VSCAX vs. PZVSX

Last updated Jun 4, 2026

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

Performance

VSCAX vs. PZVSX - Performance Comparison

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

Returns By Period

In the year-to-date period, VSCAX achieves a 31.33% return, which is significantly higher than PZVSX's 15.03% return.

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%

PZVSX

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

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

VSCAX vs. PZVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

VSCAX vs. PZVSX — Risk / Return Rank

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

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

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

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.

VSCAX vs. PZVSX - Risk-Adjusted Trends Comparison

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

	VSCAX	PZVSX	Difference
Sharpe ratio: Return per unit of total volatility	3.19	1.14	+2.05
Sortino ratio: Return per unit of downside risk	3.96	1.78	+2.18
Omega ratio: Gain probability vs. loss probability	1.52	1.20	+0.32
Calmar ratio: Return relative to maximum drawdown	5.76	1.66	+4.10
Martin ratio: Return relative to average drawdown	20.42	4.13	+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.

VSCAX vs. PZVSX - Sharpe Ratio Comparison

The current VSCAX Sharpe Ratio is 3.19, which is higher than the PZVSX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VSCAX and PZVSX, 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

	VSCAX	PZVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	1.14	+2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.21	+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	0.54	0.24	+0.30

Drawdowns

VSCAX vs. PZVSX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

VSCAX vs. PZVSX - Volatility Comparison

Invesco Small Cap Value Fund (VSCAX) and Pzena Small Cap Value Fund (PZVSX) have volatilities of 6.31% and 6.58%, 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

	VSCAX	PZVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	6.58%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	15.82%	14.59%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	20.63%	22.24%	-1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	24.31%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.73%	27.48%	-0.75%

VSCAX vs. PZVSX - Expense Ratio Comparison

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

Dividends

VSCAX vs. PZVSX - Dividend Comparison

VSCAX's dividend yield for the trailing twelve months is around 7.02%, more than PZVSX's 2.03% 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 VSCAX and PZVSX in my portfolio?

VSCAX and PZVSX 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, VSCAX or PZVSX?

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

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.