PZVMX vs. PZVSX
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 7.79%/yr vs 8.70%/yr for PZVSX. Their correlation of 0.93 means they have usually moved in the same direction. PZVMX charges 1.32%/yr vs 1.52%/yr for PZVSX.
Performance
PZVMX vs. PZVSX - Performance Comparison
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Returns By Period
In the year-to-date period, PZVMX achieves a 20.55% return, which is significantly lower than PZVSX's 23.93% return.
PZVMX
- 1D
- -0.57%
- 1M
- 4.80%
- 6M
- 17.11%
- YTD
- 20.55%
- 1Y
- 25.42%
- 3Y*
- 8.78%
- 5Y*
- 7.79%
- 10Y*
- 10.04%
- ALL TIME*
- 8.78%
PZVSX
- 1D
- -1.23%
- 1M
- 3.36%
- 6M
- 14.86%
- YTD
- 23.93%
- 1Y
- 32.08%
- 3Y*
- 9.24%
- 5Y*
- 8.70%
- 10Y*
- —
- ALL TIME*
- 7.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PZVMX vs. PZVSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZVMX Pzena Mid Cap Value Fund | 20.55% | -1.16% | 0.62% | 21.03% | -5.95% | 30.68% | 6.30% | 29.04% | -21.54% | 14.36% |
PZVSX Pzena Small Cap Value Fund | 23.93% | -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 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.93 |
The correlation between PZVMX and PZVSX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
PZVMX vs. PZVSX — Risk / Return Rank
PZVMX
PZVSX
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.
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.
| PZVMX | PZVSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 1.74 | -0.30 |
| Martin ratioReturn relative to average drawdown | 3.90 | 4.39 | -0.49 |
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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.
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Drawdown Indicators
| PZVMX | PZVSX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.57% | -1.90% | +1.33% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -10.34% | +1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.20% | 6.02% | -0.82% |
Volatility
PZVMX vs. PZVSX - Volatility Comparison
The current volatility for Pzena Mid Cap Value Fund (PZVMX) is 5.38%, while Pzena Small Cap Value Fund (PZVSX) has a volatility of 5.75%. 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.
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Volatility by Period
| PZVMX | PZVSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 5.75% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 13.39% | 14.79% | -1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.22% | 21.76% | -2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.90% | 24.14% | -3.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.07% | 27.36% | -2.29% |
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 3.54%, more than PZVSX's 1.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZVMX Pzena Mid Cap Value Fund | 3.54% | 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 | 1.88% | 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
With a correlation of 0.90, 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.
PZVSX has higher volatility (5.75%) compared to PZVMX (5.38%). In terms of maximum drawdown, PZVMX dropped -54.06% vs PZVSX's -54.22%.
PZVSX currently has the higher Sharpe Ratio (1.22 vs 1.05), 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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