UMNIX vs. TRSTX

Last updated Jun 24, 2026

UMNIX (Lazard US Short Duration Fixed Income Portfolio) and TRSTX (T. Rowe Price Ultra Short-Term Bond Fund Class I) are both Ultrashort Bond funds. At a 0.32 correlation, their price movements are largely independent. UMNIX charges 0.40%/yr vs 0.20%/yr for TRSTX.

Performance

UMNIX vs. TRSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard US Short Duration Fixed Income Portfolio (UMNIX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

UMNIX

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

TRSTX

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.64%
• 6M: 2.04%
• 1Y: 4.70%
• 3Y*: 5.74%
• 5Y*: 3.59%
• 10Y*: —

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

UMNIX vs. TRSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UMNIX Lazard US Short Duration Fixed Income Portfolio	0.22%	5.02%	3.88%	3.53%	-2.72%	-0.44%	2.47%	3.26%	1.49%
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	1.64%	5.34%	6.41%	5.89%	-1.20%	0.29%	3.19%	3.65%	1.60%

Correlation

The correlation between UMNIX and TRSTX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Apr 30, 2018	0.32

Over the past year, the correlation between UMNIX and TRSTX has dropped to 0.08 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

UMNIX vs. TRSTX — Risk / Return Rank

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

UMNIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TRSTX

TRSTX Risk / Return Rank: 99
TRSTX Sharpe Ratio Rank: 96
TRSTX Sortino Ratio Rank: 99
TRSTX Omega Ratio Rank: 100
TRSTX Calmar Ratio Rank: 100
TRSTX Martin Ratio Rank: 99

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. TRSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard US Short Duration Fixed Income Portfolio (UMNIX) and T. Rowe Price Ultra Short-Term Bond Fund Class I (TRSTX). 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.

	UMNIX	TRSTX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.15	—
Sortino ratio: Return per unit of downside risk	—	9.73	—
Omega ratio: Gain probability vs. loss probability	—	4.91	—
Calmar ratio: Return relative to maximum drawdown	—	24.71	—
Martin ratio: Return relative to average drawdown	—	55.77	—

Drawdowns

Drawdown Indicators

	UMNIX	TRSTX	Difference
Max Drawdown Largest peak-to-trough decline	—	-4.34%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.20%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.58%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.30%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.09%	—

Volatility

Volatility by Period

	UMNIX	TRSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.65%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.62%	—

UMNIX vs. TRSTX - Expense Ratio Comparison

UMNIX has a 0.40% expense ratio, which is higher than TRSTX's 0.20% expense ratio.

Dividends

UMNIX vs. TRSTX - Dividend Comparison

UMNIX's dividend yield for the trailing twelve months is around 2.96%, less than TRSTX's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRSTX T. Rowe Price Ultra Short-Term Bond Fund Class I	4.59%	4.79%	5.19%	3.46%	1.61%	1.28%	1.94%	2.78%	1.98%	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 TRSTX in my portfolio?

UMNIX and TRSTX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.