- ISIN
- US7809058404
- CUSIP
- 780905840
- Inception Date
- Oct 31, 1972
- Category
- Small Cap Blend Equities
- Min. Investment
- $2,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PENNX Performance Chart
Royce Pennsylvania Mutual Fund (PENNX) is up 21.4% since the beginning of the year. PENNX is currently trading at $11 per share. Investors who bought $1,000 worth of PENNX shares 5 years ago would now be looking at an investment worth $1,602.
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Returns By Period
Royce Pennsylvania Mutual Fund (PENNX) has returned 21.43% so far this year and 38.35% over the past 12 months. Over the last ten years, PENNX has returned 12.26% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Royce Pennsylvania Mutual Fund
- 1D
- 1.72%
- 1M
- 5.25%
- YTD
- 21.43%
- 6M
- 18.73%
- 1Y
- 38.35%
- 3Y*
- 16.58%
- 5Y*
- 9.88%
- 10Y*
- 12.26%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
PENNX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1980, PENNX's average daily return is +0.04%, while the average monthly return is +0.88%. At this rate, an investment would double in approximately 6.6 years.
Historically, 63% of months were positive and 37% were negative. The best month was Apr 2009 with a return of +18.0%, while the worst month was Jan 1981 at -30.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, PENNX closed higher 51% of trading days. The best single day was Dec 18, 1986 with a return of +10.3%, while the worst single day was Jan 22, 1981 at -30.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.82% | 3.04% | -5.60% | 10.21% | 1.51% | 4.47% | 21.43% | ||||||
| 2025 | 2.21% | -5.31% | -6.29% | -1.83% | 6.34% | 4.80% | 1.34% | 5.84% | 0.42% | -0.31% | 2.18% | 0.14% | 9.02% |
| 2024 | -2.72% | 4.93% | 4.27% | -6.14% | 6.00% | -1.34% | 6.99% | -1.85% | -0.60% | -2.80% | 8.74% | -7.14% | 7.02% |
| 2023 | 10.51% | -1.07% | -1.08% | -2.19% | -0.37% | 9.48% | 4.44% | -2.18% | -4.79% | -6.09% | 8.85% | 10.55% | 26.82% |
| 2022 | -8.70% | 0.34% | -0.79% | -7.53% | 1.73% | -7.88% | 9.74% | -3.84% | -9.48% | 9.37% | 6.55% | -5.53% | -17.18% |
| 2021 | 1.56% | 9.13% | 2.38% | 3.70% | -0.08% | -0.83% | -0.59% | 1.18% | -2.75% | 4.45% | -2.46% | 4.54% | 21.49% |
Benchmark Metrics
Royce Pennsylvania Mutual Fund has an annualized alpha of 2.39%, beta of 0.76, and R2 of 0.55 versus S&P 500 Index. Calculated based on daily prices since January 02, 1980.
- This fund participated in 93.33% of S&P 500 Index downside but only 92.14% of its upside - more exposed to losses than it benefited from rallies.
- This fund generated an annualized alpha of 2.39% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 2.39%
- Beta
- 0.76
- R²
- 0.55
- Upside Capture
- 92.14%
- Downside Capture
- 93.33%
Expense Ratio
PENNX has an expense ratio of 0.92%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PENNX ranks 66 for risk / return — better than 66% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and compare them to S&P 500 Index.
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.
| PENNX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 2.78 | +0.96 |
| Martin ratioReturn relative to average drawdown | 13.05 | 12.44 | +0.61 |
Dividends
Dividend History
Royce Pennsylvania Mutual Fund provided a 5.52% dividend yield over the last twelve months, with an annual payout of $0.62 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.62 | $0.62 | $0.84 | $0.45 | $0.39 | $2.72 | $0.52 | $0.36 | $1.84 | $2.24 | $0.79 | $2.18 |
Dividend yield | 5.52% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
Monthly Dividends
The table displays the monthly dividend distributions for Royce Pennsylvania Mutual Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.62 | $0.62 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.84 | $0.84 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.45 | $0.45 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.39 | $0.39 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.72 | $2.72 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Royce Pennsylvania Mutual Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Royce Pennsylvania Mutual Fund was 57.00%, occurring on Mar 9, 2009. Recovery took 452 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -57.00%Mar 2009 | 1y 7mo | 1y 9mo | 3y 5moJul 2007 - Dec 2010 |
1982 bear market1982 | -55.46%Mar 1982 | 1y 3mo | 3y 9mo | 5y 1moNov 1980 - Jan 1986 |
COVID crash2020 | -41.10%Mar 2020 | 2mo 6d | 7mo 22d | 9mo 28dJan 2020 - Nov 2020 |
1980 bear market1980 | -37.39%Mar 1980 | 2mo 5d | 5mo 19d | 7mo 24dJan 1980 - Sep 1980 |
1987 bear market1987 | -31.80%Dec 1987 | 4mo 1d | 1y 7mo | 1y 11moSep 1987 - Aug 1989 |
Drawdown Indicators
| PENNX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -56.78% | -0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -9.10% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -18.90% | -7.52% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -25.43% | -2.15% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | -33.92% | -7.18% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -10.71% | +1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.03% | +0.89% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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