PZVEX vs. FEMSX

Last updated Aug 1, 2026

PZVEX (Pzena Emerging Markets Value Fund) and FEMSX (Fidelity Series Emerging Markets Opportunities Fund) are both Emerging Markets Equities funds. Over the past 10 years, PZVEX returned 10.64%/yr vs 11.35%/yr for FEMSX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PZVEX charges 1.43%/yr vs 0.01%/yr for FEMSX.

Performance

PZVEX vs. FEMSX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVEX achieves a 11.14% return, which is significantly lower than FEMSX's 20.45% return. Over the past 10 years, PZVEX has underperformed FEMSX with an annualized return of 10.64%, while FEMSX has yielded a comparatively higher 11.35% annualized return.

PZVEX

• 1D: 0.36%
• 1M: 2.54%
• 6M: -1.28%
• YTD: 11.14%
• 1Y: 27.93%
• 3Y*: 15.59%
• 5Y*: 11.40%
• 10Y*: 10.64%
• ALL TIME*: 8.87%

FEMSX

• 1D: 4.14%
• 1M: -3.48%
• 6M: 9.96%
• YTD: 20.45%
• 1Y: 42.08%
• 3Y*: 21.01%
• 5Y*: 8.08%
• 10Y*: 11.35%
• ALL TIME*: 10.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FEMSX Fidelity Series Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00
PZVEX Pzena Emerging Markets Value Fund	$0.00	$0.00	$0.00

PZVEX vs. FEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVEX Pzena Emerging Markets Value Fund	11.14%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%
FEMSX Fidelity Series Emerging Markets Opportunities Fund	20.45%	37.92%	7.84%	14.23%	-23.95%	-5.14%	24.72%	28.87%	-16.20%	49.92%

Correlation

The correlation between PZVEX and FEMSX is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.70

Over the past year, the correlation between PZVEX and FEMSX has dropped to 0.47 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

PZVEX vs. FEMSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PZVEX

PZVEX Risk / Return Rank: 55
PZVEX Sharpe Ratio Rank: 65
PZVEX Sortino Ratio Rank: 61
PZVEX Omega Ratio Rank: 62
PZVEX Calmar Ratio Rank: 54
PZVEX Martin Ratio Rank: 34

FEMSX

FEMSX Risk / Return Rank: 75
FEMSX Sharpe Ratio Rank: 73
FEMSX Sortino Ratio Rank: 65
FEMSX Omega Ratio Rank: 73
FEMSX Calmar Ratio Rank: 86
FEMSX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PZVEX vs. FEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and Fidelity Series Emerging Markets Opportunities Fund (FEMSX). 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	FEMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.66	-0.11
Sortino ratio: Return per unit of downside risk	2.16	2.18	-0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	1.93	2.94	-1.01
Martin ratio: Return relative to average drawdown	5.04	9.26	-4.22

PZVEX vs. FEMSX - Sharpe Ratio Comparison

The current PZVEX Sharpe Ratio is 1.55, which is comparable to the FEMSX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of PZVEX and FEMSX, 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. FEMSX - Drawdown Comparison

The maximum PZVEX drawdown since its inception was -45.00%, roughly equal to the maximum FEMSX drawdown of -44.16%. Use the drawdown chart below to compare losses from any high point for PZVEX and FEMSX.

Drawdown Indicators

	PZVEX	FEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-45.00%	-44.16%	-0.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-13.47%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-17.04%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-24.44%	-39.12%	+14.68%
Max Drawdown (10Y) Largest decline over 10 years	-45.00%	-44.16%	-0.84%
Current Drawdown Current decline from peak	-7.22%	-9.89%	+2.67%
Average Drawdown Average peak-to-trough decline	-9.75%	-13.34%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	4.27%	+0.63%

Volatility

PZVEX vs. FEMSX - Volatility Comparison

The current volatility for Pzena Emerging Markets Value Fund (PZVEX) is 4.14%, while Fidelity Series Emerging Markets Opportunities Fund (FEMSX) has a volatility of 9.64%. This indicates that PZVEX experiences smaller price fluctuations and is considered to be less risky than FEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVEX	FEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	9.64%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	21.81%	-8.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	23.84%	-7.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	19.97%	-5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	19.75%	-4.44%

PZVEX vs. FEMSX - Expense Ratio Comparison

PZVEX has a 1.43% expense ratio, which is higher than FEMSX's 0.01% expense ratio.

Dividends

PZVEX vs. FEMSX - Dividend Comparison

PZVEX's dividend yield for the trailing twelve months is around 4.12%, more than FEMSX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMSX Fidelity Series Emerging Markets Opportunities Fund	2.03%	2.45%	2.08%	2.82%	2.39%	12.83%	2.99%	2.48%	9.42%	8.98%	1.46%	1.27%
PZVEX Pzena Emerging Markets Value Fund	4.12%	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 FEMSX in my portfolio?

PZVEX and FEMSX have a correlation of 0.47, 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 FEMSX?

FEMSX has higher volatility (9.64%) compared to PZVEX (4.14%). In terms of maximum drawdown, PZVEX dropped -45.00% vs FEMSX's -44.16%.

Which has better risk-adjusted returns?

FEMSX currently has the higher Sharpe Ratio (1.66 vs 1.55), 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.