PZVEX vs. BEMIX

Last updated Jun 23, 2026

PZVEX (Pzena Emerging Markets Value Fund) and BEMIX (Brandes Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, PZVEX returned 11.72%/yr vs 9.93%/yr for BEMIX. A 0.73 correlation means they provide meaningful diversification when combined. PZVEX charges 1.43%/yr vs 1.12%/yr for BEMIX.

Performance

PZVEX vs. BEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena Emerging Markets Value Fund (PZVEX) and Brandes Emerging Markets Fund (BEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZVEX achieves a 11.34% return, which is significantly lower than BEMIX's 24.08% return. Over the past 10 years, PZVEX has outperformed BEMIX with an annualized return of 11.72%, while BEMIX has yielded a comparatively lower 9.93% annualized return.

PZVEX

• 1D: -1.39%
• 1M: -1.62%
• YTD: 11.34%
• 6M: 12.89%
• 1Y: 34.15%
• 3Y*: 18.20%
• 5Y*: 10.49%
• 10Y*: 11.72%

BEMIX

• 1D: 1.62%
• 1M: 3.71%
• YTD: 24.08%
• 6M: 26.01%
• 1Y: 56.98%
• 3Y*: 25.68%
• 5Y*: 13.05%
• 10Y*: 9.93%

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

PZVEX vs. BEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVEX Pzena Emerging Markets Value Fund	11.34%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%
BEMIX Brandes Emerging Markets Fund	24.08%	47.83%	4.01%	22.53%	-15.91%	1.68%	-6.17%	18.60%	-15.56%	26.00%

Correlation

The correlation between PZVEX and BEMIX 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.73

The correlation between PZVEX and BEMIX shifts across timeframes, from 0.57 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZVEX vs. BEMIX — Risk / Return Rank

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

PZVEX

PZVEX Risk / Return Rank: 54
PZVEX Sharpe Ratio Rank: 63
PZVEX Sortino Ratio Rank: 56
PZVEX Omega Ratio Rank: 58
PZVEX Calmar Ratio Rank: 51
PZVEX Martin Ratio Rank: 40

BEMIX

BEMIX Risk / Return Rank: 92
BEMIX Sharpe Ratio Rank: 95
BEMIX Sortino Ratio Rank: 88
BEMIX Omega Ratio Rank: 89
BEMIX Calmar Ratio Rank: 92
BEMIX Martin Ratio Rank: 93

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.

PZVEX vs. BEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and Brandes Emerging Markets Fund (BEMIX). 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.

	PZVEX	BEMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.12	-0.97
Sortino ratio: Return per unit of downside risk	2.90	3.89	-1.00
Omega ratio: Gain probability vs. loss probability	1.39	1.60	-0.22
Calmar ratio: Return relative to maximum drawdown	2.60	4.63	-2.02
Martin ratio: Return relative to average drawdown	8.21	18.44	-10.23

PZVEX vs. BEMIX - Sharpe Ratio Comparison

The current PZVEX Sharpe Ratio is 2.14, which is lower than the BEMIX Sharpe Ratio of 3.12. The chart below compares the historical Sharpe Ratios of PZVEX and BEMIX, 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

PZVEX vs. BEMIX - Drawdown Comparison

The maximum PZVEX drawdown since its inception was -45.00%, roughly equal to the maximum BEMIX drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for PZVEX and BEMIX.

Drawdown Indicators

	PZVEX	BEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.00%	-46.05%	+1.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-12.07%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-16.08%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-24.44%	-35.97%	+11.53%
Max Drawdown (10Y) Largest decline over 10 years	-45.00%	-46.05%	+1.05%
Current Drawdown Current decline from peak	-7.06%	-1.37%	-5.69%
Average Drawdown Average peak-to-trough decline	-9.77%	-14.14%	+4.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	3.02%	+1.03%

Volatility

PZVEX vs. BEMIX - Volatility Comparison

The current volatility for Pzena Emerging Markets Value Fund (PZVEX) is 5.48%, while Brandes Emerging Markets Fund (BEMIX) has a volatility of 7.92%. This indicates that PZVEX experiences smaller price fluctuations and is considered to be less risky than BEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVEX	BEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.48%	7.92%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	15.75%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	17.92%	-2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.87%	16.81%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.37%	17.18%	-1.81%

PZVEX vs. BEMIX - Expense Ratio Comparison

PZVEX has a 1.43% expense ratio, which is higher than BEMIX's 1.12% expense ratio.

Dividends

PZVEX vs. BEMIX - Dividend Comparison

PZVEX's dividend yield for the trailing twelve months is around 4.11%, more than BEMIX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BEMIX Brandes Emerging Markets Fund	1.73%	2.15%	3.04%	2.45%	2.86%	2.31%	1.31%	2.56%	1.55%	1.41%	2.20%	1.54%
PZVEX Pzena Emerging Markets Value Fund	4.11%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%

Frequently Asked Questions

Can I hold both PZVEX and BEMIX in my portfolio?

PZVEX and BEMIX 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, PZVEX or BEMIX?

BEMIX has higher volatility (7.92%) compared to PZVEX (5.48%). In terms of maximum drawdown, PZVEX dropped -45.00% vs BEMIX's -46.05%.

Which has better risk-adjusted returns?

BEMIX currently has the higher Sharpe Ratio (3.12 vs 2.14), 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.