UMNIX vs. LCAIX

Last updated Jun 3, 2026

UMNIX (Lazard US Short Duration Fixed Income Portfolio) and LCAIX (Lazard Opportunistic Strategies Portfolio) are both mutual funds - UMNIX is a Ultrashort Bond fund managed by Lazard, while LCAIX is a Tactical Allocation fund managed by Lazard. Over the past 10 years, UMNIX returned 1.76%/yr vs 7.06%/yr for LCAIX. At a 0.00 correlation, their price movements are largely independent. UMNIX charges 0.40%/yr vs 1.02%/yr for LCAIX.

Performance

UMNIX vs. LCAIX - 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 Opportunistic Strategies Portfolio (LCAIX). 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 LCAIX's 8.19% return. Over the past 10 years, UMNIX has underperformed LCAIX with an annualized return of 1.76%, while LCAIX has yielded a comparatively higher 7.06% annualized return.

UMNIX

• 1D: 0.00%
• 1M: -0.10%
• YTD: 0.22%
• 6M: 0.41%
• 1Y: 2.67%
• 3Y*: 3.80%
• 5Y*: 1.87%
• 10Y*: 1.76%

LCAIX

• 1D: 0.18%
• 1M: 3.69%
• YTD: 8.19%
• 6M: 9.01%
• 1Y: 19.69%
• 3Y*: 14.02%
• 5Y*: 6.24%
• 10Y*: 7.06%

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

UMNIX vs. LCAIX - 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%
LCAIX Lazard Opportunistic Strategies Portfolio	8.19%	14.10%	11.73%	10.32%	-14.93%	12.99%	9.47%	15.16%	-12.77%	17.76%

Correlation

The correlation between UMNIX and LCAIX 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	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 1, 2011	0.00

The correlation between UMNIX and LCAIX shifts across timeframes, from 0.00 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UMNIX vs. LCAIX — 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: 54
UMNIX Omega Ratio Rank: 54
UMNIX Calmar Ratio Rank: 60
UMNIX Martin Ratio Rank: 47

LCAIX

LCAIX Risk / Return Rank: 52
LCAIX Sharpe Ratio Rank: 51
LCAIX Sortino Ratio Rank: 48
LCAIX Omega Ratio Rank: 49
LCAIX Calmar Ratio Rank: 55
LCAIX Martin Ratio Rank: 58

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. LCAIX - 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 Opportunistic Strategies Portfolio (LCAIX). 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	LCAIX	Difference
Sharpe ratio Return per unit of total volatility	1.75	2.10	-0.35
Sortino ratio Return per unit of downside risk	3.08	2.91	+0.17
Omega ratio Gain probability vs. loss probability	1.41	1.38	+0.03
Calmar ratio Return relative to maximum drawdown	2.99	2.84	+0.14
Martin ratio Return relative to average drawdown	9.81	11.59	-1.77
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. LCAIX - Sharpe Ratio Comparison

The current UMNIX Sharpe Ratio is 1.75, which is comparable to the LCAIX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of UMNIX and LCAIX, 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	LCAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.10	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.51	+0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	0.60	+0.55
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.38	+0.64

Drawdowns

UMNIX vs. LCAIX - Drawdown Comparison

The maximum UMNIX drawdown since its inception was -4.13%, smaller than the maximum LCAIX drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for UMNIX and LCAIX.

Drawdown Indicators

	UMNIX	LCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-40.62%	+36.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-7.12%	+6.08%
Max Drawdown (3Y) Largest decline over 3 years	-1.04%	-15.48%	+14.44%
Max Drawdown (5Y) Largest decline over 5 years	-4.00%	-19.17%	+15.17%
Max Drawdown (10Y) Largest decline over 10 years	-4.13%	-22.99%	+18.86%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.85%	-6.89%	+6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	1.75%	-1.43%

Volatility

UMNIX vs. LCAIX - Volatility Comparison

The current volatility for Lazard US Short Duration Fixed Income Portfolio (UMNIX) is 0.53%, while Lazard Opportunistic Strategies Portfolio (LCAIX) has a volatility of 2.95%. This indicates that UMNIX experiences smaller price fluctuations and is considered to be less risky than LCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMNIX	LCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	2.95%	-2.42%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	7.60%	-6.45%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	9.68%	-7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	12.40%	-10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.54%	11.89%	-10.35%

UMNIX vs. LCAIX - Expense Ratio Comparison

UMNIX has a 0.40% expense ratio, which is lower than LCAIX's 1.02% expense ratio.

Dividends

UMNIX vs. LCAIX - Dividend Comparison

UMNIX's dividend yield for the trailing twelve months is around 2.96%, less than LCAIX's 13.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCAIX Lazard Opportunistic Strategies Portfolio	13.47%	14.58%	10.24%	3.04%	3.64%	4.32%	2.11%	1.97%	6.02%	7.72%	1.67%	2.94%
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 LCAIX in my portfolio?

UMNIX and LCAIX 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 LCAIX?

LCAIX has higher volatility (2.95%) compared to UMNIX (0.53%). In terms of maximum drawdown, UMNIX dropped -4.13% vs LCAIX's -40.62%.

Which has better risk-adjusted returns?

LCAIX currently has the higher Sharpe Ratio (2.10 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.