PZIV vs. PZLV

Last updated Jul 16, 2026

PZIV (Pzena International Value ETF) and PZLV (Pzena U.S. Large Cap Value ETF) are both exchange-traded funds - PZIV is a Foreign Large Cap Equities fund actively managed by Pzena, while PZLV is a Large Cap Value Equities fund actively managed by Pzena. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. PZIV charges 0.70%/yr vs 0.60%/yr for PZLV.

Performance

PZIV vs. PZLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena International Value ETF (PZIV) and Pzena U.S. Large Cap Value ETF (PZLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PZIV

• 1D: 0.66%
• 1M: 2.02%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PZLV

• 1D: 1.13%
• 1M: 1.82%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZIV vs. PZLV - Yearly Performance Comparison

	2026 (YTD)
PZIV Pzena International Value ETF	13.24%
PZLV Pzena U.S. Large Cap Value ETF	16.96%

Correlation

The correlation between PZIV and PZLV is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 1, 2026	0.53

Return for Risk

PZIV vs. PZLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena International Value ETF (PZIV) and Pzena U.S. Large Cap Value ETF (PZLV). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

PZIV vs. PZLV - Drawdown Comparison

The maximum PZIV drawdown since its inception was -3.74%, which is greater than PZLV's maximum drawdown of -2.81%. Use the drawdown chart below to compare losses from any high point for PZIV and PZLV.

Drawdown Indicators

	PZIV	PZLV	Difference
Max Drawdown Largest peak-to-trough decline	-3.74%	-2.81%	-0.93%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.94%	-0.74%	-0.20%

Volatility

Volatility by Period

	PZIV	PZLV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.34%	14.19%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	14.19%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	14.19%	+1.15%

PZIV vs. PZLV - Expense Ratio Comparison

PZIV has a 0.70% expense ratio, which is higher than PZLV's 0.60% expense ratio.

Dividends

PZIV vs. PZLV - Dividend Comparison

Neither PZIV nor PZLV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PZIV and PZLV in my portfolio?

PZIV and PZLV 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.

Which ETF is better, PZIV or PZLV?

On fees, PZLV is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZIV or PZLV?

PZLV is cheaper with a 0.60% expense ratio, compared with 0.70% for PZIV.

Which ETF pays a higher dividend yield, PZIV or PZLV?

PZIV and PZLV have nearly identical dividend yields, around 0.00%.

What is the main difference between PZIV and PZLV?

PZIV is categorized as Foreign Large Cap Equities, while PZLV is Large Cap Value Equities. Their fees differ too: 0.70% for PZIV and 0.60% for PZLV.