CIVIX vs. PZRIX

Last updated Aug 4, 2026

CIVIX (Causeway International Value Instl) and PZRIX (PIMCO RAE Global ex-US Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, CIVIX returned 10.96%/yr vs 10.16%/yr for PZRIX. Their correlation of 0.86 means they have usually moved in the same direction. CIVIX charges 0.85%/yr vs 0.00%/yr for PZRIX.

Performance

CIVIX vs. PZRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway International Value Instl (CIVIX) and PIMCO RAE Global ex-US Fund (PZRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIVIX achieves a 10.89% return, which is significantly lower than PZRIX's 15.51% return. Over the past 10 years, CIVIX has outperformed PZRIX with an annualized return of 10.96%, while PZRIX has yielded a comparatively lower 10.16% annualized return.

CIVIX

• 1D: -0.57%
• 1M: 1.80%
• 6M: 5.46%
• YTD: 10.89%
• 1Y: 27.84%
• 3Y*: 18.63%
• 5Y*: 13.83%
• 10Y*: 10.96%
• ALL TIME*: 8.57%

PZRIX

• 1D: -0.61%
• 1M: 4.83%
• 6M: 6.72%
• YTD: 15.51%
• 1Y: 31.65%
• 3Y*: 18.48%
• 5Y*: 11.32%
• 10Y*: 10.16%
• ALL TIME*: 10.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CIVIX Causeway International Value Instl	$0.00	$0.00	$0.00
PZRIX PIMCO RAE Global ex-US Fund	$0.00	$0.00	$0.00

CIVIX vs. PZRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIVIX Causeway International Value Instl	10.89%	39.13%	3.73%	27.29%	-6.77%	9.12%	5.41%	20.11%	-18.62%	27.20%
PZRIX PIMCO RAE Global ex-US Fund	15.51%	34.05%	3.29%	19.31%	-9.11%	12.08%	1.74%	15.94%	-14.93%	26.00%

Correlation

The correlation between CIVIX and PZRIX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between CIVIX and PZRIX shifts across timeframes, from 0.70 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CIVIX vs. PZRIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CIVIX

CIVIX Risk / Return Rank: 48
CIVIX Sharpe Ratio Rank: 56
CIVIX Sortino Ratio Rank: 56
CIVIX Omega Ratio Rank: 55
CIVIX Calmar Ratio Rank: 37
CIVIX Martin Ratio Rank: 34

PZRIX

PZRIX Risk / Return Rank: 92
PZRIX Sharpe Ratio Rank: 96
PZRIX Sortino Ratio Rank: 93
PZRIX Omega Ratio Rank: 91
PZRIX Calmar Ratio Rank: 93
PZRIX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CIVIX vs. PZRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway International Value Instl (CIVIX) and PIMCO RAE Global ex-US Fund (PZRIX). 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.

	CIVIX	PZRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.72	-1.18
Sortino ratio: Return per unit of downside risk	2.21	3.69	-1.48
Omega ratio: Gain probability vs. loss probability	1.28	1.49	-0.21
Calmar ratio: Return relative to maximum drawdown	1.69	3.95	-2.26
Martin ratio: Return relative to average drawdown	5.45	11.98	-6.53

CIVIX vs. PZRIX - Sharpe Ratio Comparison

The current CIVIX Sharpe Ratio is 1.53, which is lower than the PZRIX Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of CIVIX and PZRIX, 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

CIVIX vs. PZRIX - Drawdown Comparison

The maximum CIVIX drawdown since its inception was -60.93%, which is greater than PZRIX's maximum drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for CIVIX and PZRIX.

Drawdown Indicators

	CIVIX	PZRIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.93%	-43.53%	-17.40%
Max Drawdown (1Y) Largest decline over 1 year	-16.19%	-8.18%	-8.01%
Max Drawdown (3Y) Largest decline over 3 years	-17.30%	-13.81%	-3.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-30.85%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-44.87%	-43.53%	-1.34%
Current Drawdown Current decline from peak	-0.57%	-0.61%	+0.04%
Average Drawdown Average peak-to-trough decline	-10.94%	-8.80%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	2.69%	+2.31%

Volatility

CIVIX vs. PZRIX - Volatility Comparison

Causeway International Value Instl (CIVIX) has a higher volatility of 5.31% compared to PIMCO RAE Global ex-US Fund (PZRIX) at 3.30%. This indicates that CIVIX's price experiences larger fluctuations and is considered to be riskier than PZRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIVIX	PZRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	3.30%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	15.42%	9.66%	+5.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	11.96%	+5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	15.72%	+2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	16.64%	+2.50%

CIVIX vs. PZRIX - Expense Ratio Comparison

CIVIX has a 0.85% expense ratio, which is higher than PZRIX's 0.00% expense ratio.

Dividends

CIVIX vs. PZRIX - Dividend Comparison

CIVIX's dividend yield for the trailing twelve months is around 8.77%, more than PZRIX's 5.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIVIX Causeway International Value Instl	8.77%	9.72%	9.25%	3.61%	1.78%	1.82%	1.37%	4.63%	3.55%	1.83%	1.96%	1.95%
PZRIX PIMCO RAE Global ex-US Fund	5.68%	6.56%	6.70%	9.19%	8.80%	11.99%	2.04%	6.32%	2.80%	4.13%	2.58%	0.00%

Frequently Asked Questions

Can I hold both CIVIX and PZRIX in my portfolio?

CIVIX and PZRIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIVIX or PZRIX?

CIVIX has higher volatility (5.31%) compared to PZRIX (3.30%). In terms of maximum drawdown, CIVIX dropped -60.93% vs PZRIX's -43.53%.

Which has better risk-adjusted returns?

PZRIX currently has the higher Sharpe Ratio (2.72 vs 1.53), 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.