PZLV vs. SPYV

Last updated Jun 25, 2026

PZLV (Pzena U.S. Large Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - PZLV is a Large Cap Value Equities fund actively managed by Pzena, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. PZLV is actively managed, while SPYV is passively managed. A 0.74 correlation means they provide meaningful diversification when combined. PZLV charges 0.60%/yr vs 0.04%/yr for SPYV.

Performance

PZLV vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena U.S. Large Cap Value ETF (PZLV) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PZLV

• 1D: 0.38%
• 1M: 2.42%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYV

• 1D: 0.07%
• 1M: -0.35%
• YTD: 7.54%
• 6M: 6.49%
• 1Y: 19.22%
• 3Y*: 15.19%
• 5Y*: 11.07%
• 10Y*: 12.12%

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

PZLV vs. SPYV - Yearly Performance Comparison

	2026 (YTD)
PZLV Pzena U.S. Large Cap Value ETF	12.30%
SPYV SPDR Portfolio S&P 500 Value ETF	7.58%

Correlation

The correlation between PZLV and SPYV is 0.74, 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	0.74

Return for Risk

PZLV vs. SPYV — 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.

SPYV

SPYV Risk / Return Rank: 68
SPYV Sharpe Ratio Rank: 67
SPYV Sortino Ratio Rank: 67
SPYV Omega Ratio Rank: 65
SPYV Calmar Ratio Rank: 69
SPYV Martin Ratio Rank: 71

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena U.S. Large Cap Value ETF (PZLV) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	—	1.95	—
Sortino ratio: Return per unit of downside risk	—	2.73	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	3.10	—
Martin ratio: Return relative to average drawdown	—	11.80	—

Drawdowns

PZLV vs. SPYV - Drawdown Comparison

The maximum PZLV drawdown since its inception was -2.81%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for PZLV and SPYV.

Drawdown Indicators

	PZLV	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-2.81%	-58.45%	+55.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	-2.24%	-1.17%	-1.07%
Average Drawdown Average peak-to-trough decline	-0.75%	-8.70%	+7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.63%	—

Volatility

Volatility by Period

	PZLV	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	9.94%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.10%	14.37%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	16.92%	-2.82%

PZLV vs. SPYV - Expense Ratio Comparison

PZLV has a 0.60% expense ratio, which is higher than SPYV's 0.04% expense ratio.

Dividends

PZLV vs. SPYV - Dividend Comparison

PZLV has not paid dividends to shareholders, while SPYV's dividend yield for the trailing twelve months is around 1.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZLV Pzena U.S. Large Cap Value ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYV SPDR Portfolio S&P 500 Value ETF	1.73%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both PZLV and SPYV in my portfolio?

PZLV and SPYV have a correlation of 0.74, 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 SPYV?

On fees, SPYV is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PZLV or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.60% for PZLV.

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

SPYV has the higher dividend yield at 1.73%, compared with 0.00% for PZLV.

What is the main difference between PZLV and SPYV?

PZLV is categorized as Large Cap Value Equities, while SPYV is S&P 500. They also come from different issuers: Pzena and State Street. Their fees differ too: 0.60% for PZLV and 0.04% for SPYV.