PZVMX vs. UMCVX

Last updated Jun 24, 2026

PZVMX (Pzena Mid Cap Value Fund) and UMCVX (Invesco V.I. American Value Fund) are both Mid Cap Value Equities funds. Over the past 10 years, PZVMX returned 9.84%/yr vs 14.71%/yr for UMCVX. Their correlation of 0.88 suggests significant overlap in exposure. PZVMX charges 1.32%/yr vs 0.89%/yr for UMCVX.

Performance

PZVMX vs. UMCVX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVMX achieves a 10.97% return, which is significantly lower than UMCVX's 24.46% return. Over the past 10 years, PZVMX has underperformed UMCVX with an annualized return of 9.84%, while UMCVX has yielded a comparatively higher 14.71% annualized return.

PZVMX

• 1D: -0.85%
• 1M: 0.71%
• YTD: 10.97%
• 6M: 9.83%
• 1Y: 12.92%
• 3Y*: 9.29%
• 5Y*: 5.85%
• 10Y*: 9.84%

UMCVX

• 1D: 1.35%
• 1M: 5.27%
• YTD: 24.46%
• 6M: 22.44%
• 1Y: 49.55%
• 3Y*: 32.21%
• 5Y*: 18.90%
• 10Y*: 14.71%

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

PZVMX vs. UMCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVMX Pzena Mid Cap Value Fund	10.97%	-1.16%	0.62%	21.03%	-5.95%	30.68%	6.30%	29.04%	-21.54%	14.36%
UMCVX Invesco V.I. American Value Fund	24.46%	21.17%	30.42%	15.70%	-2.53%	27.96%	1.15%	24.95%	-12.56%	9.97%

Correlation

The correlation between PZVMX and UMCVX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.88

Over the past year, the correlation between PZVMX and UMCVX has dropped to 0.64 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

Return for Risk

PZVMX vs. UMCVX — Risk / Return Rank

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

PZVMX

PZVMX Risk / Return Rank: 10
PZVMX Sharpe Ratio Rank: 10
PZVMX Sortino Ratio Rank: 10
PZVMX Omega Ratio Rank: 9
PZVMX Calmar Ratio Rank: 11
PZVMX Martin Ratio Rank: 10

UMCVX

UMCVX Risk / Return Rank: 84
UMCVX Sharpe Ratio Rank: 86
UMCVX Sortino Ratio Rank: 74
UMCVX Omega Ratio Rank: 74
UMCVX Calmar Ratio Rank: 94
UMCVX Martin Ratio Rank: 93

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. UMCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Mid Cap Value Fund (PZVMX) and Invesco V.I. American Value Fund (UMCVX). 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	UMCVX	Difference
Sharpe ratio: Return per unit of total volatility	0.73	2.60	-1.87
Sortino ratio: Return per unit of downside risk	1.18	3.28	-2.10
Omega ratio: Gain probability vs. loss probability	1.14	1.44	-0.31
Calmar ratio: Return relative to maximum drawdown	1.00	5.21	-4.21
Martin ratio: Return relative to average drawdown	2.62	18.29	-15.67

PZVMX vs. UMCVX - Sharpe Ratio Comparison

The current PZVMX Sharpe Ratio is 0.73, which is lower than the UMCVX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of PZVMX and UMCVX, 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. UMCVX - Drawdown Comparison

The maximum PZVMX drawdown since its inception was -54.06%, smaller than the maximum UMCVX drawdown of -59.30%. Use the drawdown chart below to compare losses from any high point for PZVMX and UMCVX.

Drawdown Indicators

	PZVMX	UMCVX	Difference
Max Drawdown Largest peak-to-trough decline	-54.06%	-59.30%	+5.24%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-9.69%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	-23.13%	-25.10%	+1.97%
Max Drawdown (5Y) Largest decline over 5 years	-23.33%	-25.10%	+1.77%
Max Drawdown (10Y) Largest decline over 10 years	-54.06%	-45.77%	-8.29%
Current Drawdown Current decline from peak	-4.25%	-0.66%	-3.59%
Average Drawdown Average peak-to-trough decline	-8.42%	-10.04%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.38%	2.75%	+2.63%

Volatility

PZVMX vs. UMCVX - Volatility Comparison

The current volatility for Pzena Mid Cap Value Fund (PZVMX) is 4.77%, while Invesco V.I. American Value Fund (UMCVX) has a volatility of 8.85%. This indicates that PZVMX experiences smaller price fluctuations and is considered to be less risky than UMCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVMX	UMCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	8.85%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	15.50%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.34%	19.46%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.07%	27.40%	-6.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.22%	25.25%	-0.03%

PZVMX vs. UMCVX - Expense Ratio Comparison

PZVMX has a 1.32% expense ratio, which is higher than UMCVX's 0.89% expense ratio.

Dividends

PZVMX vs. UMCVX - Dividend Comparison

PZVMX's dividend yield for the trailing twelve months is around 3.85%, less than UMCVX's 13.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZVMX Pzena Mid Cap Value Fund	3.85%	4.27%	18.45%	8.81%	15.42%	9.39%	2.13%	1.23%	2.59%	2.55%	0.58%	3.43%
UMCVX Invesco V.I. American Value Fund	13.46%	16.76%	3.11%	25.58%	23.66%	0.42%	1.65%	8.19%	19.87%	1.91%	5.79%	15.77%

Frequently Asked Questions

Can I hold both PZVMX and UMCVX in my portfolio?

PZVMX and UMCVX have a correlation of 0.64, 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 UMCVX?

UMCVX has higher volatility (8.85%) compared to PZVMX (4.77%). In terms of maximum drawdown, PZVMX dropped -54.06% vs UMCVX's -59.30%.

Which has better risk-adjusted returns?

UMCVX currently has the higher Sharpe Ratio (2.60 vs 0.73), 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.