PENNX vs. RYDVX

Last updated Aug 5, 2026

PENNX (Royce Pennsylvania Mutual Fund) and RYDVX (Royce Dividend Value Fund) are both mutual funds - PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while RYDVX is a Mid Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, PENNX returned 11.82%/yr vs 11.60%/yr for RYDVX. Their correlation of 0.95 means they have usually moved in the same direction. PENNX charges 0.92%/yr vs 1.34%/yr for RYDVX.

Performance

PENNX vs. RYDVX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PENNX having a 21.65% return and RYDVX slightly higher at 22.03%. Both investments have delivered pretty close results over the past 10 years, with PENNX having a 11.82% annualized return and RYDVX 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%

RYDVX

• 1D: 1.90%
• 1M: 5.51%
• 6M: 11.86%
• YTD: 22.03%
• 1Y: 32.89%
• 3Y*: 20.03%
• 5Y*: 11.76%
• 10Y*: 11.60%
• ALL TIME*: 9.46%

*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)
PENNX Royce Pennsylvania Mutual Fund	$0.00	$0.00	$0.00
RYDVX Royce Dividend Value Fund	$0.00	$0.00	$0.00

PENNX vs. RYDVX - 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%
RYDVX Royce Dividend Value Fund	22.03%	9.44%	19.41%	23.29%	-13.63%	20.00%	4.45%	30.00%	-16.33%	21.39%

Correlation

The correlation between PENNX and RYDVX is 0.84, 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.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.95

The correlation between PENNX and RYDVX shifts across timeframes, from 0.84 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PENNX vs. RYDVX — Risk / Return Rank

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

PENNX

PENNX Risk / Return Rank: 77
PENNX Sharpe Ratio Rank: 75
PENNX Sortino Ratio Rank: 77
PENNX Omega Ratio Rank: 65
PENNX Calmar Ratio Rank: 87
PENNX Martin Ratio Rank: 83

RYDVX

RYDVX Risk / Return Rank: 74
RYDVX Sharpe Ratio Rank: 75
RYDVX Sortino Ratio Rank: 84
RYDVX Omega Ratio Rank: 76
RYDVX Calmar Ratio Rank: 79
RYDVX Martin Ratio Rank: 55

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. RYDVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Royce Dividend Value Fund (RYDVX). 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	RYDVX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.89	-0.04
Sortino ratio: Return per unit of downside risk	2.70	3.05	-0.35
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.31	2.82	+0.49
Martin ratio: Return relative to average drawdown	11.22	8.16	+3.06

PENNX vs. RYDVX - Sharpe Ratio Comparison

The current PENNX Sharpe Ratio is 1.85, which is comparable to the RYDVX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PENNX and RYDVX, 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. RYDVX - Drawdown Comparison

The maximum PENNX drawdown since its inception was -57.00%, which is greater than RYDVX's maximum drawdown of -53.36%. Use the drawdown chart below to compare losses from any high point for PENNX and RYDVX.

Drawdown Indicators

	PENNX	RYDVX	Difference
Max Drawdown Largest peak-to-trough decline	-57.00%	-53.36%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-12.32%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-26.42%	-21.45%	-4.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-27.35%	-0.23%
Max Drawdown (10Y) Largest decline over 10 years	-41.10%	-41.49%	+0.39%
Current Drawdown Current decline from peak	-1.75%	0.00%	-1.75%
Average Drawdown Average peak-to-trough decline	-9.38%	-7.49%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.25%	-1.24%

Volatility

PENNX vs. RYDVX - Volatility Comparison

The current volatility for Royce Pennsylvania Mutual Fund (PENNX) is 4.50%, while Royce Dividend Value Fund (RYDVX) has a volatility of 4.88%. This indicates that PENNX experiences smaller price fluctuations and is considered to be less risky than RYDVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENNX	RYDVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.88%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	11.84%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	18.47%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	19.08%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	19.63%	+1.92%

PENNX vs. RYDVX - Expense Ratio Comparison

PENNX has a 0.92% expense ratio, which is lower than RYDVX's 1.34% expense ratio.

Dividends

PENNX vs. RYDVX - Dividend Comparison

PENNX's dividend yield for the trailing twelve months is around 5.51%, less than RYDVX's 151.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
RYDVX Royce Dividend Value Fund	151.44%	185.21%	21.24%	11.80%	0.57%	14.07%	5.55%	15.61%	14.15%	14.26%	10.48%	11.39%

Frequently Asked Questions

Can I hold both PENNX and RYDVX in my portfolio?

PENNX and RYDVX have a correlation of 0.84, 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 RYDVX?

RYDVX has higher volatility (4.88%) compared to PENNX (4.50%). In terms of maximum drawdown, PENNX dropped -57.00% vs RYDVX's -53.36%.

Which has better risk-adjusted returns?

RYDVX currently has the higher Sharpe Ratio (1.89 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.