The LSV Value Equity Fund (LSVEX) is a fund managed by 3 co-owners. They apply their own quantitative modeling to numerous stocks to create and maintain their broadly diversified portfolio. Their portfolio is made up of mainly large and mid cap U.S. stocks. They tend to focus on stocks that have low price to earnings, low price to cash flow, and high dividend yield. So, basically stocks that are undervalued for no reason.
Comparing this fund to the S&P500 they look relatively similar. SPY offers .5% higher annual return, and the only thing that was a big difference was the Sharpe ratio. This is because LSV has a little more volatility (higher standard deviation) so it lowers its Sharpe ration because that poses more risk. After running the regressions it shows that LSV alpha was 0 so it does over or under perform from the market.
Personally, I would pick SPY over LSV. SPY offers a slightly higher return as well as a higher Sharpe ratio. Another thing you could look at is dividends. You may personally prefer a dividend stock because they offer tax incentives. This in my eyes makes SPY even more attractive because I wouldn't be taxed as high on my gains.