PZVEX vs. COBYX

Last updated Apr 2, 2026

Compare and contrast key facts about Pzena Emerging Markets Value Fund (PZVEX) and The Cook & Bynum Fund (COBYX).

PZVEX is managed by Pzena. It was launched on Mar 30, 2014. COBYX is managed by Cook & Bynum. It was launched on Jun 30, 2009.

Performance

PZVEX vs. COBYX - Performance Comparison

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

PZVEX vs. COBYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVEX Pzena Emerging Markets Value Fund	4.46%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%
COBYX The Cook & Bynum Fund	3.01%	20.50%	-10.32%	16.73%	9.28%	9.05%	-10.97%	9.40%	-13.40%	15.12%

Returns By Period

In the year-to-date period, PZVEX achieves a 4.46% return, which is significantly higher than COBYX's 3.01% return. Over the past 10 years, PZVEX has outperformed COBYX with an annualized return of 11.07%, while COBYX has yielded a comparatively lower 3.93% annualized return.

PZVEX

• 1D: -0.06%
• 1M: -10.85%
• YTD: 4.46%
• 6M: 10.67%
• 1Y: 32.45%
• 3Y*: 18.40%
• 5Y*: 9.74%
• 10Y*: 11.07%

COBYX

• 1D: 1.85%
• 1M: -3.87%
• YTD: 3.01%
• 6M: 7.66%
• 1Y: 7.10%
• 3Y*: 7.06%
• 5Y*: 7.72%
• 10Y*: 3.93%

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

PZVEX vs. COBYX - Expense Ratio Comparison

PZVEX has a 1.43% expense ratio, which is lower than COBYX's 1.49% expense ratio.

COBYX

The Cook & Bynum Fund

PZVEX

Pzena Emerging Markets Value Fund

Return for Risk

PZVEX vs. COBYX — Risk / Return Rank

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

PZVEX

PZVEX Risk / Return Rank: 89
PZVEX Sharpe Ratio Rank: 93
PZVEX Sortino Ratio Rank: 89
PZVEX Omega Ratio Rank: 89
PZVEX Calmar Ratio Rank: 87
PZVEX Martin Ratio Rank: 85

COBYX

COBYX Risk / Return Rank: 24
COBYX Sharpe Ratio Rank: 21
COBYX Sortino Ratio Rank: 19
COBYX Omega Ratio Rank: 20
COBYX Calmar Ratio Rank: 34
COBYX Martin Ratio Rank: 25

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. COBYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and The Cook & Bynum Fund (COBYX). 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.

	PZVEX	COBYX	Difference
Sharpe ratio Return per unit of total volatility	2.13	0.62	+1.52
Sortino ratio Return per unit of downside risk	2.59	0.92	+1.67
Omega ratio Gain probability vs. loss probability	1.41	1.14	+0.28
Calmar ratio Return relative to maximum drawdown	2.45	1.05	+1.40
Martin ratio Return relative to average drawdown	9.34	3.15	+6.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZVEX vs. COBYX - Sharpe Ratio Comparison

The current PZVEX Sharpe Ratio is 2.13, which is higher than the COBYX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of PZVEX and COBYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PZVEX	COBYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	0.62	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.56	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.29	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.35	+0.20

Correlation

The correlation between PZVEX and COBYX is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PZVEX vs. COBYX - Dividend Comparison

PZVEX's dividend yield for the trailing twelve months is around 4.38%, more than COBYX's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZVEX Pzena Emerging Markets Value Fund	4.38%	4.58%	7.03%	5.49%	1.80%	2.46%	1.08%	6.07%	0.97%	1.24%	0.71%	1.90%
COBYX The Cook & Bynum Fund	1.14%	1.18%	0.00%	1.01%	1.16%	2.18%	0.32%	0.69%	12.60%	1.88%	5.09%	0.00%

Drawdowns

PZVEX vs. COBYX - Drawdown Comparison

The maximum PZVEX drawdown since its inception was -45.00%, which is greater than COBYX's maximum drawdown of -34.18%. Use the drawdown chart below to compare losses from any high point for PZVEX and COBYX.

Drawdown Indicators

	PZVEX	COBYX	Difference
Max Drawdown Largest peak-to-trough decline	-45.00%	-34.18%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-8.95%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.73%	-17.10%	-8.63%
Max Drawdown (10Y) Largest decline over 10 years	-45.00%	-34.18%	-10.82%
Current Drawdown Current decline from peak	-12.80%	-6.21%	-6.59%
Average Drawdown Average peak-to-trough decline	-9.85%	-6.86%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.99%	+0.36%

Volatility

PZVEX vs. COBYX - Volatility Comparison

Pzena Emerging Markets Value Fund (PZVEX) has a higher volatility of 7.68% compared to The Cook & Bynum Fund (COBYX) at 5.20%. This indicates that PZVEX's price experiences larger fluctuations and is considered to be riskier than COBYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVEX	COBYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	5.20%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	8.42%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	14.59%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	13.98%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.28%	13.55%	+1.73%