UMNIX vs. LZFIX

Last updated Jun 5, 2026

UMNIX (Lazard US Short Duration Fixed Income Portfolio) and LZFIX (Lazard Equity Franchise Portfolio) are both mutual funds - UMNIX is a Ultrashort Bond fund managed by Lazard, while LZFIX is a Large Cap Value Equities fund managed by Lazard. Over the past 5 years, UMNIX returned 1.87%/yr vs 1.57%/yr for LZFIX. At a 0.09 correlation, their price movements are largely independent. UMNIX charges 0.40%/yr vs 0.99%/yr for LZFIX.

Performance

UMNIX vs. LZFIX - 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 Equity Franchise Portfolio (LZFIX). 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 higher than LZFIX's -6.67% return.

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%

LZFIX

• 1D: -1.47%
• 1M: -1.90%
• YTD: -6.67%
• 6M: -4.28%
• 1Y: -14.45%
• 3Y*: 0.72%
• 5Y*: 1.57%
• 10Y*: —

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

UMNIX vs. LZFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	2.14%
LZFIX Lazard Equity Franchise Portfolio	-6.67%	4.09%	-3.09%	18.84%	-5.29%	22.88%	1.15%	9.25%

Correlation

The correlation between UMNIX and LZFIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 15, 2019	0.09

The correlation between UMNIX and LZFIX shifts across timeframes, from 0.09 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

UMNIX vs. LZFIX — Risk / Return Rank

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

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

LZFIX

LZFIX Risk / Return Rank: 1
LZFIX Sharpe Ratio Rank: 1
LZFIX Sortino Ratio Rank: 1
LZFIX Omega Ratio Rank: 1
LZFIX Calmar Ratio Rank: 1
LZFIX Martin Ratio Rank: 1

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. LZFIX - 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 Equity Franchise Portfolio (LZFIX). 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	LZFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-0.95	+2.70
Sortino ratio: Return per unit of downside risk	3.08	-1.24	+4.32
Omega ratio: Gain probability vs. loss probability	1.41	0.86	+0.55
Calmar ratio: Return relative to maximum drawdown	3.00	-0.66	+3.66
Martin ratio: Return relative to average drawdown	9.84	-1.19	+11.03
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. LZFIX - Sharpe Ratio Comparison

The current UMNIX Sharpe Ratio is 1.75, which is higher than the LZFIX Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of UMNIX and LZFIX, 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	LZFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	-0.95	+2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.09	+0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.25	+0.76

Drawdowns

UMNIX vs. LZFIX - Drawdown Comparison

The maximum UMNIX drawdown since its inception was -4.13%, smaller than the maximum LZFIX drawdown of -41.91%. Use the drawdown chart below to compare losses from any high point for UMNIX and LZFIX.

Drawdown Indicators

	UMNIX	LZFIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-41.91%	+37.78%
Max Drawdown (1Y) Largest decline over 1 year	-1.04%	-21.51%	+20.47%
Max Drawdown (3Y) Largest decline over 3 years	-1.04%	-21.51%	+20.47%
Max Drawdown (5Y) Largest decline over 5 years	-4.00%	-21.69%	+17.69%
Max Drawdown (10Y) Largest decline over 10 years	-4.13%	—	—
Current Drawdown Current decline from peak	-0.38%	-17.84%	+17.46%
Average Drawdown Average peak-to-trough decline	-0.85%	-6.99%	+6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	11.97%	-11.65%

Volatility

UMNIX vs. LZFIX - Volatility Comparison

The current volatility for Lazard US Short Duration Fixed Income Portfolio (UMNIX) is 0.53%, while Lazard Equity Franchise Portfolio (LZFIX) has a volatility of 5.20%. This indicates that UMNIX experiences smaller price fluctuations and is considered to be less risky than LZFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMNIX	LZFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	5.20%	-4.67%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	10.74%	-9.59%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	15.02%	-13.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.96%	17.79%	-15.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.54%	21.10%	-19.56%

UMNIX vs. LZFIX - Expense Ratio Comparison

UMNIX has a 0.40% expense ratio, which is lower than LZFIX's 0.99% expense ratio.

Dividends

UMNIX vs. LZFIX - Dividend Comparison

UMNIX's dividend yield for the trailing twelve months is around 2.96%, less than LZFIX's 22.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LZFIX Lazard Equity Franchise Portfolio	22.36%	20.87%	14.95%	8.68%	12.81%	15.59%	1.12%	5.78%	0.00%	0.00%	0.00%	0.00%
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 LZFIX in my portfolio?

UMNIX and LZFIX have a correlation of 0.24, 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 LZFIX?

LZFIX has higher volatility (5.20%) compared to UMNIX (0.53%). In terms of maximum drawdown, UMNIX dropped -4.13% vs LZFIX's -41.91%.

Which has better risk-adjusted returns?

UMNIX currently has the higher Sharpe Ratio (1.75 vs -0.95), 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.