PENNX vs. SPY
Compare and contrast key facts about Royce Pennsylvania Mutual Fund (PENNX) and State Street SPDR S&P 500 ETF (SPY).
PENNX is managed by Royce Investment Partners. It was launched on Oct 31, 1972. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
PENNX vs. SPY - Performance Comparison
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PENNX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 3.90% | 9.02% | 7.02% | 26.82% | -17.18% | 21.49% | 14.11% | 26.61% | -9.94% | 16.00% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, PENNX achieves a 3.90% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, PENNX has underperformed SPY with an annualized return of 10.76%, while SPY has yielded a comparatively higher 14.06% annualized return.
PENNX
- 1D
- 3.00%
- 1M
- -6.52%
- YTD
- 3.90%
- 6M
- 5.66%
- 1Y
- 24.43%
- 3Y*
- 12.44%
- 5Y*
- 5.97%
- 10Y*
- 10.76%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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PENNX vs. SPY - Expense Ratio Comparison
PENNX has a 0.92% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
PENNX vs. SPY — Risk / Return Rank
PENNX
SPY
PENNX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | 0.96 | +0.15 |
Sortino ratioReturn per unit of downside risk | 1.68 | 1.49 | +0.19 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.23 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.80 | 1.53 | +0.27 |
Martin ratioReturn relative to average drawdown | 7.01 | 7.27 | -0.25 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 0.96 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.70 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.79 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.56 | -0.08 |
Correlation
The correlation between PENNX and SPY is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PENNX vs. SPY - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 6.45%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 6.45% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
PENNX vs. SPY - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.00%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PENNX and SPY.
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Drawdown Indicators
| PENNX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -55.19% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -13.65% | -12.05% | -1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -24.50% | -3.08% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | -33.72% | -7.38% |
Current DrawdownCurrent decline from peak | -7.51% | -5.53% | -1.98% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -9.09% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 2.54% | +0.96% |
Volatility
PENNX vs. SPY - Volatility Comparison
Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 7.09% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that PENNX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PENNX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.09% | 5.35% | +1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 13.16% | 9.50% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.55% | 19.06% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.71% | 17.06% | +3.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.51% | 17.92% | +3.59% |