PZIEX vs. EMXC
PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and EMXC (iShares MSCI Emerging Markets ex China ETF) are both Emerging Markets Equities funds. PZIEX is actively managed, while EMXC is passively managed. Over the past 5 years, PZIEX returned 10.94%/yr vs 12.43%/yr for EMXC. A 0.59 correlation means they provide meaningful diversification when combined. PZIEX charges 1.08%/yr vs 0.49%/yr for EMXC.
Performance
PZIEX vs. EMXC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PZIEX achieves a 10.89% return, which is significantly lower than EMXC's 37.89% return.
PZIEX
- 1D
- -0.53%
- 1M
- -2.13%
- YTD
- 10.89%
- 6M
- 12.13%
- 1Y
- 34.10%
- 3Y*
- 19.23%
- 5Y*
- 10.94%
- 10Y*
- 12.25%
EMXC
- 1D
- -6.44%
- 1M
- 4.83%
- YTD
- 37.89%
- 6M
- 39.80%
- 1Y
- 67.97%
- 3Y*
- 27.65%
- 5Y*
- 12.43%
- 10Y*
- —
PZIEX vs. EMXC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 10.89% | 35.49% | 4.54% | 20.73% | -5.67% | 6.65% | 8.43% | 13.57% | -10.23% | 4.08% |
EMXC iShares MSCI Emerging Markets ex China ETF | 37.89% | 35.14% | 2.68% | 18.96% | -19.56% | 8.54% | 12.76% | 15.80% | -12.96% | 7.16% |
Correlation
The correlation between PZIEX and EMXC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017 | 0.59 |
Over the past year, the correlation between PZIEX and EMXC has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PZIEX vs. EMXC — Risk / Return Rank
PZIEX
EMXC
PZIEX vs. EMXC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and iShares MSCI Emerging Markets ex China ETF (EMXC). 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.
| PZIEX | EMXC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.50 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 4.74 | -2.08 |
| Martin ratioReturn relative to average drawdown | 8.40 | 18.14 | -9.74 |
Loading charts...
Drawdowns
PZIEX vs. EMXC - Drawdown Comparison
The maximum PZIEX drawdown since its inception was -44.59%, roughly equal to the maximum EMXC drawdown of -42.81%. Use the drawdown chart below to compare losses from any high point for PZIEX and EMXC.
Loading charts...
Drawdown Indicators
| PZIEX | EMXC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -42.81% | -1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -14.41% | +1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -16.40% | -19.12% | +2.72% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -28.91% | +4.69% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | — | — |
Current DrawdownCurrent decline from peak | -7.45% | -6.44% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -10.15% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 3.76% | +0.29% |
Volatility
PZIEX vs. EMXC - Volatility Comparison
The current volatility for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is 5.49%, while iShares MSCI Emerging Markets ex China ETF (EMXC) has a volatility of 14.74%. This indicates that PZIEX experiences smaller price fluctuations and is considered to be less risky than EMXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PZIEX | EMXC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.49% | 14.74% | -9.25% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 23.44% | -9.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.56% | 25.27% | -9.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.87% | 18.40% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 20.25% | -4.86% |
PZIEX vs. EMXC - Expense Ratio Comparison
PZIEX has a 1.08% expense ratio, which is higher than EMXC's 0.49% expense ratio.
Dividends
PZIEX vs. EMXC - Dividend Comparison
PZIEX's dividend yield for the trailing twelve months is around 4.33%, more than EMXC's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMXC iShares MSCI Emerging Markets ex China ETF | 1.93% | 2.82% | 2.69% | 1.83% | 2.85% | 1.78% | 1.45% | 3.25% | 2.63% | 0.99% | 0.00% | 0.00% |
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 4.33% | 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
PZIEX and EMXC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMXC has higher volatility (14.74%) compared to PZIEX (5.49%). In terms of maximum drawdown, PZIEX dropped -44.59% vs EMXC's -42.81%.
EMXC currently has the higher Sharpe Ratio (2.70 vs 2.19), 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.
Find the right allocation for PZIEX and EMXC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer