IFN vs. PZIEX
IFN (The India Fund) and PZIEX (Pzena Emerging Markets Value Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 10 years, IFN returned 6.31%/yr vs 11.52%/yr for PZIEX. At a 0.40 correlation, their price movements are largely independent. IFN charges 0.01%/yr vs 1.08%/yr for PZIEX.
Performance
IFN vs. PZIEX - Performance Comparison
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Returns By Period
In the year-to-date period, IFN achieves a -10.47% return, which is significantly lower than PZIEX's 11.34% return. Over the past 10 years, IFN has underperformed PZIEX with an annualized return of 6.31%, while PZIEX has yielded a comparatively higher 11.52% annualized return.
IFN
- 1D
- -1.03%
- 1M
- 4.55%
- 6M
- -12.70%
- YTD
- -10.47%
- 1Y
- -16.38%
- 3Y*
- 0.09%
- 5Y*
- 1.37%
- 10Y*
- 6.31%
PZIEX
- 1D
- 1.24%
- 1M
- -1.61%
- 6M
- 7.42%
- YTD
- 11.34%
- 1Y
- 28.02%
- 3Y*
- 18.74%
- 5Y*
- 11.62%
- 10Y*
- 11.52%
IFN vs. PZIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IFN The India Fund | -10.47% | 0.42% | -2.26% | 36.48% | -15.85% | 22.31% | 12.25% | 11.27% | -5.33% | 37.15% |
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 11.34% | 35.49% | 4.54% | 20.73% | -5.67% | 6.65% | 8.43% | 13.57% | -10.23% | 29.98% |
Correlation
The correlation between IFN and PZIEX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.40 |
Over the past year, the correlation between IFN and PZIEX has dropped to 0.17 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
IFN vs. PZIEX — Risk / Return Rank
IFN
PZIEX
IFN vs. PZIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The India Fund (IFN) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX). 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.
| IFN | PZIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.22 | -2.90 |
| Martin ratioReturn relative to average drawdown | -1.43 | 6.21 | -7.65 |
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Drawdowns
IFN vs. PZIEX - Drawdown Comparison
The maximum IFN drawdown since its inception was -71.52%, which is greater than PZIEX's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for IFN and PZIEX.
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Drawdown Indicators
| IFN | PZIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.52% | -44.59% | -26.93% |
Max Drawdown (1Y)Largest decline over 1 year | -24.04% | -12.79% | -11.25% |
Max Drawdown (3Y)Largest decline over 3 years | -31.53% | -16.40% | -15.13% |
Max Drawdown (5Y)Largest decline over 5 years | -31.53% | -24.22% | -7.31% |
Max Drawdown (10Y)Largest decline over 10 years | -41.48% | -44.59% | +3.11% |
Current DrawdownCurrent decline from peak | -25.14% | -7.07% | -18.07% |
Average DrawdownAverage peak-to-trough decline | -25.88% | -9.55% | -16.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.45% | 4.55% | +6.90% |
Volatility
IFN vs. PZIEX - Volatility Comparison
The India Fund (IFN) has a higher volatility of 5.77% compared to Pzena Emerging Markets Value Fund Institutional Class (PZIEX) at 4.91%. This indicates that IFN's price experiences larger fluctuations and is considered to be riskier than PZIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IFN | PZIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 4.91% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 13.76% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 15.78% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 14.93% | +2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.88% | 15.32% | +3.56% |
IFN vs. PZIEX - Expense Ratio Comparison
IFN has a 0.01% expense ratio, which is lower than PZIEX's 1.08% expense ratio.
Dividends
IFN vs. PZIEX - Dividend Comparison
IFN's dividend yield for the trailing twelve months is around 18.95%, more than PZIEX's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFN The India Fund | 18.95% | 16.09% | 14.60% | 8.97% | 21.47% | 15.21% | 9.77% | 11.57% | 22.25% | 12.11% | 7.97% | 8.02% |
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.32% | 4.81% | 7.38% | 5.79% | 2.08% | 2.79% | 1.28% | 6.32% | 1.28% | 1.41% | 0.98% | 2.23% |
Frequently Asked Questions
IFN and PZIEX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFN has higher volatility (5.77%) compared to PZIEX (4.91%). In terms of maximum drawdown, IFN dropped -71.52% vs PZIEX's -44.59%.
PZIEX currently has the higher Sharpe Ratio (1.80 vs -0.97), 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.
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