PZIEX vs. NFFFX

Last updated Jun 25, 2026

PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and NFFFX (American Funds New World Fund) are both Emerging Markets Equities funds. Over the past 10 years, PZIEX returned 12.00%/yr vs 11.46%/yr for NFFFX. A 0.65 correlation means they provide meaningful diversification when combined. PZIEX charges 1.08%/yr vs 0.68%/yr for NFFFX.

Performance

PZIEX vs. NFFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and American Funds New World Fund (NFFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZIEX achieves a 8.41% return, which is significantly lower than NFFFX's 15.18% return. Both investments have delivered pretty close results over the past 10 years, with PZIEX having a 12.00% annualized return and NFFFX not far behind at 11.46%.

PZIEX

• 1D: -2.23%
• 1M: -4.32%
• YTD: 8.41%
• 6M: 9.26%
• 1Y: 28.88%
• 3Y*: 18.34%
• 5Y*: 10.34%
• 10Y*: 12.00%

NFFFX

• 1D: -3.01%
• 1M: 2.41%
• YTD: 15.18%
• 6M: 15.22%
• 1Y: 30.10%
• 3Y*: 18.59%
• 5Y*: 6.41%
• 10Y*: 11.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PZIEX vs. NFFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZIEX Pzena Emerging Markets Value Fund Institutional Class	8.41%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	29.98%
NFFFX American Funds New World Fund	15.18%	28.52%	6.78%	16.11%	-21.86%	4.98%	25.17%	27.89%	-12.08%	32.92%

Correlation

The correlation between PZIEX and NFFFX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.65

The correlation between PZIEX and NFFFX has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

PZIEX vs. NFFFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PZIEX

PZIEX Risk / Return Rank: 50
PZIEX Sharpe Ratio Rank: 58
PZIEX Sortino Ratio Rank: 52
PZIEX Omega Ratio Rank: 54
PZIEX Calmar Ratio Rank: 47
PZIEX Martin Ratio Rank: 38

NFFFX

NFFFX Risk / Return Rank: 54
NFFFX Sharpe Ratio Rank: 56
NFFFX Sortino Ratio Rank: 51
NFFFX Omega Ratio Rank: 60
NFFFX Calmar Ratio Rank: 49
NFFFX Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PZIEX vs. NFFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and American Funds New World Fund (NFFFX). 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	NFFFX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.00	-0.01
Sortino ratio: Return per unit of downside risk	2.69	2.71	-0.02
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.44	2.54	-0.09
Martin ratio: Return relative to average drawdown	7.62	10.13	-2.51

PZIEX vs. NFFFX - Sharpe Ratio Comparison

The current PZIEX Sharpe Ratio is 1.99, which is comparable to the NFFFX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of PZIEX and NFFFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PZIEX vs. NFFFX - Drawdown Comparison

The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum NFFFX drawdown of -50.17%. Use the drawdown chart below to compare losses from any high point for PZIEX and NFFFX.

Drawdown Indicators

	PZIEX	NFFFX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-50.17%	+5.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-13.01%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-15.05%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-33.48%	+9.26%
Max Drawdown (10Y) Largest decline over 10 years	-44.59%	-33.48%	-11.11%
Current Drawdown Current decline from peak	-9.52%	-3.01%	-6.51%
Average Drawdown Average peak-to-trough decline	-9.56%	-9.79%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	3.25%	+0.84%

Volatility

PZIEX vs. NFFFX - Volatility Comparison

The current volatility for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is 5.83%, while American Funds New World Fund (NFFFX) has a volatility of 8.23%. This indicates that PZIEX experiences smaller price fluctuations and is considered to be less risky than NFFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZIEX	NFFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	8.23%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	14.61%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	16.49%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	15.78%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	16.22%	-0.88%

PZIEX vs. NFFFX - Expense Ratio Comparison

PZIEX has a 1.08% expense ratio, which is higher than NFFFX's 0.68% expense ratio.

Dividends

PZIEX vs. NFFFX - Dividend Comparison

PZIEX's dividend yield for the trailing twelve months is around 4.43%, less than NFFFX's 5.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFFFX American Funds New World Fund	5.22%	6.01%	4.01%	2.78%	1.21%	7.23%	0.35%	3.95%	2.62%	2.17%	1.28%	0.94%
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.43%	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

Can I hold both PZIEX and NFFFX in my portfolio?

PZIEX and NFFFX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZIEX or NFFFX?

NFFFX has higher volatility (8.23%) compared to PZIEX (5.83%). In terms of maximum drawdown, PZIEX dropped -44.59% vs NFFFX's -50.17%.

Which has better risk-adjusted returns?

NFFFX currently has the higher Sharpe Ratio (2.00 vs 1.99), 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.