PZVEX vs. PZVSX
PZVEX (Pzena Emerging Markets Value Fund) and PZVSX (Pzena Small Cap Value Fund) are both mutual funds - PZVEX is a Emerging Markets Diversified fund managed by Pzena, while PZVSX is a Small Cap Value Equities fund managed by Pzena. Over the past 5 years, PZVEX returned 10.55%/yr vs 6.75%/yr for PZVSX. At a 0.36 correlation, their price movements are largely independent. PZVEX charges 1.43%/yr vs 1.52%/yr for PZVSX.
Performance
PZVEX vs. PZVSX - Performance Comparison
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Returns By Period
In the year-to-date period, PZVEX achieves a 10.68% return, which is significantly lower than PZVSX's 16.34% return.
PZVEX
- 1D
- -0.59%
- 1M
- -2.20%
- YTD
- 10.68%
- 6M
- 11.93%
- 1Y
- 33.56%
- 3Y*
- 18.79%
- 5Y*
- 10.55%
- 10Y*
- 11.89%
PZVSX
- 1D
- -1.38%
- 1M
- 3.59%
- YTD
- 16.34%
- 6M
- 15.10%
- 1Y
- 23.59%
- 3Y*
- 11.40%
- 5Y*
- 6.75%
- 10Y*
- —
PZVEX vs. PZVSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZVEX Pzena Emerging Markets Value Fund | 10.68% | 35.06% | 4.11% | 20.32% | -6.03% | 6.41% | 8.01% | 13.17% | -10.59% | 29.88% |
PZVSX Pzena Small Cap Value Fund | 16.34% | -4.94% | 1.62% | 25.62% | -5.33% | 27.93% | -0.09% | 24.84% | -15.19% | 2.10% |
Correlation
The correlation between PZVEX and PZVSX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.36 |
The correlation between PZVEX and PZVSX shifts across timeframes, from 0.18 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PZVEX vs. PZVSX — Risk / Return Rank
PZVEX
PZVSX
PZVEX vs. PZVSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pzena Emerging Markets Value Fund (PZVEX) and Pzena Small Cap Value Fund (PZVSX). 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 | PZVSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.21 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 1.68 | +0.94 |
| Martin ratioReturn relative to average drawdown | 8.21 | 4.19 | +4.02 |
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Drawdowns
PZVEX vs. PZVSX - Drawdown Comparison
The maximum PZVEX drawdown since its inception was -45.00%, smaller than the maximum PZVSX drawdown of -54.22%. Use the drawdown chart below to compare losses from any high point for PZVEX and PZVSX.
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Drawdown Indicators
| PZVEX | PZVSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.00% | -54.22% | +9.22% |
Max Drawdown (1Y)Largest decline over 1 year | -12.80% | -15.26% | +2.46% |
Max Drawdown (3Y)Largest decline over 3 years | -16.52% | -32.43% | +15.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.44% | -32.43% | +7.99% |
Max Drawdown (10Y)Largest decline over 10 years | -45.00% | — | — |
Current DrawdownCurrent decline from peak | -7.60% | -3.66% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -9.77% | -10.44% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 6.10% | -2.02% |
Volatility
PZVEX vs. PZVSX - Volatility Comparison
Pzena Emerging Markets Value Fund (PZVEX) and Pzena Small Cap Value Fund (PZVSX) have volatilities of 5.50% and 5.31%, 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.
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Volatility by Period
| PZVEX | PZVSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.50% | 5.31% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.46% | 14.83% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.55% | 22.17% | -6.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.87% | 24.25% | -9.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.36% | 27.44% | -12.08% |
PZVEX vs. PZVSX - Expense Ratio Comparison
PZVEX has a 1.43% expense ratio, which is lower than PZVSX's 1.52% expense ratio.
Dividends
PZVEX vs. PZVSX - Dividend Comparison
PZVEX's dividend yield for the trailing twelve months is around 4.14%, more than PZVSX's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZVEX Pzena Emerging Markets Value Fund | 4.14% | 4.58% | 7.03% | 5.49% | 1.80% | 2.46% | 1.08% | 6.07% | 0.97% | 1.24% | 0.71% | 1.90% |
PZVSX Pzena Small Cap Value Fund | 2.00% | 2.33% | 7.03% | 0.45% | 17.31% | 1.25% | 1.39% | 0.00% | 4.56% | 7.54% | 0.00% | 0.00% |
Frequently Asked Questions
PZVEX and PZVSX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZVEX has higher volatility (5.50%) compared to PZVSX (5.31%). In terms of maximum drawdown, PZVEX dropped -45.00% vs PZVSX's -54.22%.
PZVEX currently has the higher Sharpe Ratio (2.16 vs 1.16), 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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