PZVEX vs. PZIEX

Last updated Jun 4, 2026

PZVEX (Pzena Emerging Markets Value Fund) and PZIEX (Pzena Emerging Markets Value Fund Institutional Class) are both mutual funds - PZVEX is a Emerging Markets Diversified fund managed by Pzena, while PZIEX is a Emerging Markets Equities fund actively managed by Pzena. Over the past 10 years, PZVEX returned 12.35%/yr vs 12.71%/yr for PZIEX. With a 1.00 correlation, they move nearly in lockstep. PZVEX charges 1.43%/yr vs 1.08%/yr for PZIEX.

Performance

PZVEX vs. PZIEX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PZVEX having a 16.97% return and PZIEX slightly higher at 17.08%. Both investments have delivered pretty close results over the past 10 years, with PZVEX having a 12.35% annualized return and PZIEX not far ahead at 12.71%.

PZVEX

• 1D: 1.13%
• 1M: 3.12%
• YTD: 16.97%
• 6M: 18.36%
• 1Y: 43.65%
• 3Y*: 22.38%
• 5Y*: 11.17%
• 10Y*: 12.35%

PZIEX

• 1D: 1.07%
• 1M: 3.10%
• YTD: 17.08%
• 6M: 18.53%
• 1Y: 44.08%
• 3Y*: 22.80%
• 5Y*: 11.54%
• 10Y*: 12.71%

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

PZVEX vs. PZIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVEX Pzena Emerging Markets Value Fund	16.97%	35.06%	4.11%	20.32%	-6.03%	6.41%	8.01%	13.17%	-10.59%	29.88%
PZIEX Pzena Emerging Markets Value Fund Institutional Class	17.08%	35.49%	4.54%	20.73%	-5.67%	6.65%	8.43%	13.57%	-10.23%	29.98%

Correlation

The correlation between PZVEX and PZIEX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	1.00

The correlation between PZVEX and PZIEX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

PZVEX vs. PZIEX — Risk / Return Rank

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

PZVEX

PZVEX Risk / Return Rank: 78
PZVEX Sharpe Ratio Rank: 90
PZVEX Sortino Ratio Rank: 83
PZVEX Omega Ratio Rank: 82
PZVEX Calmar Ratio Rank: 77
PZVEX Martin Ratio Rank: 58

PZIEX

PZIEX Risk / Return Rank: 79
PZIEX Sharpe Ratio Rank: 91
PZIEX Sortino Ratio Rank: 84
PZIEX Omega Ratio Rank: 83
PZIEX Calmar Ratio Rank: 78
PZIEX Martin Ratio Rank: 60

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. PZIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX). 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	PZIEX	Difference
Sharpe ratio: Return per unit of total volatility	3.00	3.03	-0.03
Sortino ratio: Return per unit of downside risk	3.93	3.97	-0.04
Omega ratio: Gain probability vs. loss probability	1.55	1.55	0.00
Calmar ratio: Return relative to maximum drawdown	3.48	3.53	-0.05
Martin ratio: Return relative to average drawdown	11.63	11.84	-0.21
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. PZIEX - Sharpe Ratio Comparison

The current PZVEX Sharpe Ratio is 3.00, which is comparable to the PZIEX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of PZVEX and PZIEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PZVEX	PZIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	3.03	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.79	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.83	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.63	-0.02

Drawdowns

PZVEX vs. PZIEX - Drawdown Comparison

The maximum PZVEX drawdown since its inception was -45.00%, roughly equal to the maximum PZIEX drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for PZVEX and PZIEX.

Drawdown Indicators

	PZVEX	PZIEX	Difference
Max Drawdown Largest peak-to-trough decline	-45.00%	-44.59%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-12.79%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-16.40%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.73%	-25.38%	-0.35%
Max Drawdown (10Y) Largest decline over 10 years	-45.00%	-44.59%	-0.41%
Current Drawdown Current decline from peak	-2.35%	-2.29%	-0.06%
Average Drawdown Average peak-to-trough decline	-9.79%	-9.58%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.80%	+0.02%

Volatility

PZVEX vs. PZIEX - Volatility Comparison

Pzena Emerging Markets Value Fund (PZVEX) and Pzena Emerging Markets Value Fund Institutional Class (PZIEX) have volatilities of 4.46% and 4.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVEX	PZIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	4.49%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	12.72%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.87%	14.89%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	14.74%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	15.37%	-0.03%

PZVEX vs. PZIEX - Expense Ratio Comparison

PZVEX has a 1.43% expense ratio, which is higher than PZIEX's 1.08% expense ratio.

Dividends

PZVEX vs. PZIEX - Dividend Comparison

PZVEX's dividend yield for the trailing twelve months is around 3.92%, less than PZIEX's 4.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZIEX Pzena Emerging Markets Value Fund Institutional Class	4.10%	4.81%	7.38%	5.79%	2.08%	2.79%	1.28%	6.32%	1.28%	1.41%	0.98%	2.23%
PZVEX Pzena Emerging Markets Value Fund	3.92%	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 PZIEX in my portfolio?

With a correlation of 1.00, PZVEX and PZIEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PZVEX or PZIEX?

PZIEX has higher volatility (4.49%) compared to PZVEX (4.46%). In terms of maximum drawdown, PZVEX dropped -45.00% vs PZIEX's -44.59%.

Which has better risk-adjusted returns?

PZIEX currently has the higher Sharpe Ratio (3.03 vs 3.00), 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.