PZIEX vs. PZVEX

Last updated Jun 4, 2026

PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and PZVEX (Pzena Emerging Markets Value Fund) are both mutual funds - PZIEX is a Emerging Markets Equities fund actively managed by Pzena, while PZVEX is a Emerging Markets Diversified fund managed by Pzena. Over the past 10 years, PZIEX returned 12.71%/yr vs 12.35%/yr for PZVEX. With a 1.00 correlation, they move nearly in lockstep. PZIEX charges 1.08%/yr vs 1.43%/yr for PZVEX.

Performance

PZIEX vs. PZVEX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PZIEX having a 17.08% return and PZVEX slightly lower at 16.97%. Both investments have delivered pretty close results over the past 10 years, with PZIEX having a 12.71% annualized return and PZVEX not far behind at 12.35%.

PZIEX

• 1D: 1.07%
• 1M: 3.10%
• YTD: 17.08%
• 6M: 18.53%
• 1Y: 44.08%
• 3Y*: 22.80%
• 5Y*: 11.54%
• 10Y*: 12.71%

PZVEX

• 1D: 1.13%
• 1M: 3.12%
• YTD: 16.97%
• 6M: 18.36%
• 1Y: 43.65%
• 3Y*: 22.38%
• 5Y*: 11.17%
• 10Y*: 12.35%

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

PZIEX vs. PZVEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZIEX Pzena Emerging Markets Value Fund Institutional Class	17.08%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	29.98%
PZVEX Pzena Emerging Markets Value Fund	16.97%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%

Correlation

The correlation between PZIEX and PZVEX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	1.00

The correlation between PZIEX and PZVEX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

PZIEX vs. PZVEX — Risk / Return Rank

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

PZIEX

PZIEX Risk / Return Rank: 79
PZIEX Sharpe Ratio Rank: 91
PZIEX Sortino Ratio Rank: 84
PZIEX Omega Ratio Rank: 83
PZIEX Calmar Ratio Rank: 78
PZIEX Martin Ratio Rank: 60

PZVEX

PZVEX Risk / Return Rank: 78
PZVEX Sharpe Ratio Rank: 90
PZVEX Sortino Ratio Rank: 83
PZVEX Omega Ratio Rank: 82
PZVEX Calmar Ratio Rank: 77
PZVEX Martin Ratio Rank: 58

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. PZVEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Pzena Emerging Markets Value Fund (PZVEX). 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	PZVEX	Difference
Sharpe ratio Return per unit of total volatility	3.03	3.00	+0.03
Sortino ratio Return per unit of downside risk	3.97	3.93	+0.04
Omega ratio Gain probability vs. loss probability	1.55	1.55	0.00
Calmar ratio Return relative to maximum drawdown	3.53	3.48	+0.05
Martin ratio Return relative to average drawdown	11.84	11.63	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZIEX vs. PZVEX - Sharpe Ratio Comparison

The current PZIEX Sharpe Ratio is 3.03, which is comparable to the PZVEX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of PZIEX and PZVEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PZIEX	PZVEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	3.00	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.76	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.81	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.61	+0.02

Drawdowns

PZIEX vs. PZVEX - Drawdown Comparison

The maximum PZIEX drawdown since its inception was -44.59%, roughly equal to the maximum PZVEX drawdown of -45.00%. Use the drawdown chart below to compare losses from any high point for PZIEX and PZVEX.

Drawdown Indicators

	PZIEX	PZVEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-45.00%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-12.80%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-16.52%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.38%	-25.73%	+0.35%
Max Drawdown (10Y) Largest decline over 10 years	-44.59%	-45.00%	+0.41%
Current Drawdown Current decline from peak	-2.29%	-2.35%	+0.06%
Average Drawdown Average peak-to-trough decline	-9.58%	-9.79%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.82%	-0.02%

Volatility

PZIEX vs. PZVEX - Volatility Comparison

Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Pzena Emerging Markets Value Fund (PZVEX) have volatilities of 4.49% and 4.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZIEX	PZVEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.46%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	12.70%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	14.87%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	14.74%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	15.34%	+0.03%

PZIEX vs. PZVEX - Expense Ratio Comparison

PZIEX has a 1.08% expense ratio, which is lower than PZVEX's 1.43% expense ratio.

Dividends

PZIEX vs. PZVEX - Dividend Comparison

PZIEX's dividend yield for the trailing twelve months is around 4.10%, more than PZVEX's 3.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.10%	4.81%	7.38%	5.79%	2.08%	2.79%	1.28%	6.32%	1.28%	1.41%	0.98%	2.23%
PZVEX Pzena Emerging Markets Value Fund	3.92%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%

Frequently Asked Questions

Can I hold both PZIEX and PZVEX in my portfolio?

With a correlation of 1.00, PZIEX and PZVEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PZIEX or PZVEX?

PZIEX has higher volatility (4.49%) compared to PZVEX (4.46%). In terms of maximum drawdown, PZIEX dropped -44.59% vs PZVEX's -45.00%.

Which has better risk-adjusted returns?

PZIEX currently has the higher Sharpe Ratio (3.03 vs 3.00), 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.