PZIEX vs. DEMAX
Compare and contrast key facts about Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Nomura Emerging Markets Fund Class A (DEMAX).
PZIEX is an actively managed fund by Pzena. It was launched on Mar 31, 2014. DEMAX is an actively managed fund by Nomura. It was launched on Jun 10, 1996.
Performance
PZIEX vs. DEMAX - Performance Comparison
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PZIEX vs. DEMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.56% | 35.49% | 4.54% | 20.73% | -5.67% | 6.65% | 8.43% | 13.57% | -10.23% | 29.98% |
DEMAX Nomura Emerging Markets Fund Class A | 13.26% | 86.33% | 6.25% | 17.34% | -28.85% | -2.32% | 25.54% | 24.05% | -17.32% | 41.62% |
Returns By Period
In the year-to-date period, PZIEX achieves a 4.56% return, which is significantly lower than DEMAX's 13.26% return. Over the past 10 years, PZIEX has underperformed DEMAX with an annualized return of 11.43%, while DEMAX has yielded a comparatively higher 14.09% annualized return.
PZIEX
- 1D
- -1.41%
- 1M
- -11.82%
- YTD
- 4.56%
- 6M
- 10.95%
- 1Y
- 33.26%
- 3Y*
- 18.81%
- 5Y*
- 10.19%
- 10Y*
- 11.43%
DEMAX
- 1D
- 0.97%
- 1M
- -18.27%
- YTD
- 13.26%
- 6M
- 43.25%
- 1Y
- 104.18%
- 3Y*
- 34.89%
- 5Y*
- 12.22%
- 10Y*
- 14.09%
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PZIEX vs. DEMAX - Expense Ratio Comparison
PZIEX has a 1.08% expense ratio, which is lower than DEMAX's 1.42% expense ratio.
Return for Risk
PZIEX vs. DEMAX — Risk / Return Rank
PZIEX
DEMAX
PZIEX vs. DEMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Nomura Emerging Markets Fund Class A (DEMAX). 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.
| PZIEX | DEMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.07 | 3.10 | -1.03 |
Sortino ratioReturn per unit of downside risk | 2.52 | 3.27 | -0.75 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.50 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 2.40 | 4.78 | -2.38 |
Martin ratioReturn relative to average drawdown | 9.28 | 18.45 | -9.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PZIEX | DEMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.07 | 3.10 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.53 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.75 | 0.64 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.43 | +0.14 |
Correlation
The correlation between PZIEX and DEMAX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PZIEX vs. DEMAX - Dividend Comparison
PZIEX's dividend yield for the trailing twelve months is around 4.60%, less than DEMAX's 16.80% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.60% | 4.81% | 7.38% | 5.79% | 2.08% | 2.79% | 1.28% | 6.32% | 1.28% | 1.41% | 0.98% | 2.23% |
DEMAX Nomura Emerging Markets Fund Class A | 16.80% | 19.03% | 1.74% | 2.76% | 1.60% | 3.16% | 0.56% | 0.57% | 0.34% | 1.59% | 0.70% | 0.03% |
Drawdowns
PZIEX vs. DEMAX - Drawdown Comparison
The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum DEMAX drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for PZIEX and DEMAX.
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Drawdown Indicators
| PZIEX | DEMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -63.23% | +18.64% |
Max Drawdown (1Y)Largest decline over 1 year | -12.73% | -20.32% | +7.59% |
Max Drawdown (5Y)Largest decline over 5 years | -25.38% | -44.15% | +18.77% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | -46.51% | +1.92% |
Current DrawdownCurrent decline from peak | -12.73% | -19.55% | +6.82% |
Average DrawdownAverage peak-to-trough decline | -9.64% | -18.84% | +9.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 5.27% | -1.98% |
Volatility
PZIEX vs. DEMAX - Volatility Comparison
The current volatility for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is 7.69%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 19.13%. This indicates that PZIEX experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZIEX | DEMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.69% | 19.13% | -11.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.62% | 28.50% | -16.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.48% | 33.35% | -17.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.51% | 23.12% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.31% | 21.94% | -6.63% |