PZVSX vs. FESCX

Last updated Jul 15, 2026

PZVSX (Pzena Small Cap Value Fund) and FESCX (First Eagle Small Cap Opportunity Fund) are both Small Cap Value Equities funds. Over the past 5 years, PZVSX returned 8.26%/yr vs 9.32%/yr for FESCX. Their correlation of 0.90 suggests significant overlap in exposure. PZVSX charges 1.52%/yr vs 1.00%/yr for FESCX.

Performance

PZVSX vs. FESCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena Small Cap Value Fund (PZVSX) and First Eagle Small Cap Opportunity Fund (FESCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZVSX achieves a 19.83% return, which is significantly lower than FESCX's 27.39% return.

PZVSX

• 1D: 0.72%
• 1M: -0.77%
• 6M: 13.75%
• YTD: 19.83%
• 1Y: 19.87%
• 3Y*: 9.84%
• 5Y*: 8.26%
• 10Y*: —

FESCX

• 1D: -0.74%
• 1M: -1.00%
• 6M: 19.08%
• YTD: 27.39%
• 1Y: 41.90%
• 3Y*: 16.05%
• 5Y*: 9.32%
• 10Y*: —

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

PZVSX vs. FESCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PZVSX Pzena Small Cap Value Fund	19.83%	-4.94%	1.62%	25.62%	-5.33%	7.22%
FESCX First Eagle Small Cap Opportunity Fund	27.39%	13.33%	6.47%	16.75%	-14.05%	1.23%

Correlation

The correlation between PZVSX and FESCX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.90

The correlation between PZVSX and FESCX shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

PZVSX vs. FESCX — Risk / Return Rank

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

PZVSX

PZVSX Risk / Return Rank: 19
PZVSX Sharpe Ratio Rank: 18
PZVSX Sortino Ratio Rank: 21
PZVSX Omega Ratio Rank: 18
PZVSX Calmar Ratio Rank: 21
PZVSX Martin Ratio Rank: 17

FESCX

FESCX Risk / Return Rank: 83
FESCX Sharpe Ratio Rank: 81
FESCX Sortino Ratio Rank: 79
FESCX Omega Ratio Rank: 72
FESCX Calmar Ratio Rank: 93
FESCX Martin Ratio Rank: 92

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.

PZVSX vs. FESCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and First Eagle Small Cap Opportunity Fund (FESCX). 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.

	PZVSX	FESCX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.08	-1.21
Sortino ratio: Return per unit of downside risk	1.43	2.94	-1.51
Omega ratio: Gain probability vs. loss probability	1.16	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.26	4.05	-2.79
Martin ratio: Return relative to average drawdown	3.14	14.28	-11.14

PZVSX vs. FESCX - Sharpe Ratio Comparison

The current PZVSX Sharpe Ratio is 0.88, which is lower than the FESCX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of PZVSX and FESCX, 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

PZVSX vs. FESCX - Drawdown Comparison

The maximum PZVSX drawdown since its inception was -54.22%, which is greater than FESCX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for PZVSX and FESCX.

Drawdown Indicators

	PZVSX	FESCX	Difference
Max Drawdown Largest peak-to-trough decline	-54.22%	-28.53%	-25.69%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-10.26%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-28.53%	-3.90%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-28.53%	-3.90%
Current Drawdown Current decline from peak	-1.84%	-4.33%	+2.49%
Average Drawdown Average peak-to-trough decline	-10.39%	-8.68%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	2.91%	+3.20%

Volatility

PZVSX vs. FESCX - Volatility Comparison

The current volatility for Pzena Small Cap Value Fund (PZVSX) is 5.84%, while First Eagle Small Cap Opportunity Fund (FESCX) has a volatility of 6.24%. This indicates that PZVSX experiences smaller price fluctuations and is considered to be less risky than FESCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVSX	FESCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	6.24%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	14.96%	14.53%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.91%	19.97%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.18%	22.63%	+1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.39%	22.63%	+4.76%

PZVSX vs. FESCX - Expense Ratio Comparison

PZVSX has a 1.52% expense ratio, which is higher than FESCX's 1.00% expense ratio.

Dividends

PZVSX vs. FESCX - Dividend Comparison

PZVSX's dividend yield for the trailing twelve months is around 1.95%, more than FESCX's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FESCX First Eagle Small Cap Opportunity Fund	0.81%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%
PZVSX Pzena Small Cap Value Fund	1.95%	2.33%	7.03%	0.45%	17.31%	1.25%	1.39%	0.00%	4.56%	7.54%

Frequently Asked Questions

Can I hold both PZVSX and FESCX in my portfolio?

PZVSX and FESCX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZVSX or FESCX?

FESCX has higher volatility (6.24%) compared to PZVSX (5.84%). In terms of maximum drawdown, PZVSX dropped -54.22% vs FESCX's -28.53%.

Which has better risk-adjusted returns?

FESCX currently has the higher Sharpe Ratio (2.08 vs 0.88), 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.