PENNX vs. IJH
PENNX (Royce Pennsylvania Mutual Fund) and IJH (iShares Core S&P Mid-Cap ETF) are both funds - PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while IJH is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Over the past 10 years, PENNX returned 11.88%/yr vs 11.27%/yr for IJH. Their correlation of 0.94 suggests significant overlap in exposure. PENNX charges 0.92%/yr vs 0.05%/yr for IJH.
Performance
PENNX vs. IJH - Performance Comparison
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Returns By Period
In the year-to-date period, PENNX achieves a 17.21% return, which is significantly higher than IJH's 14.10% return. Over the past 10 years, PENNX has outperformed IJH with an annualized return of 11.88%, while IJH has yielded a comparatively lower 11.27% annualized 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%
IJH
- 1D
- -0.12%
- 1M
- 3.84%
- YTD
- 14.10%
- 6M
- 14.33%
- 1Y
- 25.45%
- 3Y*
- 16.09%
- 5Y*
- 8.17%
- 10Y*
- 11.27%
PENNX vs. IJH - 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% | 16.00% |
IJH iShares Core S&P Mid-Cap ETF | 14.10% | 7.42% | 13.92% | 16.40% | -13.11% | 24.72% | 13.60% | 26.10% | -11.19% | 16.26% |
Correlation
The correlation between PENNX and IJH is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 30, 2000 | 0.94 |
The correlation between PENNX and IJH has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
PENNX vs. IJH — Risk / Return Rank
PENNX
IJH
PENNX vs. IJH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and iShares Core S&P Mid-Cap ETF (IJH). 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 | IJH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 2.90 | +0.56 |
| Martin ratioReturn relative to average drawdown | 12.02 | 10.60 | +1.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PENNX | IJH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | 1.65 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.42 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.53 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.46 | +0.04 |
Drawdowns
PENNX vs. IJH - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.00%, roughly equal to the maximum IJH drawdown of -55.07%. Use the drawdown chart below to compare losses from any high point for PENNX and IJH.
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Drawdown Indicators
| PENNX | IJH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -55.07% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -8.83% | -1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -24.10% | -2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -24.10% | -3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | -42.18% | +1.08% |
Current DrawdownCurrent decline from peak | -0.37% | -0.12% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -7.57% | -1.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 2.41% | +0.52% |
Volatility
PENNX vs. IJH - Volatility Comparison
Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 5.45% compared to iShares Core S&P Mid-Cap ETF (IJH) at 4.37%. This indicates that PENNX's price experiences larger fluctuations and is considered to be riskier than IJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PENNX | IJH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.45% | 4.37% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 13.08% | 11.32% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.99% | 15.54% | +2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.73% | 19.74% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.57% | 21.18% | +0.39% |
PENNX vs. IJH - Expense Ratio Comparison
PENNX has a 0.92% expense ratio, which is higher than IJH's 0.05% expense ratio.
Dividends
PENNX vs. IJH - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 5.72%, more than IJH's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJH iShares Core S&P Mid-Cap ETF | 1.18% | 1.36% | 1.33% | 1.46% | 1.68% | 1.18% | 1.28% | 1.63% | 1.72% | 1.19% | 1.60% | 1.56% |
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
With a correlation of 0.94, PENNX and IJH 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 (5.45%) compared to IJH (4.37%). In terms of maximum drawdown, PENNX dropped -57.00% vs IJH's -55.07%.
PENNX currently has the higher Sharpe Ratio (1.96 vs 1.65), 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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