PZIEX vs. SFENX

Last updated Jun 24, 2026

PZIEX (Pzena Emerging Markets Value Fund Institutional Class) and SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. PZIEX is actively managed, while SFENX is passively managed. Over the past 10 years, PZIEX returned 12.25%/yr vs 11.13%/yr for SFENX. A 0.75 correlation means they provide meaningful diversification when combined. PZIEX charges 1.08%/yr vs 0.39%/yr for SFENX.

Performance

PZIEX vs. SFENX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZIEX achieves a 10.89% return, which is significantly lower than SFENX's 13.84% return. Over the past 10 years, PZIEX has outperformed SFENX with an annualized return of 12.25%, while SFENX has yielded a comparatively lower 11.13% annualized return.

PZIEX

• 1D: -0.53%
• 1M: -2.13%
• YTD: 10.89%
• 6M: 12.13%
• 1Y: 34.10%
• 3Y*: 19.23%
• 5Y*: 10.94%
• 10Y*: 12.25%

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

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

PZIEX vs. SFENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZIEX Pzena Emerging Markets Value Fund Institutional Class	10.89%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	29.98%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%

Correlation

The correlation between PZIEX and SFENX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.75

The correlation between PZIEX and SFENX shifts across timeframes, from 0.57 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZIEX vs. SFENX — Risk / Return Rank

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

PZIEX

PZIEX Risk / Return Rank: 56
PZIEX Sharpe Ratio Rank: 66
PZIEX Sortino Ratio Rank: 59
PZIEX Omega Ratio Rank: 61
PZIEX Calmar Ratio Rank: 53
PZIEX Martin Ratio Rank: 42

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

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. SFENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX). 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	SFENX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.41	-0.22
Sortino ratio: Return per unit of downside risk	2.95	3.24	-0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.66	3.52	-0.85
Martin ratio: Return relative to average drawdown	8.40	12.26	-3.86

PZIEX vs. SFENX - Sharpe Ratio Comparison

The current PZIEX Sharpe Ratio is 2.19, which is comparable to the SFENX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PZIEX and SFENX, 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. SFENX - Drawdown Comparison

The maximum PZIEX drawdown since its inception was -44.59%, smaller than the maximum SFENX drawdown of -47.19%. Use the drawdown chart below to compare losses from any high point for PZIEX and SFENX.

Drawdown Indicators

	PZIEX	SFENX	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-47.19%	+2.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.79%	-9.45%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-16.40%	-16.51%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-29.26%	+5.04%
Max Drawdown (10Y) Largest decline over 10 years	-44.59%	-39.59%	-5.00%
Current Drawdown Current decline from peak	-7.45%	-2.93%	-4.52%
Average Drawdown Average peak-to-trough decline	-9.56%	-12.86%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	2.71%	+1.34%

Volatility

PZIEX vs. SFENX - Volatility Comparison

Pzena Emerging Markets Value Fund Institutional Class (PZIEX) and Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) have volatilities of 5.49% and 5.29%, 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	SFENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	5.29%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	13.46%	11.50%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	13.82%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.87%	15.49%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.39%	16.89%	-1.50%

PZIEX vs. SFENX - Expense Ratio Comparison

PZIEX has a 1.08% expense ratio, which is higher than SFENX's 0.39% expense ratio.

Dividends

PZIEX vs. SFENX - Dividend Comparison

PZIEX's dividend yield for the trailing twelve months is around 4.33%, more than SFENX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.33%	4.81%	7.38%	5.79%	2.08%	2.79%	1.28%	6.32%	1.28%	1.41%	0.98%	2.23%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both PZIEX and SFENX in my portfolio?

PZIEX and SFENX have a correlation of 0.57, 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 SFENX?

PZIEX has higher volatility (5.49%) compared to SFENX (5.29%). In terms of maximum drawdown, PZIEX dropped -44.59% vs SFENX's -47.19%.

Which has better risk-adjusted returns?

SFENX currently has the higher Sharpe Ratio (2.41 vs 2.19), 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.