PENNX vs. AZBIX
PENNX (Royce Pennsylvania Mutual Fund) and AZBIX (Virtus Small-Cap Fund) are both Small Cap Blend Equities funds. Over the past 10 years, PENNX returned 11.82%/yr vs 11.60%/yr for AZBIX. Their correlation of 0.93 means they have usually moved in the same direction. PENNX charges 0.92%/yr vs 0.89%/yr for AZBIX.
Performance
PENNX vs. AZBIX - Performance Comparison
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Returns By Period
In the year-to-date period, PENNX achieves a 21.65% return, which is significantly higher than AZBIX's 20.46% return. Both investments have delivered pretty close results over the past 10 years, with PENNX having a 11.82% annualized return and AZBIX not far behind at 11.60%.
PENNX
- 1D
- 1.81%
- 1M
- 0.27%
- 6M
- 12.18%
- YTD
- 21.65%
- 1Y
- 31.30%
- 3Y*
- 15.11%
- 5Y*
- 9.61%
- 10Y*
- 11.82%
- ALL TIME*
- 9.16%
AZBIX
- 1D
- 1.19%
- 1M
- -0.37%
- 6M
- 14.21%
- YTD
- 20.46%
- 1Y
- 31.52%
- 3Y*
- 17.45%
- 5Y*
- 8.95%
- 10Y*
- 11.60%
- ALL TIME*
- 11.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PENNX vs. AZBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 21.65% | 9.02% | 7.02% | 26.82% | -17.18% | 21.49% | 14.11% | 26.61% | -9.94% | 16.00% |
AZBIX Virtus Small-Cap Fund | 20.46% | 8.49% | 19.06% | 14.09% | -18.04% | 18.92% | 16.98% | 24.13% | -9.25% | 21.27% |
Correlation
The correlation between PENNX and AZBIX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2013 | 0.93 |
The correlation between PENNX and AZBIX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.
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Return for Risk
PENNX vs. AZBIX — Risk / Return Rank
PENNX
AZBIX
PENNX vs. AZBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Virtus Small-Cap Fund (AZBIX). 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.
| PENNX | AZBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.34 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 3.67 | -0.36 |
| Martin ratioReturn relative to average drawdown | 11.22 | 12.28 | -1.05 |
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Drawdowns
PENNX vs. AZBIX - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.00%, which is greater than AZBIX's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for PENNX and AZBIX.
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Drawdown Indicators
| PENNX | AZBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -40.80% | -16.20% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -9.33% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -29.01% | +2.59% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -29.85% | +2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | -40.80% | -0.30% |
Current DrawdownCurrent decline from peak | -1.75% | -2.40% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -7.64% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 2.79% | +0.22% |
Volatility
PENNX vs. AZBIX - Volatility Comparison
Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 4.50% compared to Virtus Small-Cap Fund (AZBIX) at 3.95%. This indicates that PENNX's price experiences larger fluctuations and is considered to be riskier than AZBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PENNX | AZBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 3.95% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 13.10% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 17.42% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.75% | 20.50% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 21.35% | +0.20% |
PENNX vs. AZBIX - Expense Ratio Comparison
PENNX has a 0.92% expense ratio, which is higher than AZBIX's 0.89% expense ratio.
Dividends
PENNX vs. AZBIX - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 5.51%, more than AZBIX's 4.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AZBIX Virtus Small-Cap Fund | 4.07% | 4.90% | 10.82% | 2.31% | 4.78% | 13.82% | 0.45% | 0.38% | 9.62% | 13.80% | 0.03% | 3.59% |
PENNX Royce Pennsylvania Mutual Fund | 5.51% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
Frequently Asked Questions
With a correlation of 0.92, PENNX and AZBIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PENNX has higher volatility (4.50%) compared to AZBIX (3.95%). In terms of maximum drawdown, PENNX dropped -57.00% vs AZBIX's -40.80%.
AZBIX currently has the higher Sharpe Ratio (1.97 vs 1.85), 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.
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