PENNX vs. DODBX

Last updated Aug 1, 2026

PENNX (Royce Pennsylvania Mutual Fund) and DODBX (Dodge & Cox Balanced Fund Class I) are both mutual funds - PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while DODBX is a Diversified Portfolio fund actively managed by Dodge & Cox. Over the past 10 years, PENNX returned 11.65%/yr vs 9.56%/yr for DODBX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. PENNX charges 0.92%/yr vs 0.52%/yr for DODBX.

Performance

PENNX vs. DODBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Pennsylvania Mutual Fund (PENNX) and Dodge & Cox Balanced Fund Class I (DODBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PENNX achieves a 18.94% return, which is significantly higher than DODBX's 6.18% return. Over the past 10 years, PENNX has outperformed DODBX with an annualized return of 11.65%, while DODBX has yielded a comparatively lower 9.56% annualized return.

PENNX

• 1D: 1.01%
• 1M: -1.96%
• 6M: 11.35%
• YTD: 18.94%
• 1Y: 30.68%
• 3Y*: 13.46%
• 5Y*: 8.84%
• 10Y*: 11.65%
• ALL TIME*: 9.11%

DODBX

• 1D: 0.07%
• 1M: 1.37%
• 6M: 4.40%
• YTD: 6.18%
• 1Y: 13.51%
• 3Y*: 11.14%
• 5Y*: 7.37%
• 10Y*: 9.56%
• ALL TIME*: 9.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DODBX Dodge & Cox Balanced Fund Class I	$0.00	$0.00	$0.00
PENNX Royce Pennsylvania Mutual Fund	$0.00	$0.00	$0.00

PENNX vs. DODBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PENNX Royce Pennsylvania Mutual Fund	18.94%	9.02%	7.02%	26.82%	-17.18%	21.49%	14.11%	26.61%	-9.94%	16.00%
DODBX Dodge & Cox Balanced Fund Class I	6.18%	14.44%	8.76%	13.77%	-7.30%	19.21%	7.93%	19.64%	-4.66%	11.51%

Correlation

The correlation between PENNX and DODBX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jan 2, 1980	0.72

The correlation between PENNX and DODBX shifts across timeframes, from 0.64 (1 year) to 0.82 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PENNX vs. DODBX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PENNX

PENNX Risk / Return Rank: 72
PENNX Sharpe Ratio Rank: 67
PENNX Sortino Ratio Rank: 69
PENNX Omega Ratio Rank: 62
PENNX Calmar Ratio Rank: 84
PENNX Martin Ratio Rank: 79

DODBX

DODBX Risk / Return Rank: 67
DODBX Sharpe Ratio Rank: 70
DODBX Sortino Ratio Rank: 71
DODBX Omega Ratio Rank: 68
DODBX Calmar Ratio Rank: 65
DODBX Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PENNX vs. DODBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Dodge & Cox Balanced Fund Class I (DODBX). 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	DODBX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.60	-0.04
Sortino ratio: Return per unit of downside risk	2.33	2.35	-0.02
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio: Return relative to maximum drawdown	2.79	2.09	+0.70
Martin ratio: Return relative to average drawdown	9.50	7.46	+2.03

PENNX vs. DODBX - Sharpe Ratio Comparison

The current PENNX Sharpe Ratio is 1.56, which is comparable to the DODBX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of PENNX and DODBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PENNX vs. DODBX - Drawdown Comparison

The maximum PENNX drawdown since its inception was -57.00%, which is greater than DODBX's maximum drawdown of -50.20%. Use the drawdown chart below to compare losses from any high point for PENNX and DODBX.

Drawdown Indicators

	PENNX	DODBX	Difference
Max Drawdown Largest peak-to-trough decline	-57.00%	-50.20%	-6.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-5.72%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-26.42%	-8.45%	-17.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-17.74%	-9.84%
Max Drawdown (10Y) Largest decline over 10 years	-41.10%	-31.29%	-9.81%
Current Drawdown Current decline from peak	-3.93%	-0.14%	-3.79%
Average Drawdown Average peak-to-trough decline	-9.38%	-4.67%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.61%	+1.39%

Volatility

PENNX vs. DODBX - Volatility Comparison

Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 4.25% compared to Dodge & Cox Balanced Fund Class I (DODBX) at 2.19%. This indicates that PENNX's price experiences larger fluctuations and is considered to be riskier than DODBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENNX	DODBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	2.19%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	5.65%	+7.84%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	7.49%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	10.75%	+9.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.53%	13.16%	+8.37%

PENNX vs. DODBX - Expense Ratio Comparison

PENNX has a 0.92% expense ratio, which is higher than DODBX's 0.52% expense ratio.

Dividends

PENNX vs. DODBX - Dividend Comparison

PENNX's dividend yield for the trailing twelve months is around 5.64%, less than DODBX's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODBX Dodge & Cox Balanced Fund Class I	6.74%	7.53%	8.21%	4.64%	8.67%	10.62%	6.92%	9.35%	9.57%	7.53%	5.59%	5.44%
PENNX Royce Pennsylvania Mutual Fund	5.64%	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 DODBX in my portfolio?

PENNX and DODBX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PENNX or DODBX?

PENNX has higher volatility (4.25%) compared to DODBX (2.19%). In terms of maximum drawdown, PENNX dropped -57.00% vs DODBX's -50.20%.

Which has better risk-adjusted returns?

DODBX currently has the higher Sharpe Ratio (1.60 vs 1.56), 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.