PZLV vs. MDLV

Last updated Jun 5, 2026

PZLV (Pzena U.S. Large Cap Value ETF) and MDLV (Morgan Dempsey Large Cap Value ETF) are both Large Cap Value Equities funds. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. PZLV charges 0.60%/yr vs 0.58%/yr for MDLV.

Performance

PZLV vs. MDLV - Performance Comparison

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

Returns By Period

PZLV

• 1D: 1.34%
• 1M: 5.28%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MDLV

• 1D: 0.67%
• 1M: 2.12%
• YTD: 10.95%
• 6M: 11.88%
• 1Y: 21.29%
• 3Y*: 13.07%
• 5Y*: —
• 10Y*: —

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

PZLV vs. MDLV - Yearly Performance Comparison

	2026 (YTD)
PZLV Pzena U.S. Large Cap Value ETF	12.17%
MDLV Morgan Dempsey Large Cap Value ETF	3.83%

Correlation

The correlation between PZLV and MDLV is 0.44, 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 2, 2026	0.44

Return for Risk

PZLV vs. MDLV — Risk / Return Rank

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

MDLV

MDLV Risk / Return Rank: 80
MDLV Sharpe Ratio Rank: 77
MDLV Sortino Ratio Rank: 81
MDLV Omega Ratio Rank: 72
MDLV Calmar Ratio Rank: 88
MDLV Martin Ratio Rank: 81

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. MDLV - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	PZLV	MDLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.63	1.08	+5.55

Drawdowns

PZLV vs. MDLV - Drawdown Comparison

The maximum PZLV drawdown since its inception was -2.30%, smaller than the maximum MDLV drawdown of -10.71%. Use the drawdown chart below to compare losses from any high point for PZLV and MDLV.

Drawdown Indicators

	PZLV	MDLV	Difference
Max Drawdown Largest peak-to-trough decline	-2.30%	-10.71%	+8.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.27%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-10.71%	—
Current Drawdown Current decline from peak	0.00%	-0.42%	+0.42%
Average Drawdown Average peak-to-trough decline	-0.64%	-2.29%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.36%	—

Volatility

Volatility by Period

	PZLV	MDLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.20%	8.77%	+5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	10.51%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.20%	10.51%	+3.69%

PZLV vs. MDLV - Expense Ratio Comparison

PZLV has a 0.60% expense ratio, which is higher than MDLV's 0.58% expense ratio.

Dividends

PZLV vs. MDLV - Dividend Comparison

PZLV has not paid dividends to shareholders, while MDLV's dividend yield for the trailing twelve months is around 2.78%.

Position	TTM	2025	2024	2023
MDLV Morgan Dempsey Large Cap Value ETF	2.78%	3.00%	2.78%	2.35%
PZLV Pzena U.S. Large Cap Value ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZLV and MDLV in my portfolio?

PZLV and MDLV have a correlation of 0.44, 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 MDLV?

On fees, MDLV is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZLV or MDLV?

MDLV is cheaper with a 0.58% expense ratio, compared with 0.60% for PZLV.

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

MDLV has the higher dividend yield at 2.78%, compared with 0.00% for PZLV.

What is the main difference between PZLV and MDLV?

They also come from different issuers: Pzena and Morgan Dempsey. Their fees differ too: 0.60% for PZLV and 0.58% for MDLV.