PZVIX vs. HRIOX

Last updated Aug 1, 2026

PZVIX (Pzena International Small Cap Value Fund) and HRIOX (Hood River International Opportunity Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 3 years, PZVIX returned 15.55%/yr vs 28.39%/yr for HRIOX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. PZVIX charges 1.45%/yr vs 1.50%/yr for HRIOX.

Performance

PZVIX vs. HRIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena International Small Cap Value Fund (PZVIX) and Hood River International Opportunity Fund (HRIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZVIX achieves a 9.58% return, which is significantly lower than HRIOX's 19.05% return.

PZVIX

• 1D: 0.48%
• 1M: 6.78%
• 6M: 4.42%
• YTD: 9.58%
• 1Y: 18.22%
• 3Y*: 15.55%
• 5Y*: 11.80%
• 10Y*: —
• ALL TIME*: 8.48%

HRIOX

• 1D: 4.66%
• 1M: -12.92%
• 6M: 3.40%
• YTD: 19.05%
• 1Y: 48.98%
• 3Y*: 28.39%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.81%

*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)
HRIOX Hood River International Opportunity Fund	$0.00	$0.00	$0.00
PZVIX Pzena International Small Cap Value Fund	$0.00	$0.00	$0.00

PZVIX vs. HRIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PZVIX Pzena International Small Cap Value Fund	9.58%	29.00%	5.02%	22.39%	-1.11%	-2.61%
HRIOX Hood River International Opportunity Fund	19.05%	43.32%	20.19%	30.74%	-25.86%	2.01%

Correlation

The correlation between PZVIX and HRIOX is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021	0.53

Over the past year, the correlation between PZVIX and HRIOX has dropped to 0.33 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

PZVIX vs. HRIOX — Risk / Return Rank

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

PZVIX

PZVIX Risk / Return Rank: 32
PZVIX Sharpe Ratio Rank: 38
PZVIX Sortino Ratio Rank: 39
PZVIX Omega Ratio Rank: 38
PZVIX Calmar Ratio Rank: 24
PZVIX Martin Ratio Rank: 22

HRIOX

HRIOX Risk / Return Rank: 72
HRIOX Sharpe Ratio Rank: 78
HRIOX Sortino Ratio Rank: 70
HRIOX Omega Ratio Rank: 71
HRIOX Calmar Ratio Rank: 66
HRIOX Martin Ratio Rank: 76

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.

PZVIX vs. HRIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena International Small Cap Value Fund (PZVIX) and Hood River International Opportunity Fund (HRIOX). 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.

	PZVIX	HRIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.81	-0.65
Sortino ratio: Return per unit of downside risk	1.73	2.37	-0.64
Omega ratio: Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio: Return relative to maximum drawdown	1.14	2.17	-1.03
Martin ratio: Return relative to average drawdown	3.16	9.18	-6.02

PZVIX vs. HRIOX - Sharpe Ratio Comparison

The current PZVIX Sharpe Ratio is 1.17, which is lower than the HRIOX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of PZVIX and HRIOX, 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

PZVIX vs. HRIOX - Drawdown Comparison

The maximum PZVIX drawdown since its inception was -56.15%, which is greater than HRIOX's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for PZVIX and HRIOX.

Drawdown Indicators

	PZVIX	HRIOX	Difference
Max Drawdown Largest peak-to-trough decline	-56.15%	-38.76%	-17.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-23.96%	+9.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-24.76%	+8.79%
Max Drawdown (5Y) Largest decline over 5 years	-25.35%	—	—
Current Drawdown Current decline from peak	0.00%	-20.41%	+20.41%
Average Drawdown Average peak-to-trough decline	-9.93%	-12.21%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	5.66%	-0.40%

Volatility

PZVIX vs. HRIOX - Volatility Comparison

The current volatility for Pzena International Small Cap Value Fund (PZVIX) is 3.50%, while Hood River International Opportunity Fund (HRIOX) has a volatility of 11.49%. This indicates that PZVIX experiences smaller price fluctuations and is considered to be less risky than HRIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVIX	HRIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	11.49%	-7.99%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	24.72%	-12.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.29%	28.70%	-14.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	22.21%	-6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	22.21%	-3.89%

PZVIX vs. HRIOX - Expense Ratio Comparison

PZVIX has a 1.45% expense ratio, which is lower than HRIOX's 1.50% expense ratio.

Dividends

PZVIX vs. HRIOX - Dividend Comparison

PZVIX's dividend yield for the trailing twelve months is around 2.39%, less than HRIOX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HRIOX Hood River International Opportunity Fund	4.94%	5.88%	0.16%	1.44%	0.00%	0.21%	0.00%	0.00%	0.00%
PZVIX Pzena International Small Cap Value Fund	2.39%	2.62%	10.86%	4.15%	4.57%	0.83%	1.11%	2.01%	2.03%

Frequently Asked Questions

Can I hold both PZVIX and HRIOX in my portfolio?

PZVIX and HRIOX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZVIX or HRIOX?

HRIOX has higher volatility (11.49%) compared to PZVIX (3.50%). In terms of maximum drawdown, PZVIX dropped -56.15% vs HRIOX's -38.76%.

Which has better risk-adjusted returns?

HRIOX currently has the higher Sharpe Ratio (1.81 vs 1.17), 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.