PZVEX vs. FHKFX
PZVEX (Pzena Emerging Markets Value Fund) and FHKFX (Fidelity Series Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, PZVEX returned 11.40%/yr vs 7.54%/yr for FHKFX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. PZVEX charges 1.43%/yr vs 0.01%/yr for FHKFX.
Performance
PZVEX vs. FHKFX - Performance Comparison
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Returns By Period
In the year-to-date period, PZVEX achieves a 11.14% return, which is significantly lower than FHKFX's 20.27% 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%
FHKFX
- 1D
- 4.05%
- 1M
- -3.49%
- 6M
- 8.95%
- YTD
- 20.27%
- 1Y
- 41.07%
- 3Y*
- 20.31%
- 5Y*
- 7.54%
- 10Y*
- —
- ALL TIME*
- 6.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PZVEX vs. FHKFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PZVEX Pzena Emerging Markets Value Fund | 11.14% | 35.06% | 4.11% | 20.32% | -6.03% | 6.41% | 8.01% | 13.17% | -5.39% |
FHKFX Fidelity Series Emerging Markets Fund | 20.27% | 38.51% | 5.42% | 12.10% | -24.50% | -4.15% | 17.85% | 9.64% | -8.52% |
Correlation
The correlation between PZVEX and FHKFX 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 (All Time) Calculated using the full available price history since Aug 29, 2018 | 0.67 |
The correlation between PZVEX and FHKFX shifts across timeframes, from 0.47 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PZVEX vs. FHKFX — Risk / Return Rank
PZVEX
FHKFX
PZVEX vs. FHKFX - 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 Fund (FHKFX). 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 | FHKFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.30 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.67 | -0.74 |
| Martin ratioReturn relative to average drawdown | 5.04 | 8.71 | -3.67 |
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Drawdowns
PZVEX vs. FHKFX - Drawdown Comparison
The maximum PZVEX drawdown since its inception was -45.00%, roughly equal to the maximum FHKFX drawdown of -45.47%. Use the drawdown chart below to compare losses from any high point for PZVEX and FHKFX.
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Drawdown Indicators
| PZVEX | FHKFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.00% | -45.47% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -12.80% | -14.49% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -16.52% | -16.71% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -24.44% | -39.01% | +14.57% |
Max Drawdown (10Y)Largest decline over 10 years | -45.00% | — | — |
Current DrawdownCurrent decline from peak | -7.22% | -11.03% | +3.81% |
Average DrawdownAverage peak-to-trough decline | -9.75% | -17.01% | +7.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.90% | 4.43% | +0.47% |
Volatility
PZVEX vs. FHKFX - Volatility Comparison
The current volatility for Pzena Emerging Markets Value Fund (PZVEX) is 4.14%, while Fidelity Series Emerging Markets Fund (FHKFX) has a volatility of 9.54%. This indicates that PZVEX experiences smaller price fluctuations and is considered to be less risky than FHKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZVEX | FHKFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.14% | 9.54% | -5.40% |
Volatility (6M)Calculated over the trailing 6-month period | 13.74% | 21.41% | -7.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.94% | 23.69% | -7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.91% | 19.95% | -5.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.31% | 20.18% | -4.87% |
PZVEX vs. FHKFX - Expense Ratio Comparison
PZVEX has a 1.43% expense ratio, which is higher than FHKFX's 0.01% expense ratio.
Dividends
PZVEX vs. FHKFX - Dividend Comparison
PZVEX's dividend yield for the trailing twelve months is around 4.12%, more than FHKFX's 1.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FHKFX Fidelity Series Emerging Markets Fund | 1.98% | 2.38% | 2.86% | 2.43% | 2.56% | 3.46% | 1.38% | 2.28% | 0.42% | 0.00% | 0.00% | 0.00% |
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
PZVEX and FHKFX 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.
FHKFX has higher volatility (9.54%) compared to PZVEX (4.14%). In terms of maximum drawdown, PZVEX dropped -45.00% vs FHKFX's -45.47%.
FHKFX currently has the higher Sharpe Ratio (1.63 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.
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