BADEX vs. PZVEX

Last updated Jun 24, 2026

BADEX (BlackRock Defensive Advantage Emerging Markets Fund) and PZVEX (Pzena Emerging Markets Value Fund) are both Emerging Markets Diversified funds. Over the past 5 years, BADEX returned 7.86%/yr vs 10.55%/yr for PZVEX. A 0.71 correlation means they provide meaningful diversification when combined. BADEX charges 1.06%/yr vs 1.43%/yr for PZVEX.

Performance

BADEX vs. PZVEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and Pzena Emerging Markets Value Fund (PZVEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BADEX achieves a 20.76% return, which is significantly higher than PZVEX's 10.68% return.

BADEX

• 1D: -0.23%
• 1M: 5.59%
• YTD: 20.76%
• 6M: 20.76%
• 1Y: 29.71%
• 3Y*: 16.54%
• 5Y*: 7.86%
• 10Y*: —

PZVEX

• 1D: -0.59%
• 1M: -2.20%
• YTD: 10.68%
• 6M: 11.93%
• 1Y: 33.56%
• 3Y*: 18.79%
• 5Y*: 10.55%
• 10Y*: 11.89%

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

BADEX vs. PZVEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BADEX BlackRock Defensive Advantage Emerging Markets Fund	20.76%	13.95%	10.15%	11.67%	-11.34%	4.49%	2.32%
PZVEX Pzena Emerging Markets Value Fund	10.68%	35.06%	4.11%	20.32%	-6.03%	6.41%	3.25%

Correlation

The correlation between BADEX and PZVEX 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	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.71

The correlation between BADEX and PZVEX shifts across timeframes, from 0.58 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BADEX vs. PZVEX — Risk / Return Rank

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

BADEX

BADEX Risk / Return Rank: 82
BADEX Sharpe Ratio Rank: 87
BADEX Sortino Ratio Rank: 83
BADEX Omega Ratio Rank: 86
BADEX Calmar Ratio Rank: 79
BADEX Martin Ratio Rank: 74

PZVEX

PZVEX Risk / Return Rank: 54
PZVEX Sharpe Ratio Rank: 64
PZVEX Sortino Ratio Rank: 57
PZVEX Omega Ratio Rank: 59
PZVEX Calmar Ratio Rank: 51
PZVEX 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.

BADEX vs. PZVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Defensive Advantage Emerging Markets Fund (BADEX) and Pzena Emerging Markets Value Fund (PZVEX). 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.

	BADEX	PZVEX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.16	+0.46
Sortino ratio: Return per unit of downside risk	3.63	2.91	+0.72
Omega ratio: Gain probability vs. loss probability	1.55	1.39	+0.16
Calmar ratio: Return relative to maximum drawdown	3.41	2.62	+0.79
Martin ratio: Return relative to average drawdown	13.13	8.21	+4.92

BADEX vs. PZVEX - Sharpe Ratio Comparison

The current BADEX Sharpe Ratio is 2.62, which is comparable to the PZVEX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of BADEX and PZVEX, 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

BADEX vs. PZVEX - Drawdown Comparison

The maximum BADEX drawdown since its inception was -21.86%, smaller than the maximum PZVEX drawdown of -45.00%. Use the drawdown chart below to compare losses from any high point for BADEX and PZVEX.

Drawdown Indicators

	BADEX	PZVEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.86%	-45.00%	+23.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-12.80%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-10.29%	-16.52%	+6.23%
Max Drawdown (5Y) Largest decline over 5 years	-21.15%	-24.44%	+3.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.00%	—
Current Drawdown Current decline from peak	-0.23%	-7.60%	+7.37%
Average Drawdown Average peak-to-trough decline	-5.59%	-9.77%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	4.08%	-1.77%

Volatility

BADEX vs. PZVEX - Volatility Comparison

BlackRock Defensive Advantage Emerging Markets Fund (BADEX) has a higher volatility of 6.23% compared to Pzena Emerging Markets Value Fund (PZVEX) at 5.50%. This indicates that BADEX's price experiences larger fluctuations and is considered to be riskier than PZVEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BADEX	PZVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	5.50%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	10.48%	13.46%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	15.55%	-3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.50%	14.87%	-4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	15.36%	-4.77%

BADEX vs. PZVEX - Expense Ratio Comparison

BADEX has a 1.06% expense ratio, which is lower than PZVEX's 1.43% expense ratio.

Dividends

BADEX vs. PZVEX - Dividend Comparison

BADEX's dividend yield for the trailing twelve months is around 6.22%, more than PZVEX's 4.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BADEX BlackRock Defensive Advantage Emerging Markets Fund	6.22%	7.52%	2.27%	1.92%	2.43%	7.54%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
PZVEX Pzena Emerging Markets Value Fund	4.14%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%

Frequently Asked Questions

Can I hold both BADEX and PZVEX in my portfolio?

BADEX and PZVEX 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, BADEX or PZVEX?

BADEX has higher volatility (6.23%) compared to PZVEX (5.50%). In terms of maximum drawdown, BADEX dropped -21.86% vs PZVEX's -45.00%.

Which has better risk-adjusted returns?

BADEX currently has the higher Sharpe Ratio (2.62 vs 2.16), 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.