PZLV vs. DIVZ

Last updated Jul 17, 2026

PZLV (Pzena U.S. Large Cap Value ETF) and DIVZ (Opal Dividend Income ETF) are both Large Cap Value Equities funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. PZLV charges 0.60%/yr vs 0.65%/yr for DIVZ.

Performance

PZLV vs. DIVZ - Performance Comparison

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

Returns By Period

PZLV

• 1D: 1.69%
• 1M: 4.06%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIVZ

• 1D: 1.67%
• 1M: 1.88%
• 6M: 5.27%
• YTD: 7.55%
• 1Y: 12.27%
• 3Y*: 15.38%
• 5Y*: 10.05%
• 10Y*: —

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

PZLV vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)
PZLV Pzena U.S. Large Cap Value ETF	18.94%
DIVZ Opal Dividend Income ETF	4.38%

Correlation

The correlation between PZLV and DIVZ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 1, 2026	0.39

Return for Risk

PZLV vs. DIVZ — Risk / Return Rank

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

PZLV

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

DIVZ

DIVZ Risk / Return Rank: 44
DIVZ Sharpe Ratio Rank: 43
DIVZ Sortino Ratio Rank: 45
DIVZ Omega Ratio Rank: 40
DIVZ Calmar Ratio Rank: 52
DIVZ Martin Ratio Rank: 39

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.

PZLV vs. DIVZ - Risk-Adjusted Trends Comparison

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

	PZLV	DIVZ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.26	—
Sortino ratio: Return per unit of downside risk	—	1.88	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	2.11	—
Martin ratio: Return relative to average drawdown	—	4.90	—

Drawdowns

PZLV vs. DIVZ - Drawdown Comparison

The maximum PZLV drawdown since its inception was -2.81%, smaller than the maximum DIVZ drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for PZLV and DIVZ.

Drawdown Indicators

	PZLV	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.81%	-15.42%	+12.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.83%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Current Drawdown Current decline from peak	0.00%	-0.38%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.73%	-3.47%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.51%	—

Volatility

Volatility by Period

	PZLV	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	9.82%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	12.67%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.35%	12.57%	+1.78%

PZLV vs. DIVZ - Expense Ratio Comparison

PZLV has a 0.60% expense ratio, which is lower than DIVZ's 0.65% expense ratio.

Dividends

PZLV vs. DIVZ - Dividend Comparison

PZLV has not paid dividends to shareholders, while DIVZ's dividend yield for the trailing twelve months is around 2.51%.

Position	TTM	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	2.51%	2.60%	2.63%	3.66%	3.23%	3.83%
PZLV Pzena U.S. Large Cap Value ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZLV and DIVZ in my portfolio?

PZLV and DIVZ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PZLV or DIVZ?

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, PZLV or DIVZ?

PZLV is cheaper with a 0.60% expense ratio, compared with 0.65% for DIVZ.

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

DIVZ has the higher dividend yield at 2.51%, compared with 0.00% for PZLV.

What is the main difference between PZLV and DIVZ?

They also come from different issuers: Pzena and TrueShares. Their fees differ too: 0.60% for PZLV and 0.65% for DIVZ.