PZVEX vs. FERGX

Last updated Jun 26, 2026

PZVEX (Pzena Emerging Markets Value Fund) and FERGX (Fidelity SAI Emerging Markets Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, PZVEX returned 9.87%/yr vs 6.79%/yr for FERGX. A 0.71 correlation means they provide meaningful diversification when combined. PZVEX charges 1.43%/yr vs 0.07%/yr for FERGX.

Performance

PZVEX vs. FERGX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVEX achieves a 8.32% return, which is significantly lower than FERGX's 24.06% return.

PZVEX

• 1D: 0.06%
• 1M: -4.78%
• YTD: 8.32%
• 6M: 9.18%
• 1Y: 27.82%
• 3Y*: 17.94%
• 5Y*: 9.87%
• 10Y*: 11.65%

FERGX

• 1D: 0.55%
• 1M: -0.27%
• YTD: 24.06%
• 6M: 25.06%
• 1Y: 44.11%
• 3Y*: 22.83%
• 5Y*: 6.79%
• 10Y*: —

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

PZVEX vs. FERGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVEX Pzena Emerging Markets Value Fund	8.32%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%
FERGX Fidelity SAI Emerging Markets Index Fund	24.06%	33.86%	6.59%	9.41%	-20.19%	-3.05%	17.46%	18.22%	-14.52%	33.62%

Correlation

The correlation between PZVEX and FERGX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.71

Over the past year, the correlation between PZVEX and FERGX has dropped to 0.51 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

PZVEX vs. FERGX — Risk / Return Rank

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

PZVEX

PZVEX Risk / Return Rank: 49
PZVEX Sharpe Ratio Rank: 57
PZVEX Sortino Ratio Rank: 53
PZVEX Omega Ratio Rank: 54
PZVEX Calmar Ratio Rank: 45
PZVEX Martin Ratio Rank: 36

FERGX

FERGX Risk / Return Rank: 76
FERGX Sharpe Ratio Rank: 77
FERGX Sortino Ratio Rank: 64
FERGX Omega Ratio Rank: 78
FERGX Calmar Ratio Rank: 83
FERGX Martin Ratio Rank: 80

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. FERGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and Fidelity SAI Emerging Markets Index Fund (FERGX). 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	FERGX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.17	-0.34
Sortino ratio: Return per unit of downside risk	2.50	2.74	-0.24
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	2.24	3.37	-1.14
Martin ratio: Return relative to average drawdown	6.86	12.53	-5.67

PZVEX vs. FERGX - Sharpe Ratio Comparison

The current PZVEX Sharpe Ratio is 1.83, which is comparable to the FERGX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of PZVEX and FERGX, 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. FERGX - Drawdown Comparison

The maximum PZVEX drawdown since its inception was -45.00%, which is greater than FERGX's maximum drawdown of -39.27%. Use the drawdown chart below to compare losses from any high point for PZVEX and FERGX.

Drawdown Indicators

	PZVEX	FERGX	Difference
Max Drawdown Largest peak-to-trough decline	-45.00%	-39.27%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-13.32%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-16.20%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-24.44%	-36.97%	+12.53%
Max Drawdown (10Y) Largest decline over 10 years	-45.00%	—	—
Current Drawdown Current decline from peak	-9.57%	-4.37%	-5.20%
Average Drawdown Average peak-to-trough decline	-9.77%	-14.26%	+4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.57%	+0.59%

Volatility

PZVEX vs. FERGX - Volatility Comparison

The current volatility for Pzena Emerging Markets Value Fund (PZVEX) is 5.83%, while Fidelity SAI Emerging Markets Index Fund (FERGX) has a volatility of 12.04%. This indicates that PZVEX experiences smaller price fluctuations and is considered to be less risky than FERGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVEX	FERGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	12.04%	-6.21%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	18.90%	-5.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	20.81%	-5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	17.90%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	18.28%	-2.97%

PZVEX vs. FERGX - Expense Ratio Comparison

PZVEX has a 1.43% expense ratio, which is higher than FERGX's 0.08% expense ratio.

Dividends

PZVEX vs. FERGX - Dividend Comparison

PZVEX's dividend yield for the trailing twelve months is around 4.23%, more than FERGX's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FERGX Fidelity SAI Emerging Markets Index Fund	2.15%	2.67%	2.40%	2.67%	2.51%	2.90%	1.49%	2.49%	2.58%	0.58%	0.00%	0.00%
PZVEX Pzena Emerging Markets Value Fund	4.23%	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 FERGX in my portfolio?

PZVEX and FERGX have a correlation of 0.51, 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 FERGX?

FERGX has higher volatility (12.04%) compared to PZVEX (5.83%). In terms of maximum drawdown, PZVEX dropped -45.00% vs FERGX's -39.27%.

Which has better risk-adjusted returns?

FERGX currently has the higher Sharpe Ratio (2.17 vs 1.83), 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.