PZVMX vs. PZVIX

Last updated Jun 3, 2026

PZVMX (Pzena Mid Cap Value Fund) and PZVIX (Pzena International Small Cap Value Fund) are both mutual funds - PZVMX is a Mid Cap Value Equities fund managed by Pzena, while PZVIX is a Foreign Small & Mid Cap Equities fund managed by Pzena. Over the past 5 years, PZVMX returned 4.58%/yr vs 9.55%/yr for PZVIX. A 0.56 correlation means they provide meaningful diversification when combined. PZVMX charges 1.32%/yr vs 1.45%/yr for PZVIX.

Performance

PZVMX vs. PZVIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVMX achieves a 11.57% return, which is significantly higher than PZVIX's 3.97% return.

PZVMX

• 1D: 0.47%
• 1M: 4.11%
• YTD: 11.57%
• 6M: 13.25%
• 1Y: 15.38%
• 3Y*: 9.94%
• 5Y*: 4.58%
• 10Y*: 9.31%

PZVIX

• 1D: -0.93%
• 1M: 2.97%
• YTD: 3.97%
• 6M: 8.00%
• 1Y: 17.53%
• 3Y*: 16.33%
• 5Y*: 9.55%
• 10Y*: —

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

PZVMX vs. PZVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PZVMX Pzena Mid Cap Value Fund	11.57%	-1.16%	0.62%	21.03%	-5.95%	30.68%	6.30%	29.04%	-19.26%
PZVIX Pzena International Small Cap Value Fund	3.97%	29.00%	5.02%	22.39%	-1.11%	16.67%	-2.21%	10.94%	-15.13%

Correlation

The correlation between PZVMX and PZVIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 3, 2018	0.56

The correlation between PZVMX and PZVIX shifts across timeframes, from 0.42 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZVMX vs. PZVIX — Risk / Return Rank

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

PZVMX

PZVMX Risk / Return Rank: 9
PZVMX Sharpe Ratio Rank: 9
PZVMX Sortino Ratio Rank: 10
PZVMX Omega Ratio Rank: 9
PZVMX Calmar Ratio Rank: 10
PZVMX Martin Ratio Rank: 8

PZVIX

PZVIX Risk / Return Rank: 17
PZVIX Sharpe Ratio Rank: 19
PZVIX Sortino Ratio Rank: 19
PZVIX Omega Ratio Rank: 20
PZVIX Calmar Ratio Rank: 13
PZVIX Martin Ratio Rank: 13

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.

PZVMX vs. PZVIX - Risk-Adjusted Trends Comparison

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

	PZVMX	PZVIX	Difference
Sharpe ratio Return per unit of total volatility	0.77	1.27	-0.50
Sortino ratio Return per unit of downside risk	1.24	1.89	-0.64
Omega ratio Gain probability vs. loss probability	1.14	1.24	-0.09
Calmar ratio Return relative to maximum drawdown	1.00	1.26	-0.26
Martin ratio Return relative to average drawdown	2.62	3.73	-1.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZVMX vs. PZVIX - Sharpe Ratio Comparison

The current PZVMX Sharpe Ratio is 0.77, which is lower than the PZVIX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of PZVMX and PZVIX, 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

	PZVMX	PZVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	1.27	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.61	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.43	-0.10

Drawdowns

PZVMX vs. PZVIX - Drawdown Comparison

The maximum PZVMX drawdown since its inception was -54.06%, roughly equal to the maximum PZVIX drawdown of -56.15%. Use the drawdown chart below to compare losses from any high point for PZVMX and PZVIX.

Drawdown Indicators

	PZVMX	PZVIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.06%	-56.15%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-14.59%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-23.13%	-15.97%	-7.16%
Max Drawdown (5Y) Largest decline over 5 years	-23.33%	-26.33%	+3.00%
Max Drawdown (10Y) Largest decline over 10 years	-54.06%	—	—
Current Drawdown Current decline from peak	0.00%	-4.86%	+4.86%
Average Drawdown Average peak-to-trough decline	-8.46%	-10.05%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	4.94%	+0.45%

Volatility

PZVMX vs. PZVIX - Volatility Comparison

Pzena Mid Cap Value Fund (PZVMX) has a higher volatility of 4.60% compared to Pzena International Small Cap Value Fund (PZVIX) at 3.53%. This indicates that PZVMX's price experiences larger fluctuations and is considered to be riskier than PZVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVMX	PZVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.53%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	11.62%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	14.30%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	15.67%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	18.42%	+6.80%

PZVMX vs. PZVIX - Expense Ratio Comparison

PZVMX has a 1.32% expense ratio, which is lower than PZVIX's 1.45% expense ratio.

Dividends

PZVMX vs. PZVIX - Dividend Comparison

PZVMX's dividend yield for the trailing twelve months is around 3.83%, more than PZVIX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZVIX Pzena International Small Cap Value Fund	2.52%	2.62%	10.86%	4.15%	4.57%	0.83%	1.11%	2.01%	2.03%	0.00%	0.00%	0.00%
PZVMX Pzena Mid Cap Value Fund	3.83%	4.27%	18.45%	8.81%	15.42%	9.39%	2.13%	1.23%	2.59%	2.55%	0.58%	3.43%

Frequently Asked Questions

Can I hold both PZVMX and PZVIX in my portfolio?

PZVMX and PZVIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZVMX or PZVIX?

PZVMX has higher volatility (4.60%) compared to PZVIX (3.53%). In terms of maximum drawdown, PZVMX dropped -54.06% vs PZVIX's -56.15%.

Which has better risk-adjusted returns?

PZVIX currently has the higher Sharpe Ratio (1.27 vs 0.77), 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.