SMRI vs. PZLV

Last updated Aug 2, 2026

SMRI (Bushido Capital US Equity ETF) and PZLV (Pzena U.S. Large Cap Value ETF) are both Large Cap Value Equities funds. Both are actively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. SMRI charges 0.71%/yr vs 0.60%/yr for PZLV.

Performance

SMRI vs. PZLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bushido Capital US Equity ETF (SMRI) and Pzena U.S. Large Cap Value ETF (PZLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMRI

• 1D: 0.38%
• 1M: 5.51%
• 6M: 23.61%
• YTD: 23.03%
• 1Y: 40.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.95%

PZLV

• 1D: -0.57%
• 1M: 5.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PZLV Pzena U.S. Large Cap Value ETF	$74.79K	$52.72K	$44.34K
SMRI Bushido Capital US Equity ETF	$770.42K	$508.81K	$403.01K

SMRI vs. PZLV - Yearly Performance Comparison

	2026 (YTD)
SMRI Bushido Capital US Equity ETF	25.41%
PZLV Pzena U.S. Large Cap Value ETF	21.32%

Correlation

The correlation between SMRI and PZLV is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 1, 2026	0.68

Return for Risk

SMRI vs. PZLV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 92
SMRI Calmar Ratio Rank: 95
SMRI Martin Ratio Rank: 93

PZLV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMRI vs. PZLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bushido Capital US Equity ETF (SMRI) and Pzena U.S. Large Cap Value ETF (PZLV). 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.

	SMRI	PZLV	Difference
Sharpe ratio: Return per unit of total volatility	2.64	—	—
Sortino ratio: Return per unit of downside risk	3.68	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	5.75	—	—
Martin ratio: Return relative to average drawdown	16.88	—	—

Drawdowns

SMRI vs. PZLV - Drawdown Comparison

The maximum SMRI drawdown since its inception was -18.45%, which is greater than PZLV's maximum drawdown of -2.81%. Use the drawdown chart below to compare losses from any high point for SMRI and PZLV.

Drawdown Indicators

	SMRI	PZLV	Difference
Max Drawdown Largest peak-to-trough decline	-18.45%	-2.81%	-15.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	—	—
Current Drawdown Current decline from peak	-0.51%	-1.20%	+0.69%
Average Drawdown Average peak-to-trough decline	-2.72%	-0.74%	-1.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	—	—

Volatility

Volatility by Period

	SMRI	PZLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.09%	14.93%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	14.93%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.84%	14.93%	+0.91%

SMRI vs. PZLV - Expense Ratio Comparison

SMRI has a 0.71% expense ratio, which is higher than PZLV's 0.60% expense ratio.

Dividends

SMRI vs. PZLV - Dividend Comparison

SMRI's dividend yield for the trailing twelve months is around 0.86%, while PZLV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PZLV Pzena U.S. Large Cap Value ETF	0.00%	0.00%	0.00%	0.00%
SMRI Bushido Capital US Equity ETF	0.86%	1.32%	0.98%	0.45%

Frequently Asked Questions

Can I hold both SMRI and PZLV in my portfolio?

SMRI and PZLV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMRI or PZLV?

On fees, PZLV is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMRI or PZLV?

PZLV is cheaper with a 0.60% expense ratio, compared with 0.71% for SMRI.

Which ETF pays a higher dividend yield, SMRI or PZLV?

SMRI has the higher dividend yield at 0.86%, compared with 0.00% for PZLV.

What is the main difference between SMRI and PZLV?

They also come from different issuers: Bushido and Pzena. Their fees differ too: 0.71% for SMRI and 0.60% for PZLV.