PZVIX vs. PZVSX

Last updated Jun 4, 2026

PZVIX (Pzena International Small Cap Value Fund) and PZVSX (Pzena Small Cap Value Fund) are both mutual funds - PZVIX is a Foreign Small & Mid Cap Equities fund managed by Pzena, while PZVSX is a Small Cap Value Equities fund managed by Pzena. Over the past 5 years, PZVIX returned 9.59%/yr vs 5.17%/yr for PZVSX. A 0.54 correlation means they provide meaningful diversification when combined. PZVIX charges 1.45%/yr vs 1.52%/yr for PZVSX.

Performance

PZVIX vs. PZVSX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVIX achieves a 3.82% return, which is significantly lower than PZVSX's 15.03% return.

PZVIX

• 1D: -0.14%
• 1M: 2.74%
• YTD: 3.82%
• 6M: 7.93%
• 1Y: 18.24%
• 3Y*: 16.27%
• 5Y*: 9.59%
• 10Y*: —

PZVSX

• 1D: 0.61%
• 1M: 3.77%
• YTD: 15.03%
• 6M: 12.84%
• 1Y: 22.29%
• 3Y*: 11.22%
• 5Y*: 5.17%
• 10Y*: —

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

PZVIX vs. PZVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PZVIX Pzena International Small Cap Value Fund	3.82%	29.00%	5.02%	22.39%	-1.11%	16.67%	-2.21%	10.94%	-15.13%
PZVSX Pzena Small Cap Value Fund	15.03%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	24.84%	-22.45%

Correlation

The correlation between PZVIX and PZVSX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 3, 2018	0.54

The correlation between PZVIX and PZVSX shifts across timeframes, from 0.44 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZVIX vs. PZVSX — Risk / Return Rank

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

PZVIX

PZVIX Risk / Return Rank: 16
PZVIX Sharpe Ratio Rank: 18
PZVIX Sortino Ratio Rank: 19
PZVIX Omega Ratio Rank: 19
PZVIX Calmar Ratio Rank: 13
PZVIX Martin Ratio Rank: 12

PZVSX

PZVSX Risk / Return Rank: 17
PZVSX Sharpe Ratio Rank: 16
PZVSX Sortino Ratio Rank: 18
PZVSX Omega Ratio Rank: 16
PZVSX Calmar Ratio Rank: 20
PZVSX Martin Ratio Rank: 14

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.

PZVIX vs. PZVSX - Risk-Adjusted Trends Comparison

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

	PZVIX	PZVSX	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.14	+0.08
Sortino ratio: Return per unit of downside risk	1.83	1.78	+0.05
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	1.20	1.66	-0.46
Martin ratio: Return relative to average drawdown	3.52	4.13	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZVIX vs. PZVSX - Sharpe Ratio Comparison

The current PZVIX Sharpe Ratio is 1.22, which is comparable to the PZVSX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PZVIX and PZVSX, 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

	PZVIX	PZVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.14	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.21	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.24	+0.19

Drawdowns

PZVIX vs. PZVSX - Drawdown Comparison

The maximum PZVIX drawdown since its inception was -56.15%, roughly equal to the maximum PZVSX drawdown of -54.22%. Use the drawdown chart below to compare losses from any high point for PZVIX and PZVSX.

Drawdown Indicators

	PZVIX	PZVSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.15%	-54.22%	-1.93%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-15.26%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.97%	-32.43%	+16.46%
Max Drawdown (5Y) Largest decline over 5 years	-26.33%	-32.43%	+6.10%
Current Drawdown Current decline from peak	-5.00%	-0.75%	-4.25%
Average Drawdown Average peak-to-trough decline	-10.05%	-10.50%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.95%	6.13%	-1.18%

Volatility

PZVIX vs. PZVSX - Volatility Comparison

The current volatility for Pzena International Small Cap Value Fund (PZVIX) is 3.54%, while Pzena Small Cap Value Fund (PZVSX) has a volatility of 6.58%. This indicates that PZVIX experiences smaller price fluctuations and is considered to be less risky than PZVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVIX	PZVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	6.58%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	11.51%	14.59%	-3.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	22.24%	-7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.67%	24.31%	-8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	27.48%	-9.06%

PZVIX vs. PZVSX - Expense Ratio Comparison

PZVIX has a 1.45% expense ratio, which is lower than PZVSX's 1.52% expense ratio.

Dividends

PZVIX vs. PZVSX - Dividend Comparison

PZVIX's dividend yield for the trailing twelve months is around 2.53%, more than PZVSX's 2.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVIX Pzena International Small Cap Value Fund	2.53%	2.62%	10.86%	4.15%	4.57%	0.83%	1.11%	2.01%	2.03%	0.00%
PZVSX Pzena Small Cap Value Fund	2.03%	2.33%	7.03%	0.45%	17.31%	1.25%	1.39%	0.00%	4.56%	7.54%

Frequently Asked Questions

Can I hold both PZVIX and PZVSX in my portfolio?

PZVIX and PZVSX have a correlation of 0.44, 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 PZVSX?

PZVSX has higher volatility (6.58%) compared to PZVIX (3.54%). In terms of maximum drawdown, PZVIX dropped -56.15% vs PZVSX's -54.22%.

Which has better risk-adjusted returns?

PZVIX currently has the higher Sharpe Ratio (1.22 vs 1.14), 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.