PENNX vs. SWSSX

Last updated Jun 4, 2026

PENNX (Royce Pennsylvania Mutual Fund) and SWSSX (Schwab Small-Cap Index Fund-Select Shares) are both Small Cap Blend Equities funds. Over the past 10 years, PENNX returned 11.88%/yr vs 11.20%/yr for SWSSX. With a 0.95 correlation, they move nearly in lockstep. PENNX charges 0.92%/yr vs 0.04%/yr for SWSSX.

Performance

PENNX vs. SWSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Pennsylvania Mutual Fund (PENNX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PENNX achieves a 17.21% return, which is significantly lower than SWSSX's 18.71% return. Over the past 10 years, PENNX has outperformed SWSSX with an annualized return of 11.88%, while SWSSX has yielded a comparatively lower 11.20% 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%

SWSSX

• 1D: 0.92%
• 1M: 5.00%
• YTD: 18.71%
• 6M: 17.43%
• 1Y: 41.24%
• 3Y*: 18.69%
• 5Y*: 6.65%
• 10Y*: 11.20%

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

PENNX vs. SWSSX - 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%
SWSSX Schwab Small-Cap Index Fund-Select Shares	18.71%	12.88%	11.57%	17.07%	-20.43%	14.77%	20.12%	25.63%	-11.19%	14.76%

Correlation

The correlation between PENNX and SWSSX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.95

The correlation between PENNX and SWSSX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

PENNX vs. SWSSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PENNX

PENNX Risk / Return Rank: 53
PENNX Sharpe Ratio Rank: 45
PENNX Sortino Ratio Rank: 45
PENNX Omega Ratio Rank: 40
PENNX Calmar Ratio Rank: 76
PENNX Martin Ratio Rank: 61

SWSSX

SWSSX Risk / Return Rank: 64
SWSSX Sharpe Ratio Rank: 60
SWSSX Sortino Ratio Rank: 55
SWSSX Omega Ratio Rank: 47
SWSSX Calmar Ratio Rank: 84
SWSSX Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PENNX vs. SWSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX). 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	SWSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.28	-0.32
Sortino ratio: Return per unit of downside risk	2.83	3.13	-0.30
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	3.45	3.97	-0.52
Martin ratio: Return relative to average drawdown	12.02	14.11	-2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PENNX vs. SWSSX - Sharpe Ratio Comparison

The current PENNX Sharpe Ratio is 1.96, which is comparable to the SWSSX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of PENNX and SWSSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PENNX	SWSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.28	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.30	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.47	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.36	+0.14

Drawdowns

PENNX vs. SWSSX - Drawdown Comparison

The maximum PENNX drawdown since its inception was -57.00%, smaller than the maximum SWSSX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for PENNX and SWSSX.

Drawdown Indicators

	PENNX	SWSSX	Difference
Max Drawdown Largest peak-to-trough decline	-57.00%	-60.34%	+3.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-11.00%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-26.42%	-27.50%	+1.08%
Max Drawdown (5Y) Largest decline over 5 years	-27.58%	-31.93%	+4.35%
Max Drawdown (10Y) Largest decline over 10 years	-41.10%	-41.81%	+0.71%
Current Drawdown Current decline from peak	-0.37%	-0.13%	-0.24%
Average Drawdown Average peak-to-trough decline	-9.40%	-10.73%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	3.09%	-0.16%

Volatility

PENNX vs. SWSSX - Volatility Comparison

Royce Pennsylvania Mutual Fund (PENNX) and Schwab Small-Cap Index Fund-Select Shares (SWSSX) have volatilities of 5.45% and 5.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PENNX	SWSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	5.61%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	13.60%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	19.15%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	22.59%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.57%	24.09%	-2.52%

PENNX vs. SWSSX - Expense Ratio Comparison

PENNX has a 0.92% expense ratio, which is higher than SWSSX's 0.04% expense ratio.

Dividends

PENNX vs. SWSSX - Dividend Comparison

PENNX's dividend yield for the trailing twelve months is around 5.72%, more than SWSSX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWSSX Schwab Small-Cap Index Fund-Select Shares	1.08%	1.29%	1.66%	1.49%	1.32%	8.88%	2.55%	6.12%	10.45%	5.22%	4.10%	6.92%

Frequently Asked Questions

Can I hold both PENNX and SWSSX in my portfolio?

With a correlation of 0.93, PENNX and SWSSX 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.

Which is riskier, PENNX or SWSSX?

SWSSX has higher volatility (5.61%) compared to PENNX (5.45%). In terms of maximum drawdown, PENNX dropped -57.00% vs SWSSX's -60.34%.

Which has better risk-adjusted returns?

SWSSX currently has the higher Sharpe Ratio (2.28 vs 1.96), 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.