Lazard International Correlations

RLIEX Fund

USD 17.15 0.07 0.41%

The current 90-days correlation between Lazard International and Vanguard Total International is 0.96 (i.e., Almost no diversification). The correlation of Lazard International is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Lazard International Correlation With Market

Very weak diversification

The correlation between Lazard International Equity and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Lazard International Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Lazard International Equity. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Lazard Mutual Fund

0.85	OCMPX	Lazard International	Pair Corr
0.89	LZFOX	Lazard Equity Franchise	Pair Corr
0.62	LZEMX	Lazard Emerging Markets	Pair Corr
0.99	LZESX	Lazard International	Pair Corr
0.88	LZFIX	Lazard Equity Franchise	Pair Corr
1.0	LZIEX	Lazard International	Pair Corr
1.0	LZIOX	Lazard International	Pair Corr
0.94	LZISX	Lazard International	Pair Corr
0.63	LZOEX	Lazard Emerging Markets	Pair Corr
0.99	LZSIX	Lazard International	Pair Corr
0.94	LZSMX	Lazard International	Pair Corr
0.96	LISIX	Lazard International	Pair Corr
0.96	LISOX	Lazard International	Pair Corr
0.61	UMNOX	Lazard Short Duration	Pair Corr
0.85	RCMPX	Lazard International	Pair Corr
0.85	ICMPX	Lazard International	Pair Corr
0.73	IEAIX	Lazard International	Pair Corr
0.74	IEAOX	Lazard International	Pair Corr

Moving against Lazard Mutual Fund

0.38	LZCOX	Lazard Small Mid	Pair Corr
0.54	RUSRX	Lazard Systematic Small	Pair Corr
0.39	LZUSX	Lazard Strategic Equity	Pair Corr
0.38	LZSCX	Lazard Small Mid	Pair Corr
0.38	LZUOX	Lazard Strategic Equity	Pair Corr
0.65	CONOX	Lazard Funds	Pair Corr
0.65	CONIX	Columbia Global Tech	Pair Corr
0.54	LUSIX	Lazard Funds	Pair Corr
0.53	LUSOX	Lazard Funds	Pair Corr
0.38	LCAIX	Lazard Capital Allocator	Pair Corr
0.38	LCAOX	Lazard Capital Allocator	Pair Corr

Related Correlations Analysis

	VTIAX	VDVIX	VTMNX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID
VTIAX		0.91	0.91	0.19	-0.34	0.0	0.49	0.09	0.5	-0.42	VTIAX
VDVIX	0.91		1.0	0.47	-0.51	0.0	0.47	-0.18	0.15	-0.59	VDVIX
VTMNX	0.91	1.0		0.47	-0.5	0.0	0.48	-0.17	0.15	-0.58	VTMNX
444859BR2	0.19	0.47	0.47		-0.53	0.0	0.06	-0.54	-0.45	-0.53	444859BR2
SCRYY	-0.34	-0.51	-0.5	-0.53		0.0	0.14	0.48	0.34	0.73	SCRYY
AQUI	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AQUI
APAAX	0.49	0.47	0.48	0.06	0.14	0.0		0.49	0.25	-0.06	APAAX
LBHIX	0.09	-0.18	-0.17	-0.54	0.48	0.0	0.49		0.68	0.55	LBHIX
MSTSX	0.5	0.15	0.15	-0.45	0.34	0.0	0.25	0.68		0.42	MSTSX
ID	-0.42	-0.59	-0.58	-0.53	0.73	0.0	-0.06	0.55	0.42		ID
	VTIAX	VDVIX	VTMNX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

VTMNX	+ 1.0	VDVIX
VDVIX	+ 0.91	VTIAX
VTMNX	+ 0.91	VTIAX
ID	+ 0.73	SCRYY
MSTSX	+ 0.68	LBHIX
ID	+ 0.55	LBHIX

High negative correlations

ID	- 0.59	VDVIX
ID	- 0.58	VTMNX
LBHIX	- 0.54	444859BR2
ID	- 0.53	444859BR2
SCRYY	- 0.53	444859BR2
SCRYY	- 0.51	VDVIX

Risk-Adjusted Indicators

There is a big difference between Lazard Mutual Fund performing well and Lazard International Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Lazard International's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VTIAX	0.61	(0.11)	0.00	(0.13)	0.00	0.00	1.15	(1.59)	4.11
VDVIX	0.64	(0.14)	0.00	(0.17)	0.00	0.00	0.96	(1.52)	4.01
VTMNX	0.63	(0.14)	0.00	(0.18)	0.00	0.00	0.99	(1.55)	3.94
444859BR2	1.36	(0.08)	0.00	(0.21)	0.00	0.00	5.93	(5.79)	16.62
SCRYY	2.07	0.29	0.08	1.93	2.02	(2.85)	5.61	(4.09)	12.99
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
APAAX	0.14	0.02	(0.35)	(0.09)	0.15	(0.18)	0.31	(0.31)	1.13
LBHIX	0.12	0.01	(0.39)	0.51	0.00	(0.28)	0.24	(0.24)	0.96
MSTSX	0.49	(0.03)	(0.12)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
ID	3.91	0.70	0.13	1.00	4.02	(5.25)	7.89	(6.67)	20.54

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