PZVSX vs. VESMX

Last updated Jun 4, 2026

PZVSX (Pzena Small Cap Value Fund) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, PZVSX returned 5.17%/yr vs 6.25%/yr for VESMX. Their correlation of 0.90 suggests significant overlap in exposure. PZVSX charges 1.52%/yr vs 1.20%/yr for VESMX.

Performance

PZVSX vs. VESMX - Performance Comparison

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

Returns By Period

In the year-to-date period, PZVSX achieves a 15.03% return, which is significantly higher than VESMX's 3.66% return.

PZVSX

• 1D: 0.61%
• 1M: 3.77%
• YTD: 15.03%
• 6M: 12.84%
• 1Y: 22.29%
• 3Y*: 11.22%
• 5Y*: 5.17%
• 10Y*: —

VESMX

• 1D: -0.09%
• 1M: 0.24%
• YTD: 3.66%
• 6M: 3.63%
• 1Y: 15.47%
• 3Y*: 10.91%
• 5Y*: 6.25%
• 10Y*: —

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

PZVSX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PZVSX Pzena Small Cap Value Fund	15.03%	-4.94%	1.62%	25.62%	-5.33%	27.93%	27.60%
VESMX VELA Small Cap Fund	3.66%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between PZVSX and VESMX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 3, 2020	0.90

The correlation between PZVSX and VESMX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

PZVSX vs. VESMX — Risk / Return Rank

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

PZVSX

PZVSX Risk / Return Rank: 17
PZVSX Sharpe Ratio Rank: 16
PZVSX Sortino Ratio Rank: 18
PZVSX Omega Ratio Rank: 16
PZVSX Calmar Ratio Rank: 20
PZVSX Martin Ratio Rank: 14

VESMX

VESMX Risk / Return Rank: 19
VESMX Sharpe Ratio Rank: 17
VESMX Sortino Ratio Rank: 18
VESMX Omega Ratio Rank: 16
VESMX Calmar Ratio Rank: 24
VESMX Martin Ratio Rank: 21

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. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and VELA Small Cap Fund (VESMX). 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	VESMX	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.18	-0.04
Sortino ratio Return per unit of downside risk	1.78	1.78	0.00
Omega ratio Gain probability vs. loss probability	1.20	1.21	0.00
Calmar ratio Return relative to maximum drawdown	1.66	1.79	-0.13
Martin ratio Return relative to average drawdown	4.13	5.41	-1.28
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. VESMX - Sharpe Ratio Comparison

The current PZVSX Sharpe Ratio is 1.14, which is comparable to the VESMX Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PZVSX and VESMX, 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	VESMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.18	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.36	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.77	-0.53

Drawdowns

PZVSX vs. VESMX - Drawdown Comparison

The maximum PZVSX drawdown since its inception was -54.22%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for PZVSX and VESMX.

Drawdown Indicators

	PZVSX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-54.22%	-20.35%	-33.87%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-9.48%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-20.35%	-12.08%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-20.35%	-12.08%
Current Drawdown Current decline from peak	-0.75%	-3.33%	+2.58%
Average Drawdown Average peak-to-trough decline	-10.50%	-4.57%	-5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	3.14%	+2.99%

Volatility

PZVSX vs. VESMX - Volatility Comparison

Pzena Small Cap Value Fund (PZVSX) has a higher volatility of 6.58% compared to VELA Small Cap Fund (VESMX) at 3.88%. This indicates that PZVSX's price experiences larger fluctuations and is considered to be riskier than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZVSX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	3.88%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	9.81%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	22.24%	14.38%	+7.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	17.42%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.48%	18.23%	+9.25%

PZVSX vs. VESMX - Expense Ratio Comparison

PZVSX has a 1.52% expense ratio, which is higher than VESMX's 1.20% expense ratio.

Dividends

PZVSX vs. VESMX - Dividend Comparison

PZVSX's dividend yield for the trailing twelve months is around 2.03%, more than VESMX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVSX Pzena Small Cap Value Fund	2.03%	2.33%	7.03%	0.45%	17.31%	1.25%	1.39%	0.00%	4.56%	7.54%
VESMX VELA Small Cap Fund	0.97%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PZVSX and VESMX in my portfolio?

PZVSX and VESMX have a correlation of 0.85, 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 VESMX?

PZVSX has higher volatility (6.58%) compared to VESMX (3.88%). In terms of maximum drawdown, PZVSX dropped -54.22% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

VESMX currently has the higher Sharpe Ratio (1.18 vs 1.14), 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.