PZIEX vs. ESCIX
PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and ESCIX (Ashmore Emerging Markets Small Cap Equity Fund) are both Emerging Markets Equities funds. Over the past 10 years, PZIEX returned 11.00%/yr vs 9.13%/yr for ESCIX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PZIEX charges 1.08%/yr vs 1.52%/yr for ESCIX.
Performance
PZIEX vs. ESCIX - Performance Comparison
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Returns By Period
In the year-to-date period, PZIEX achieves a 11.34% return, which is significantly higher than ESCIX's 8.91% return. Over the past 10 years, PZIEX has outperformed ESCIX with an annualized return of 11.00%, while ESCIX has yielded a comparatively lower 9.13% annualized return.
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%
ESCIX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.50%
- YTD
- 8.91%
- 1Y
- 23.63%
- 3Y*
- 13.53%
- 5Y*
- 4.21%
- 10Y*
- 9.13%
- ALL TIME*
- 6.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PZIEX vs. ESCIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ESCIX Ashmore Emerging Markets Small Cap Equity Fund | 8.91% | 26.07% | 3.55% | 19.64% | -24.45% | 11.93% | 43.41% | 15.24% | -22.01% | 28.57% |
Correlation
The correlation between PZIEX and ESCIX 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. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.62 |
Over the past year, the correlation between PZIEX and ESCIX has dropped to 0.33 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
PZIEX vs. ESCIX — Risk / Return Rank
PZIEX
ESCIX
PZIEX vs. ESCIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Ashmore Emerging Markets Small Cap Equity Fund (ESCIX). 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 | ESCIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.53 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 3.92 | -1.96 |
| Martin ratioReturn relative to average drawdown | 5.16 | 17.72 | -12.56 |
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Drawdowns
PZIEX vs. ESCIX - Drawdown Comparison
The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum ESCIX drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for PZIEX and ESCIX.
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Drawdown Indicators
| PZIEX | ESCIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -48.76% | +4.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -5.70% | -7.09% |
Max Drawdown (3Y)Largest decline over 3 years | -16.40% | -19.97% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -36.59% | +12.37% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | -48.76% | +4.17% |
Current DrawdownCurrent decline from peak | -7.07% | -0.74% | -6.33% |
Average DrawdownAverage peak-to-trough decline | -9.54% | -13.21% | +3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 1.49% | +3.37% |
Volatility
PZIEX vs. ESCIX - Volatility Comparison
Pzena Emerging Markets Value Fund Institutional Class (PZIEX) has a higher volatility of 4.14% compared to Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) at 0.00%. This indicates that PZIEX's price experiences larger fluctuations and is considered to be riskier than ESCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZIEX | ESCIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 0.00% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.76% | 5.66% | +8.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 10.28% | +5.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.92% | 15.57% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.33% | 17.48% | -2.15% |
PZIEX vs. ESCIX - Expense Ratio Comparison
PZIEX has a 1.08% expense ratio, which is lower than ESCIX's 1.52% expense ratio.
Dividends
PZIEX vs. ESCIX - Dividend Comparison
PZIEX's dividend yield for the trailing twelve months is around 4.32%, more than ESCIX's 0.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESCIX Ashmore Emerging Markets Small Cap Equity Fund | 0.42% | 0.91% | 0.00% | 0.56% | 0.60% | 0.00% | 0.00% | 0.13% | 0.11% | 1.66% | 1.16% | 0.00% |
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
PZIEX and ESCIX 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.
PZIEX has higher volatility (4.14%) compared to ESCIX (0.00%). In terms of maximum drawdown, PZIEX dropped -44.59% vs ESCIX's -48.76%.
ESCIX currently has the higher Sharpe Ratio (2.17 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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