PZVSX vs. PZVMX

Last updated Jun 3, 2026

PZVSX (Pzena Small Cap Value Fund) and PZVMX (Pzena Mid Cap Value Fund) are both mutual funds - PZVSX is a Small Cap Value Equities fund managed by Pzena, while PZVMX is a Mid Cap Value Equities fund managed by Pzena. Over the past 5 years, PZVSX returned 5.16%/yr vs 4.58%/yr for PZVMX. Their correlation of 0.93 suggests significant overlap in exposure. PZVSX charges 1.52%/yr vs 1.32%/yr for PZVMX.

Performance

PZVSX vs. PZVMX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVSX achieves a 14.33% return, which is significantly higher than PZVMX's 11.57% return.

PZVSX

• 1D: -0.07%
• 1M: 0.89%
• YTD: 14.33%
• 6M: 13.68%
• 1Y: 24.45%
• 3Y*: 11.00%
• 5Y*: 5.16%
• 10Y*: —

PZVMX

• 1D: 0.47%
• 1M: 4.11%
• YTD: 11.57%
• 6M: 13.25%
• 1Y: 15.38%
• 3Y*: 9.94%
• 5Y*: 4.58%
• 10Y*: 9.31%

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

PZVSX vs. PZVMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVSX Pzena Small Cap Value Fund	14.33%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	24.84%	-15.19%	2.10%
PZVMX Pzena Mid Cap Value Fund	11.57%	-1.16%	0.62%	21.03%	-5.95%	30.68%	6.30%	29.04%	-21.54%	13.30%

Correlation

The correlation between PZVSX and PZVMX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.93

The correlation between PZVSX and PZVMX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

PZVSX vs. PZVMX — Risk / Return Rank

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

PZVSX

PZVSX Risk / Return Rank: 14
PZVSX Sharpe Ratio Rank: 14
PZVSX Sortino Ratio Rank: 15
PZVSX Omega Ratio Rank: 13
PZVSX Calmar Ratio Rank: 16
PZVSX Martin Ratio Rank: 12

PZVMX

PZVMX Risk / Return Rank: 9
PZVMX Sharpe Ratio Rank: 9
PZVMX Sortino Ratio Rank: 10
PZVMX Omega Ratio Rank: 9
PZVMX Calmar Ratio Rank: 10
PZVMX Martin Ratio Rank: 8

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. PZVMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and Pzena Mid Cap Value Fund (PZVMX). 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	PZVMX	Difference
Sharpe ratio Return per unit of total volatility	1.04	0.77	+0.26
Sortino ratio Return per unit of downside risk	1.64	1.24	+0.40
Omega ratio Gain probability vs. loss probability	1.19	1.14	+0.05
Calmar ratio Return relative to maximum drawdown	1.44	1.00	+0.45
Martin ratio Return relative to average drawdown	3.60	2.62	+0.98
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. PZVMX - Sharpe Ratio Comparison

The current PZVSX Sharpe Ratio is 1.04, which is higher than the PZVMX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of PZVSX and PZVMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PZVSX	PZVMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.77	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.22	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.33	-0.10

Drawdowns

PZVSX vs. PZVMX - Drawdown Comparison

The maximum PZVSX drawdown since its inception was -54.22%, roughly equal to the maximum PZVMX drawdown of -54.06%. Use the drawdown chart below to compare losses from any high point for PZVSX and PZVMX.

Drawdown Indicators

	PZVSX	PZVMX	Difference
Max Drawdown Largest peak-to-trough decline	-54.22%	-54.06%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-14.13%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-23.13%	-9.30%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-23.33%	-9.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.06%	—
Current Drawdown Current decline from peak	-1.35%	0.00%	-1.35%
Average Drawdown Average peak-to-trough decline	-10.50%	-8.46%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	5.39%	+0.74%

Volatility

PZVSX vs. PZVMX - Volatility Comparison

Pzena Small Cap Value Fund (PZVSX) has a higher volatility of 6.57% compared to Pzena Mid Cap Value Fund (PZVMX) at 4.60%. This indicates that PZVSX's price experiences larger fluctuations and is considered to be riskier than PZVMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVSX	PZVMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	4.60%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	13.67%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	22.28%	19.28%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	21.16%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.48%	25.22%	+2.26%

PZVSX vs. PZVMX - Expense Ratio Comparison

PZVSX has a 1.52% expense ratio, which is higher than PZVMX's 1.32% expense ratio.

Dividends

PZVSX vs. PZVMX - Dividend Comparison

PZVSX's dividend yield for the trailing twelve months is around 2.04%, less than PZVMX's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZVMX Pzena Mid Cap Value Fund	3.83%	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	2.04%	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

Can I hold both PZVSX and PZVMX in my portfolio?

With a correlation of 0.92, PZVSX and PZVMX 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.

Which is riskier, PZVSX or PZVMX?

PZVSX has higher volatility (6.57%) compared to PZVMX (4.60%). In terms of maximum drawdown, PZVSX dropped -54.22% vs PZVMX's -54.06%.

Which has better risk-adjusted returns?

PZVSX currently has the higher Sharpe Ratio (1.04 vs 0.77), 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.