PENNX vs. SPY
Compare and contrast key facts about Royce Pennsylvania Mutual Fund (PENNX) and 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PENNX or SPY.
Key characteristics
| PENNX | SPY | |
|---|---|---|
| YTD Return | 7.30% | 18.86% |
| 1Y Return | 19.30% | 28.13% |
| 3Y Return (Ann) | 6.10% | 9.87% |
| 5Y Return (Ann) | 10.88% | 15.23% |
| 10Y Return (Ann) | 8.90% | 12.80% |
| Sharpe Ratio | 1.02 | 2.21 |
| Daily Std Dev | 18.72% | 12.60% |
| Max Drawdown | -57.02% | -55.19% |
| Current Drawdown | -5.11% | -0.61% |
Correlation
The correlation between PENNX and SPY is 0.79, 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.
Performance
PENNX vs. SPY - Performance Comparison
In the year-to-date period, PENNX achieves a 7.30% return, which is significantly lower than SPY's 18.86% return. Over the past 10 years, PENNX has underperformed SPY with an annualized return of 8.90%, while SPY has yielded a comparatively higher 12.80% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
PENNX vs. SPY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and 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.
Dividends
PENNX vs. SPY - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 4.57%, more than SPY's 0.94% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 4.57% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% | 12.18% | 5.38% |
SPY SPDR S&P 500 ETF | 0.94% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
Drawdowns
PENNX vs. SPY - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.02%, 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. For additional features, visit the drawdowns tool.
Volatility
PENNX vs. SPY - Volatility Comparison
Royce Pennsylvania Mutual Fund (PENNX) has a higher volatility of 6.06% compared to SPDR S&P 500 ETF (SPY) at 3.84%. 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.