PZVMX vs. PZVSX

Last updated Jun 3, 2026

PZVMX (Pzena Mid Cap Value Fund) and PZVSX (Pzena Small Cap Value Fund) are both mutual funds - PZVMX is a Mid Cap Value Equities fund managed by Pzena, while PZVSX is a Small Cap Value Equities fund managed by Pzena. Over the past 5 years, PZVMX returned 4.58%/yr vs 5.16%/yr for PZVSX. Their correlation of 0.93 suggests significant overlap in exposure. PZVMX charges 1.32%/yr vs 1.52%/yr for PZVSX.

Performance

PZVMX vs. PZVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena Mid Cap Value Fund (PZVMX) 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, PZVMX achieves a 11.57% return, which is significantly lower than PZVSX's 14.33% 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%

PZVSX

• 1D: -0.07%
• 1M: 0.89%
• YTD: 14.33%
• 6M: 13.68%
• 1Y: 24.45%
• 3Y*: 11.00%
• 5Y*: 5.16%
• 10Y*: —

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

PZVMX vs. PZVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVMX Pzena Mid Cap Value Fund	11.57%	-1.16%	0.62%	21.03%	-5.95%	30.68%	6.30%	29.04%	-21.54%	13.30%
PZVSX Pzena Small Cap Value Fund	14.33%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	24.84%	-15.19%	2.10%

Correlation

The correlation between PZVMX and PZVSX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.93

The correlation between PZVMX and PZVSX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

PZVMX vs. PZVSX — 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

PZVSX

PZVSX Risk / Return Rank: 14
PZVSX Sharpe Ratio Rank: 14
PZVSX Sortino Ratio Rank: 15
PZVSX Omega Ratio Rank: 13
PZVSX Calmar Ratio Rank: 16
PZVSX Martin Ratio Rank: 12

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. PZVSX - Risk-Adjusted Trends Comparison

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

	PZVMX	PZVSX	Difference
Sharpe ratio Return per unit of total volatility	0.77	1.04	-0.26
Sortino ratio Return per unit of downside risk	1.24	1.64	-0.40
Omega ratio Gain probability vs. loss probability	1.14	1.19	-0.05
Calmar ratio Return relative to maximum drawdown	1.00	1.44	-0.45
Martin ratio Return relative to average drawdown	2.62	3.60	-0.98
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. PZVSX - Sharpe Ratio Comparison

The current PZVMX Sharpe Ratio is 0.77, which is comparable to the PZVSX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of PZVMX 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

	PZVMX	PZVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	1.04	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.21	0.00
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	0.24	+0.10

Drawdowns

PZVMX vs. PZVSX - Drawdown Comparison

The maximum PZVMX drawdown since its inception was -54.06%, roughly equal to the maximum PZVSX drawdown of -54.22%. Use the drawdown chart below to compare losses from any high point for PZVMX and PZVSX.

Drawdown Indicators

	PZVMX	PZVSX	Difference
Max Drawdown Largest peak-to-trough decline	-54.06%	-54.22%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-15.26%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.13%	-32.43%	+9.30%
Max Drawdown (5Y) Largest decline over 5 years	-23.33%	-32.43%	+9.10%
Max Drawdown (10Y) Largest decline over 10 years	-54.06%	—	—
Current Drawdown Current decline from peak	0.00%	-1.35%	+1.35%
Average Drawdown Average peak-to-trough decline	-8.46%	-10.50%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	6.13%	-0.74%

Volatility

PZVMX vs. PZVSX - Volatility Comparison

The current volatility for Pzena Mid Cap Value Fund (PZVMX) is 4.60%, while Pzena Small Cap Value Fund (PZVSX) has a volatility of 6.57%. This indicates that PZVMX 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

	PZVMX	PZVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	6.57%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	14.58%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	22.28%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	24.31%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	27.48%	-2.26%

PZVMX vs. PZVSX - Expense Ratio Comparison

PZVMX has a 1.32% expense ratio, which is lower than PZVSX's 1.52% expense ratio.

Dividends

PZVMX vs. PZVSX - Dividend Comparison

PZVMX's dividend yield for the trailing twelve months is around 3.83%, more than PZVSX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PZVSX Pzena Small Cap Value Fund	2.04%	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

Can I hold both PZVMX and PZVSX in my portfolio?

With a correlation of 0.92, PZVMX and PZVSX 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, PZVMX or PZVSX?

PZVSX has higher volatility (6.57%) compared to PZVMX (4.60%). In terms of maximum drawdown, PZVMX dropped -54.06% vs PZVSX's -54.22%.

Which has better risk-adjusted returns?

PZVSX currently has the higher Sharpe Ratio (1.04 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.