PZVSX vs. FISVX

Last updated Apr 2, 2026

Compare and contrast key facts about Pzena Small Cap Value Fund (PZVSX) and Fidelity Small Cap Value Index Fund (FISVX).

PZVSX is managed by Pzena. It was launched on Apr 27, 2016. FISVX is managed by Fidelity. It was launched on Jul 11, 2019.

Performance

PZVSX vs. FISVX - Performance Comparison

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

PZVSX vs. FISVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PZVSX Pzena Small Cap Value Fund	2.79%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	13.05%
FISVX Fidelity Small Cap Value Index Fund	4.93%	12.70%	8.16%	14.72%	-14.42%	28.26%	4.49%	9.54%

Returns By Period

In the year-to-date period, PZVSX achieves a 2.79% return, which is significantly lower than FISVX's 4.93% return.

PZVSX

• 1D: 2.16%
• 1M: -6.09%
• YTD: 2.79%
• 6M: -2.15%
• 1Y: 10.52%
• 3Y*: 6.80%
• 5Y*: 4.27%
• 10Y*: —

FISVX

• 1D: 2.64%
• 1M: -4.39%
• YTD: 4.93%
• 6M: 7.81%
• 1Y: 28.12%
• 3Y*: 13.87%
• 5Y*: 5.57%
• 10Y*: —

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

PZVSX vs. FISVX - Expense Ratio Comparison

PZVSX has a 1.52% expense ratio, which is higher than FISVX's 0.05% expense ratio.

PZVSX

Pzena Small Cap Value Fund

FISVX

Fidelity Small Cap Value Index Fund

Return for Risk

PZVSX vs. FISVX — Risk / Return Rank

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

PZVSX

PZVSX Risk / Return Rank: 12
PZVSX Sharpe Ratio Rank: 11
PZVSX Sortino Ratio Rank: 13
PZVSX Omega Ratio Rank: 11
PZVSX Calmar Ratio Rank: 15
PZVSX Martin Ratio Rank: 11

FISVX

FISVX Risk / Return Rank: 74
FISVX Sharpe Ratio Rank: 71
FISVX Sortino Ratio Rank: 73
FISVX Omega Ratio Rank: 62
FISVX Calmar Ratio Rank: 82
FISVX Martin Ratio Rank: 80

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. FISVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and Fidelity Small Cap Value Index Fund (FISVX). 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.

	PZVSX	FISVX	Difference
Sharpe ratio Return per unit of total volatility	0.38	1.28	-0.90
Sortino ratio Return per unit of downside risk	0.75	1.86	-1.11
Omega ratio Gain probability vs. loss probability	1.09	1.25	-0.15
Calmar ratio Return relative to maximum drawdown	0.61	2.02	-1.41
Martin ratio Return relative to average drawdown	1.54	8.01	-6.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZVSX vs. FISVX - Sharpe Ratio Comparison

The current PZVSX Sharpe Ratio is 0.38, which is lower than the FISVX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of PZVSX and FISVX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PZVSX	FISVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.38	1.28	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.26	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.36	-0.16

Correlation

The correlation between PZVSX and FISVX is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PZVSX vs. FISVX - Dividend Comparison

PZVSX's dividend yield for the trailing twelve months is around 2.27%, more than FISVX's 2.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVSX Pzena Small Cap Value Fund	2.27%	2.33%	7.03%	0.45%	17.31%	1.25%	1.39%	0.00%	4.56%	7.54%
FISVX Fidelity Small Cap Value Index Fund	2.08%	2.18%	1.70%	2.06%	3.69%	9.55%	1.33%	0.62%	0.00%	0.00%

Drawdowns

PZVSX vs. FISVX - Drawdown Comparison

The maximum PZVSX drawdown since its inception was -54.22%, which is greater than FISVX's maximum drawdown of -44.66%. Use the drawdown chart below to compare losses from any high point for PZVSX and FISVX.

Drawdown Indicators

	PZVSX	FISVX	Difference
Max Drawdown Largest peak-to-trough decline	-54.22%	-44.66%	-9.56%
Max Drawdown (1Y) Largest decline over 1 year	-17.01%	-13.82%	-3.19%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-26.50%	-5.93%
Current Drawdown Current decline from peak	-11.31%	-5.37%	-5.94%
Average Drawdown Average peak-to-trough decline	-10.61%	-10.58%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	3.48%	+3.24%

Volatility

PZVSX vs. FISVX - Volatility Comparison

Pzena Small Cap Value Fund (PZVSX) and Fidelity Small Cap Value Index Fund (FISVX) have volatilities of 6.36% and 6.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVSX	FISVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	6.34%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.14%	13.12%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	27.72%	22.07%	+5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.37%	21.82%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.59%	26.96%	+0.63%