PENNX vs. CSMDX

Last updated Jun 4, 2026

PENNX (Royce Pennsylvania Mutual Fund) and CSMDX (Copeland SMID Cap Dividend Growth Fund) are both Small Cap Blend Equities funds. Over the past 5 years, PENNX returned 8.31%/yr vs 5.03%/yr for CSMDX. Their correlation of 0.94 suggests significant overlap in exposure. PENNX charges 0.92%/yr vs 0.95%/yr for CSMDX.

Performance

PENNX vs. CSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Pennsylvania Mutual Fund (PENNX) and Copeland SMID Cap Dividend Growth Fund (CSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PENNX achieves a 17.21% return, which is significantly higher than CSMDX's 11.73% return.

PENNX

• 1D: 0.84%
• 1M: 3.54%
• YTD: 17.21%
• 6M: 16.67%
• 1Y: 33.08%
• 3Y*: 16.39%
• 5Y*: 8.31%
• 10Y*: 11.88%

CSMDX

• 1D: 0.53%
• 1M: 2.59%
• YTD: 11.73%
• 6M: 10.42%
• 1Y: 16.91%
• 3Y*: 8.52%
• 5Y*: 5.03%
• 10Y*: —

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

PENNX vs. CSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PENNX Royce Pennsylvania Mutual Fund	17.21%	9.02%	7.02%	26.82%	-17.18%	21.49%	14.11%	26.61%	-9.94%	12.82%
CSMDX Copeland SMID Cap Dividend Growth Fund	11.73%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%

Correlation

The correlation between PENNX and CSMDX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2017	0.94

The correlation between PENNX and CSMDX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

PENNX vs. CSMDX — Risk / Return Rank

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

PENNX

PENNX Risk / Return Rank: 53
PENNX Sharpe Ratio Rank: 45
PENNX Sortino Ratio Rank: 45
PENNX Omega Ratio Rank: 40
PENNX Calmar Ratio Rank: 76
PENNX Martin Ratio Rank: 61

CSMDX

CSMDX Risk / Return Rank: 23
CSMDX Sharpe Ratio Rank: 20
CSMDX Sortino Ratio Rank: 22
CSMDX Omega Ratio Rank: 19
CSMDX Calmar Ratio Rank: 29
CSMDX Martin Ratio Rank: 25

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.

PENNX vs. CSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Copeland SMID Cap Dividend Growth Fund (CSMDX). 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.

	PENNX	CSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.27	+0.69
Sortino ratio: Return per unit of downside risk	2.83	1.97	+0.86
Omega ratio: Gain probability vs. loss probability	1.34	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	3.45	2.00	+1.45
Martin ratio: Return relative to average drawdown	12.02	6.13	+5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PENNX vs. CSMDX - Sharpe Ratio Comparison

The current PENNX Sharpe Ratio is 1.96, which is higher than the CSMDX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of PENNX and CSMDX, 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

	PENNX	CSMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	1.27	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.28	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.45	+0.05

Drawdowns

PENNX vs. CSMDX - Drawdown Comparison

The maximum PENNX drawdown since its inception was -57.00%, which is greater than CSMDX's maximum drawdown of -37.28%. Use the drawdown chart below to compare losses from any high point for PENNX and CSMDX.

Drawdown Indicators

	PENNX	CSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-57.00%	-37.28%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-9.20%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-26.42%	-24.60%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-24.60%	-2.98%
Max Drawdown (10Y) Largest decline over 10 years	-41.10%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.53%	+0.16%
Average Drawdown Average peak-to-trough decline	-9.40%	-5.77%	-3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.00%	-0.07%

Volatility

PENNX vs. CSMDX - Volatility Comparison

Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 5.45% compared to Copeland SMID Cap Dividend Growth Fund (CSMDX) at 3.70%. This indicates that PENNX's price experiences larger fluctuations and is considered to be riskier than CSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENNX	CSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	3.70%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	10.24%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	14.46%	+3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	18.16%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	19.17%	+2.40%

PENNX vs. CSMDX - Expense Ratio Comparison

PENNX has a 0.92% expense ratio, which is lower than CSMDX's 0.95% expense ratio.

Dividends

PENNX vs. CSMDX - Dividend Comparison

PENNX's dividend yield for the trailing twelve months is around 5.72%, more than CSMDX's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMDX Copeland SMID Cap Dividend Growth Fund	2.81%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	0.00%	0.00%
PENNX Royce Pennsylvania Mutual Fund	5.72%	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

Can I hold both PENNX and CSMDX in my portfolio?

With a correlation of 0.91, PENNX and CSMDX 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.

Which is riskier, PENNX or CSMDX?

PENNX has higher volatility (5.45%) compared to CSMDX (3.70%). In terms of maximum drawdown, PENNX dropped -57.00% vs CSMDX's -37.28%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.96 vs 1.27), 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.