PZVMX vs. SMVTX

Last updated Aug 1, 2026

PZVMX (Pzena Mid Cap Value Fund) and SMVTX (Virtus Ceredex Mid-Cap Value Equity Fund) are both Mid Cap Value Equities funds. Over the past 10 years, PZVMX returned 10.04%/yr vs 11.55%/yr for SMVTX. Their correlation of 0.85 means they have usually moved in the same direction. PZVMX charges 1.32%/yr vs 0.99%/yr for SMVTX.

Performance

PZVMX vs. SMVTX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVMX achieves a 20.55% return, which is significantly higher than SMVTX's 16.53% return. Over the past 10 years, PZVMX has underperformed SMVTX with an annualized return of 10.04%, while SMVTX has yielded a comparatively higher 11.55% annualized 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%

SMVTX

• 1D: 1.19%
• 1M: -3.94%
• 6M: 8.69%
• YTD: 16.53%
• 1Y: 29.40%
• 3Y*: 19.22%
• 5Y*: 10.94%
• 10Y*: 11.55%
• ALL TIME*: 10.04%

*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)
PZVMX Pzena Mid Cap Value Fund	$0.00	$0.00	$0.00
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	$0.00	$0.00	$0.00

PZVMX vs. SMVTX - 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%
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	16.53%	17.58%	18.93%	10.94%	-13.89%	29.15%	-1.19%	33.14%	-8.01%	11.69%

Correlation

The correlation between PZVMX and SMVTX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.85

Over the past year, the correlation between PZVMX and SMVTX has dropped to 0.57 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

PZVMX vs. SMVTX — Risk / Return Rank

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

PZVMX

PZVMX Risk / Return Rank: 31
PZVMX Sharpe Ratio Rank: 32
PZVMX Sortino Ratio Rank: 34
PZVMX Omega Ratio Rank: 30
PZVMX Calmar Ratio Rank: 32
PZVMX Martin Ratio Rank: 26

SMVTX

SMVTX Risk / Return Rank: 76
SMVTX Sharpe Ratio Rank: 70
SMVTX Sortino Ratio Rank: 69
SMVTX Omega Ratio Rank: 64
SMVTX Calmar Ratio Rank: 89
SMVTX Martin Ratio Rank: 86

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.

PZVMX vs. SMVTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Mid Cap Value Fund (PZVMX) and Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX). 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	SMVTX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.63	-0.58
Sortino ratio: Return per unit of downside risk	1.62	2.34	-0.72
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.43	3.31	-1.88
Martin ratio: Return relative to average drawdown	3.90	10.95	-7.05

PZVMX vs. SMVTX - Sharpe Ratio Comparison

The current PZVMX Sharpe Ratio is 1.05, which is lower than the SMVTX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of PZVMX and SMVTX, 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

PZVMX vs. SMVTX - Drawdown Comparison

The maximum PZVMX drawdown since its inception was -54.06%, roughly equal to the maximum SMVTX drawdown of -54.72%. Use the drawdown chart below to compare losses from any high point for PZVMX and SMVTX.

Drawdown Indicators

	PZVMX	SMVTX	Difference
Max Drawdown Largest peak-to-trough decline	-54.06%	-54.72%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-8.10%	-6.03%
Max Drawdown (3Y) Largest decline over 3 years	-23.13%	-24.75%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.33%	-25.44%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-54.06%	-45.45%	-8.61%
Current Drawdown Current decline from peak	-0.57%	-7.01%	+6.44%
Average Drawdown Average peak-to-trough decline	-8.36%	-8.20%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	2.45%	+2.75%

Volatility

PZVMX vs. SMVTX - Volatility Comparison

Pzena Mid Cap Value Fund (PZVMX) has a higher volatility of 5.38% compared to Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) at 4.12%. This indicates that PZVMX's price experiences larger fluctuations and is considered to be riskier than SMVTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVMX	SMVTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	4.12%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	12.77%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	16.44%	+2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	20.55%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.07%	20.60%	+4.47%

PZVMX vs. SMVTX - Expense Ratio Comparison

PZVMX has a 1.32% expense ratio, which is higher than SMVTX's 0.99% expense ratio.

Dividends

PZVMX vs. SMVTX - Dividend Comparison

PZVMX's dividend yield for the trailing twelve months is around 3.54%, less than SMVTX's 14.98% 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%
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	14.98%	16.44%	15.96%	1.16%	6.75%	18.53%	2.52%	5.82%	14.47%	20.86%	3.61%	7.05%

Frequently Asked Questions

Can I hold both PZVMX and SMVTX in my portfolio?

PZVMX and SMVTX have a correlation of 0.57, 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 SMVTX?

PZVMX has higher volatility (5.38%) compared to SMVTX (4.12%). In terms of maximum drawdown, PZVMX dropped -54.06% vs SMVTX's -54.72%.

Which has better risk-adjusted returns?

SMVTX currently has the higher Sharpe Ratio (1.63 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.