PZIEX vs. PZVSX

Last updated Jun 3, 2026

PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and PZVSX (Pzena Small Cap Value Fund) are both mutual funds - PZIEX is a Emerging Markets Equities fund actively managed by Pzena, while PZVSX is a Small Cap Value Equities fund managed by Pzena. Over the past 5 years, PZIEX returned 11.25%/yr vs 5.16%/yr for PZVSX. At a 0.36 correlation, their price movements are largely independent. PZIEX charges 1.08%/yr vs 1.52%/yr for PZVSX.

Performance

PZIEX vs. PZVSX - 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 Small Cap Value Fund (PZVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZIEX achieves a 15.84% return, which is significantly higher than PZVSX's 14.33% return.

PZIEX

• 1D: 1.20%
• 1M: 3.31%
• YTD: 15.84%
• 6M: 17.57%
• 1Y: 43.33%
• 3Y*: 22.36%
• 5Y*: 11.25%
• 10Y*: 12.59%

PZVSX

• 1D: -0.07%
• 1M: 0.89%
• YTD: 14.33%
• 6M: 13.68%
• 1Y: 24.45%
• 3Y*: 11.00%
• 5Y*: 5.16%
• 10Y*: —

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

PZIEX vs. PZVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZIEX Pzena Emerging Markets Value Fund Institutional Class	15.84%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	28.79%
PZVSX Pzena Small Cap Value Fund	14.33%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	24.84%	-15.19%	2.10%

Correlation

The correlation between PZIEX and PZVSX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.36

The correlation between PZIEX and PZVSX shifts across timeframes, from 0.17 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZIEX vs. PZVSX — Risk / Return Rank

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

PZIEX

PZIEX Risk / Return Rank: 74
PZIEX Sharpe Ratio Rank: 88
PZIEX Sortino Ratio Rank: 80
PZIEX Omega Ratio Rank: 80
PZIEX Calmar Ratio Rank: 70
PZIEX Martin Ratio Rank: 53

PZVSX

PZVSX Risk / Return Rank: 14
PZVSX Sharpe Ratio Rank: 14
PZVSX Sortino Ratio Rank: 15
PZVSX Omega Ratio Rank: 13
PZVSX Calmar Ratio Rank: 16
PZVSX Martin Ratio Rank: 12

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. PZVSX - 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 Small Cap Value Fund (PZVSX). 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	PZVSX	Difference
Sharpe ratio Return per unit of total volatility	2.88	1.04	+1.85
Sortino ratio Return per unit of downside risk	3.81	1.64	+2.17
Omega ratio Gain probability vs. loss probability	1.52	1.19	+0.34
Calmar ratio Return relative to maximum drawdown	3.24	1.44	+1.80
Martin ratio Return relative to average drawdown	10.93	3.60	+7.33
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. PZVSX - Sharpe Ratio Comparison

The current PZIEX Sharpe Ratio is 2.88, which is higher than the PZVSX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of PZIEX and PZVSX, 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	PZVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.88	1.04	+1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.21	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.24	+0.38

Drawdowns

PZIEX vs. PZVSX - Drawdown Comparison

The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum PZVSX drawdown of -54.22%. Use the drawdown chart below to compare losses from any high point for PZIEX and PZVSX.

Drawdown Indicators

	PZIEX	PZVSX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-54.22%	+9.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-15.26%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-32.43%	+16.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.38%	-32.43%	+7.05%
Max Drawdown (10Y) Largest decline over 10 years	-44.59%	—	—
Current Drawdown Current decline from peak	-3.32%	-1.35%	-1.97%
Average Drawdown Average peak-to-trough decline	-9.58%	-10.50%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	6.13%	-2.33%

Volatility

PZIEX vs. PZVSX - Volatility Comparison

The current volatility for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) is 4.40%, while Pzena Small Cap Value Fund (PZVSX) has a volatility of 6.57%. This indicates that PZIEX experiences smaller price fluctuations and is considered to be less risky than PZVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZIEX	PZVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	6.57%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	14.58%	-1.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	22.28%	-7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	24.31%	-9.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	27.48%	-12.11%

PZIEX vs. PZVSX - Expense Ratio Comparison

PZIEX has a 1.08% expense ratio, which is lower than PZVSX's 1.52% expense ratio.

Dividends

PZIEX vs. PZVSX - Dividend Comparison

PZIEX's dividend yield for the trailing twelve months is around 4.15%, more than PZVSX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.15%	4.81%	7.38%	5.79%	2.08%	2.79%	1.28%	6.32%	1.28%	1.41%	0.98%	2.23%
PZVSX Pzena Small Cap Value Fund	2.04%	2.33%	7.03%	0.45%	17.31%	1.25%	1.39%	0.00%	4.56%	7.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZIEX and PZVSX in my portfolio?

PZIEX and PZVSX have a correlation of 0.17, 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 PZVSX?

PZVSX has higher volatility (6.57%) compared to PZIEX (4.40%). In terms of maximum drawdown, PZIEX dropped -44.59% vs PZVSX's -54.22%.

Which has better risk-adjusted returns?

PZIEX currently has the higher Sharpe Ratio (2.88 vs 1.04), 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.