructure Portfolio Institutional Shares) are both mutual funds - UMNIX is a Ultrashort Bond fund managed by Lazard, while GLIFX is a Global Equities fund managed by Lazard. Over the past 10 years, UMNIX returned 1.76%/yr vs 10.23%/yr for GLIFX. At a 0.01 correlation, their price movements are largely independent. UMNIX charges 0.40%/yr vs 0.97%/yr for GLIFX.

Performance

UMNIX vs. GLIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Short Duration Fixed Income Portfolio (UMNIX) and Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMNIX achieves a 0.22% return, which is significantly lower than GLIFX's 7.33% return. Over the past 10 years, UMNIX has underperformed GLIFX with an annualized return of 1.76%, while GLIFX has yielded a comparatively higher 10.23% annualized return.

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%

GLIFX

• 1D: -0.51%
• 1M: -1.97%
• YTD: 7.33%
• 6M: 7.56%
• 1Y: 15.45%
• 3Y*: 13.91%
• 5Y*: 11.29%
• 10Y*: 10.23%

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

UMNIX vs. GLIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	7.33%	23.85%	6.71%	10.89%	-1.33%	19.91%	-4.51%	22.27%	-3.82%	20.77%

Correlation

The correlation between UMNIX and GLIFX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 1, 2011	0.01

The correlation between UMNIX and GLIFX shifts across timeframes, from 0.01 (all time) to 0.20 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

UMNIX vs. GLIFX — Risk / Return Rank

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

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

GLIFX

GLIFX Risk / Return Rank: 24
GLIFX Sharpe Ratio Rank: 26
GLIFX Sortino Ratio Rank: 23
GLIFX Omega Ratio Rank: 27
GLIFX Calmar Ratio Rank: 22
GLIFX Martin Ratio Rank: 23

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.

UMNIX vs. GLIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Short Duration Fixed Income Portfolio (UMNIX) and Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX). 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.

	UMNIX	GLIFX	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.46	+0.29
Sortino ratio Return per unit of downside risk	3.08	1.98	+1.09
Omega ratio Gain probability vs. loss probability	1.41	1.27	+0.14
Calmar ratio Return relative to maximum drawdown	3.00	1.74	+1.26
Martin ratio Return relative to average drawdown	9.84	5.88	+3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMNIX vs. GLIFX - Sharpe Ratio Comparison

The current UMNIX Sharpe Ratio is 1.75, which is comparable to the GLIFX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of UMNIX and GLIFX, 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

	UMNIX	GLIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.46	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.03	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	0.77	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.84	+0.17

Drawdowns

UMNIX vs. GLIFX - Drawdown Comparison

The maximum UMNIX drawdown since its inception was -4.13%, smaller than the maximum GLIFX drawdown of -29.65%. Use the drawdown chart below to compare losses from any high point for UMNIX and GLIFX.

Drawdown Indicators

	UMNIX	GLIFX	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-29.65%	+25.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-9.00%	+7.96%
Max Drawdown (3Y) Largest decline over 3 years	-1.04%	-10.02%	+8.98%
Max Drawdown (5Y) Largest decline over 5 years	-4.00%	-17.15%	+13.15%
Max Drawdown (10Y) Largest decline over 10 years	-4.13%	-29.65%	+25.52%
Current Drawdown Current decline from peak	-0.38%	-5.79%	+5.41%
Average Drawdown Average peak-to-trough decline	-0.85%	-3.36%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	2.66%	-2.34%

Volatility

UMNIX vs. GLIFX - Volatility Comparison

The current volatility for Lazard US Short Duration Fixed Income Portfolio (UMNIX) is 0.53%, while Lazard Global Listed Infrastructure Portfolio Institutional Shares (GLIFX) has a volatility of 4.53%. This indicates that UMNIX experiences smaller price fluctuations and is considered to be less risky than GLIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMNIX	GLIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	4.53%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	9.30%	-8.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	10.72%	-8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	10.99%	-9.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.54%	13.33%	-11.79%

UMNIX vs. GLIFX - Expense Ratio Comparison

UMNIX has a 0.40% expense ratio, which is lower than GLIFX's 0.97% expense ratio.

Dividends

UMNIX vs. GLIFX - Dividend Comparison

UMNIX's dividend yield for the trailing twelve months is around 2.96%, less than GLIFX's 6.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLIFX Lazard Global Listed Infrastructure Portfolio Institutional Shares	6.29%	6.22%	4.26%	2.95%	14.81%	6.21%	2.59%	4.44%	14.29%	6.94%	1.91%	11.33%
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 UMNIX and GLIFX in my portfolio?

UMNIX and GLIFX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMNIX or GLIFX?

GLIFX has higher volatility (4.53%) compared to UMNIX (0.53%). In terms of maximum drawdown, UMNIX dropped -4.13% vs GLIFX's -29.65%.

Which has better risk-adjusted returns?

UMNIX currently has the higher Sharpe Ratio (1.75 vs 1.46), 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.