PZVSX vs. VSCAX

Last updated Jun 4, 2026

PZVSX (Pzena Small Cap Value Fund) and VSCAX (Invesco Small Cap Value Fund) are both Small Cap Value Equities funds. Over the past 5 years, PZVSX returned 5.17%/yr vs 19.56%/yr for VSCAX. Their correlation of 0.89 suggests significant overlap in exposure. PZVSX charges 1.52%/yr vs 1.12%/yr for VSCAX.

Performance

PZVSX vs. VSCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pzena Small Cap Value Fund (PZVSX) and Invesco Small Cap Value Fund (VSCAX). 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 lower than VSCAX's 31.33% return.

PZVSX

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

VSCAX

• 1D: 3.55%
• 1M: 7.75%
• YTD: 31.33%
• 6M: 33.12%
• 1Y: 62.09%
• 3Y*: 32.70%
• 5Y*: 19.56%
• 10Y*: 17.79%

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

PZVSX vs. VSCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZVSX Pzena Small Cap Value Fund	15.03%	-4.94%	1.62%	25.62%	-5.33%	27.93%	-0.09%	24.84%	-15.19%	2.10%
VSCAX Invesco Small Cap Value Fund	31.33%	17.70%	24.54%	22.84%	4.31%	36.34%	10.81%	32.02%	-25.64%	16.74%

Correlation

The correlation between PZVSX and VSCAX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.89

The correlation between PZVSX and VSCAX shifts across timeframes, from 0.70 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZVSX vs. VSCAX — 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

VSCAX

VSCAX Risk / Return Rank: 89
VSCAX Sharpe Ratio Rank: 93
VSCAX Sortino Ratio Rank: 84
VSCAX Omega Ratio Rank: 80
VSCAX Calmar Ratio Rank: 95
VSCAX 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.

PZVSX vs. VSCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and Invesco Small Cap Value Fund (VSCAX). 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	VSCAX	Difference
Sharpe ratio Return per unit of total volatility	1.14	3.19	-2.05
Sortino ratio Return per unit of downside risk	1.78	3.96	-2.18
Omega ratio Gain probability vs. loss probability	1.20	1.52	-0.32
Calmar ratio Return relative to maximum drawdown	1.66	5.76	-4.10
Martin ratio Return relative to average drawdown	4.13	20.42	-16.30
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. VSCAX - Sharpe Ratio Comparison

The current PZVSX Sharpe Ratio is 1.14, which is lower than the VSCAX Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of PZVSX and VSCAX, 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	VSCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	3.19	-2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.85	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.54	-0.30

Drawdowns

PZVSX vs. VSCAX - Drawdown Comparison

The maximum PZVSX drawdown since its inception was -54.22%, smaller than the maximum VSCAX drawdown of -57.77%. Use the drawdown chart below to compare losses from any high point for PZVSX and VSCAX.

Drawdown Indicators

	PZVSX	VSCAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.22%	-57.77%	+3.55%
Max Drawdown (1Y) Largest decline over 1 year	-15.26%	-11.43%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-25.29%	-7.14%
Max Drawdown (5Y) Largest decline over 5 years	-32.43%	-25.29%	-7.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.77%	—
Current Drawdown Current decline from peak	-0.75%	0.00%	-0.75%
Average Drawdown Average peak-to-trough decline	-10.50%	-8.90%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	3.21%	+2.92%

Volatility

PZVSX vs. VSCAX - Volatility Comparison

Pzena Small Cap Value Fund (PZVSX) and Invesco Small Cap Value Fund (VSCAX) have volatilities of 6.58% and 6.31%, 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	VSCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	6.31%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	14.59%	15.82%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.24%	20.63%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	23.17%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.48%	26.73%	+0.75%

PZVSX vs. VSCAX - Expense Ratio Comparison

PZVSX has a 1.52% expense ratio, which is higher than VSCAX's 1.12% expense ratio.

Dividends

PZVSX vs. VSCAX - Dividend Comparison

PZVSX's dividend yield for the trailing twelve months is around 2.03%, less than VSCAX's 7.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VSCAX Invesco Small Cap Value Fund	7.02%	9.22%	7.90%	4.93%	10.12%	16.90%	0.30%	2.53%	28.45%	16.65%	1.71%	11.08%

Frequently Asked Questions

Can I hold both PZVSX and VSCAX in my portfolio?

PZVSX and VSCAX have a correlation of 0.70, 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 VSCAX?

PZVSX has higher volatility (6.58%) compared to VSCAX (6.31%). In terms of maximum drawdown, PZVSX dropped -54.22% vs VSCAX's -57.77%.

Which has better risk-adjusted returns?

VSCAX currently has the higher Sharpe Ratio (3.19 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.