KF vs. PZIEX
KF (The Korea Fund Inc) and PZIEX (Pzena Emerging Markets Value Fund Institutional Class) are both Emerging Markets Equities funds. Over the past 10 years, KF returned 12.77%/yr vs 11.00%/yr for PZIEX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. KF charges 0.01%/yr vs 1.08%/yr for PZIEX.
Performance
KF vs. PZIEX - Performance Comparison
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Returns By Period
In the year-to-date period, KF achieves a 52.92% return, which is significantly higher than PZIEX's 11.34% return. Over the past 10 years, KF has outperformed PZIEX with an annualized return of 12.77%, while PZIEX has yielded a comparatively lower 11.00% annualized return.
KF
- 1D
- -2.46%
- 1M
- -18.91%
- 6M
- 19.78%
- YTD
- 52.92%
- 1Y
- 109.71%
- 3Y*
- 33.59%
- 5Y*
- 13.63%
- 10Y*
- 12.77%
- ALL TIME*
- 7.03%
PZIEX
- 1D
- 0.35%
- 1M
- 2.58%
- 6M
- -1.10%
- YTD
- 11.34%
- 1Y
- 28.39%
- 3Y*
- 16.01%
- 5Y*
- 11.78%
- 10Y*
- 11.00%
- ALL TIME*
- 9.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $1.51M | $1.67M | |
| $0.00 | $0.00 | $0.00 |
KF vs. PZIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 52.92% | 99.36% | -19.29% | 12.34% | -30.02% | 8.44% | 37.14% | 6.83% | -19.26% | 42.50% |
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 KF and PZIEX is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.56 |
Over the past year, the correlation between KF and PZIEX has dropped to 0.33 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
KF vs. PZIEX — Risk / Return Rank
KF
PZIEX
KF vs. PZIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Korea Fund Inc (KF) 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.
| KF | PZIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.28 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.93 | 1.96 | +0.97 |
| Martin ratioReturn relative to average drawdown | 10.48 | 5.16 | +5.31 |
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Drawdowns
KF vs. PZIEX - Drawdown Comparison
The maximum KF drawdown since its inception was -85.25%, which is greater than PZIEX's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for KF and PZIEX.
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Drawdown Indicators
| KF | PZIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.25% | -44.59% | -40.66% |
Max Drawdown (1Y)Largest decline over 1 year | -35.19% | -12.79% | -22.40% |
Max Drawdown (3Y)Largest decline over 3 years | -35.19% | -16.40% | -18.79% |
Max Drawdown (5Y)Largest decline over 5 years | -46.83% | -24.22% | -22.61% |
Max Drawdown (10Y)Largest decline over 10 years | -52.91% | -44.59% | -8.32% |
Current DrawdownCurrent decline from peak | -30.62% | -7.07% | -23.55% |
Average DrawdownAverage peak-to-trough decline | -37.80% | -9.54% | -28.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.82% | 4.86% | +4.96% |
Volatility
KF vs. PZIEX - Volatility Comparison
The Korea Fund Inc (KF) has a higher volatility of 18.84% compared to Pzena Emerging Markets Value Fund Institutional Class (PZIEX) at 4.14%. This indicates that KF'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
| KF | PZIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.84% | 4.14% | +14.70% |
Volatility (6M)Calculated over the trailing 6-month period | 46.99% | 13.76% | +33.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.38% | 15.96% | +34.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.66% | 14.92% | +15.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.58% | 15.33% | +12.25% |
KF vs. PZIEX - Expense Ratio Comparison
KF has a 0.02% expense ratio, which is lower than PZIEX's 1.08% expense ratio.
Dividends
KF vs. PZIEX - Dividend Comparison
KF's dividend yield for the trailing twelve months is around 0.79%, less than PZIEX's 4.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KF The Korea Fund Inc | 0.79% | 1.20% | 2.46% | 0.00% | 15.93% | 26.50% | 1.30% | 0.24% | 18.67% | 9.75% | 1.03% | 13.66% |
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
KF and PZIEX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KF has higher volatility (18.84%) compared to PZIEX (4.14%). In terms of maximum drawdown, KF dropped -85.25% vs PZIEX's -44.59%.
KF currently has the higher Sharpe Ratio (2.05 vs 1.57), 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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