VEMRX vs. LZUSX

Last updated Jun 23, 2026

VEMRX (Vanguard Emerging Markets Index Fund Institutional Plus Shares) and LZUSX (Lazard US Equity Focus Portfolio) are both mutual funds - VEMRX is a Emerging Markets Equities fund managed by Vanguard, while LZUSX is a Large Cap Blend Equities fund managed by Lazard. Over the past 10 years, VEMRX returned 8.98%/yr vs 12.93%/yr for LZUSX. A 0.66 correlation means they provide meaningful diversification when combined. VEMRX charges 0.08%/yr vs 0.70%/yr for LZUSX.

Performance

VEMRX vs. LZUSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) and Lazard US Equity Focus Portfolio (LZUSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEMRX achieves a 13.18% return, which is significantly higher than LZUSX's 5.28% return. Over the past 10 years, VEMRX has underperformed LZUSX with an annualized return of 8.98%, while LZUSX has yielded a comparatively higher 12.93% annualized return.

VEMRX

• 1D: 1.50%
• 1M: 3.23%
• YTD: 13.18%
• 6M: 13.84%
• 1Y: 31.02%
• 3Y*: 16.80%
• 5Y*: 5.85%
• 10Y*: 8.98%

LZUSX

• 1D: 0.86%
• 1M: 0.11%
• YTD: 5.28%
• 6M: 4.84%
• 1Y: 20.74%
• 3Y*: 14.51%
• 5Y*: 9.15%
• 10Y*: 12.93%

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

VEMRX vs. LZUSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	13.18%	24.84%	11.40%	8.88%	-17.74%	0.92%	15.29%	20.39%	-14.55%	31.44%
LZUSX Lazard US Equity Focus Portfolio	5.28%	15.23%	14.20%	19.79%	-16.97%	27.40%	17.28%	31.71%	-3.36%	18.18%

Correlation

The correlation between VEMRX and LZUSX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.66

The correlation between VEMRX and LZUSX shifts across timeframes, from 0.54 (3 years) to 0.66 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VEMRX vs. LZUSX — Risk / Return Rank

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

VEMRX

VEMRX Risk / Return Rank: 53
VEMRX Sharpe Ratio Rank: 53
VEMRX Sortino Ratio Rank: 50
VEMRX Omega Ratio Rank: 53
VEMRX Calmar Ratio Rank: 55
VEMRX Martin Ratio Rank: 51

LZUSX

LZUSX Risk / Return Rank: 39
LZUSX Sharpe Ratio Rank: 42
LZUSX Sortino Ratio Rank: 40
LZUSX Omega Ratio Rank: 38
LZUSX Calmar Ratio Rank: 32
LZUSX Martin Ratio Rank: 40

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.

VEMRX vs. LZUSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) and Lazard US Equity Focus Portfolio (LZUSX). 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.

	VEMRX	LZUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.77	+0.21
Sortino ratio: Return per unit of downside risk	2.73	2.46	+0.27
Omega ratio: Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	2.71	2.02	+0.69
Martin ratio: Return relative to average drawdown	9.89	8.19	+1.70

VEMRX vs. LZUSX - Sharpe Ratio Comparison

The current VEMRX Sharpe Ratio is 1.98, which is comparable to the LZUSX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VEMRX and LZUSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEMRX vs. LZUSX - Drawdown Comparison

The maximum VEMRX drawdown since its inception was -36.01%, smaller than the maximum LZUSX drawdown of -55.40%. Use the drawdown chart below to compare losses from any high point for VEMRX and LZUSX.

Drawdown Indicators

	VEMRX	LZUSX	Difference
Max Drawdown Largest peak-to-trough decline	-36.01%	-55.40%	+19.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-10.07%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-15.74%	-19.18%	+3.44%
Max Drawdown (5Y) Largest decline over 5 years	-32.41%	-23.05%	-9.36%
Max Drawdown (10Y) Largest decline over 10 years	-36.01%	-35.12%	-0.89%
Current Drawdown Current decline from peak	-0.73%	-1.07%	+0.34%
Average Drawdown Average peak-to-trough decline	-12.79%	-7.83%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.48%	+0.55%

Volatility

VEMRX vs. LZUSX - Volatility Comparison

Vanguard Emerging Markets Index Fund Institutional Plus Shares (VEMRX) has a higher volatility of 6.11% compared to Lazard US Equity Focus Portfolio (LZUSX) at 3.96%. This indicates that VEMRX's price experiences larger fluctuations and is considered to be riskier than LZUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEMRX	LZUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	3.96%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	8.85%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	11.52%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.52%	16.48%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	17.71%	-1.21%

VEMRX vs. LZUSX - Expense Ratio Comparison

VEMRX has a 0.08% expense ratio, which is lower than LZUSX's 0.70% expense ratio.

Dividends

VEMRX vs. LZUSX - Dividend Comparison

VEMRX's dividend yield for the trailing twelve months is around 2.28%, less than LZUSX's 13.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LZUSX Lazard US Equity Focus Portfolio	13.12%	13.81%	6.61%	1.09%	2.77%	5.78%	5.28%	11.94%	17.57%	10.34%	3.41%	7.83%
VEMRX Vanguard Emerging Markets Index Fund Institutional Plus Shares	2.28%	2.79%	3.19%	3.53%	4.11%	2.63%	1.92%	3.26%	2.92%	2.35%	2.56%	3.31%

Frequently Asked Questions

Can I hold both VEMRX and LZUSX in my portfolio?

VEMRX and LZUSX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEMRX or LZUSX?

VEMRX has higher volatility (6.11%) compared to LZUSX (3.96%). In terms of maximum drawdown, VEMRX dropped -36.01% vs LZUSX's -55.40%.

Which has better risk-adjusted returns?

VEMRX currently has the higher Sharpe Ratio (1.98 vs 1.77), 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.