PZIEX vs. PZVIX
PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and PZVIX (Pzena International Small Cap Value Fund) are both mutual funds - PZIEX is a Emerging Markets Equities fund actively managed by Pzena, while PZVIX is a Foreign Small & Mid Cap Equities fund managed by Pzena. Over the past 5 years, PZIEX returned 11.78%/yr vs 11.80%/yr for PZVIX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PZIEX charges 1.08%/yr vs 1.45%/yr for PZVIX.
Performance
PZIEX vs. PZVIX - 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 PZVIX's 9.58% 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%
PZVIX
- 1D
- 0.48%
- 1M
- 6.78%
- 6M
- 4.42%
- YTD
- 9.58%
- 1Y
- 18.22%
- 3Y*
- 15.55%
- 5Y*
- 11.80%
- 10Y*
- —
- ALL TIME*
- 8.48%
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. PZVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PZIEX Pzena Emerging Markets Value Fund Institutional Class | 11.34% | 35.49% | 4.54% | 20.73% | -5.67% | 6.65% | 8.43% | 13.57% | -4.45% |
PZVIX Pzena International Small Cap Value Fund | 9.58% | 29.00% | 5.02% | 22.39% | -1.11% | 16.67% | -2.21% | 10.94% | -15.13% |
Correlation
The correlation between PZIEX and PZVIX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2018 | 0.64 |
The correlation between PZIEX and PZVIX shifts across timeframes, from 0.53 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PZIEX vs. PZVIX — Risk / Return Rank
PZIEX
PZVIX
PZIEX vs. PZVIX - 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 International Small Cap Value Fund (PZVIX). 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 | PZVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 1.14 | +0.82 |
| Martin ratioReturn relative to average drawdown | 5.16 | 3.16 | +2.00 |
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Drawdowns
PZIEX vs. PZVIX - Drawdown Comparison
The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum PZVIX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for PZIEX and PZVIX.
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Drawdown Indicators
| PZIEX | PZVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.59% | -56.15% | +11.56% |
Max Drawdown (1Y)Largest decline over 1 year | -12.79% | -14.59% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -16.40% | -15.97% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.22% | -25.35% | +1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -44.59% | — | — |
Current DrawdownCurrent decline from peak | -7.07% | 0.00% | -7.07% |
Average DrawdownAverage peak-to-trough decline | -9.54% | -9.93% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.86% | 5.26% | -0.40% |
Volatility
PZIEX vs. PZVIX - Volatility Comparison
Pzena Emerging Markets Value Fund Institutional Class (PZIEX) has a higher volatility of 4.14% compared to Pzena International Small Cap Value Fund (PZVIX) at 3.50%. This indicates that PZIEX's price experiences larger fluctuations and is considered to be riskier than PZVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZIEX | PZVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 3.50% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.76% | 11.86% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.96% | 14.29% | +1.67% |
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% | 18.32% | -2.99% |
PZIEX vs. PZVIX - Expense Ratio Comparison
PZIEX has a 1.08% expense ratio, which is lower than PZVIX's 1.45% expense ratio.
Dividends
PZIEX vs. PZVIX - Dividend Comparison
PZIEX's dividend yield for the trailing twelve months is around 4.32%, more than PZVIX's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PZVIX Pzena International Small Cap Value Fund | 2.39% | 2.62% | 10.86% | 4.15% | 4.57% | 0.83% | 1.11% | 2.01% | 2.03% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PZIEX and PZVIX have a correlation of 0.53, 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 PZVIX (3.50%). In terms of maximum drawdown, PZIEX dropped -44.59% vs PZVIX's -56.15%.
PZIEX currently has the higher Sharpe Ratio (1.57 vs 1.17), 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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