PNSAX vs. PENNX

Last updated Jun 4, 2026

PNSAX (Putnam Small Cap Growth Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - PNSAX is a Small Cap Growth Equities fund managed by Putnam, while PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, PNSAX returned 15.74%/yr vs 11.88%/yr for PENNX. Their correlation of 0.89 suggests significant overlap in exposure. PNSAX charges 1.23%/yr vs 0.92%/yr for PENNX.

Performance

PNSAX vs. PENNX - Performance Comparison

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

Returns By Period

In the year-to-date period, PNSAX achieves a 19.33% return, which is significantly higher than PENNX's 17.21% return. Over the past 10 years, PNSAX has outperformed PENNX with an annualized return of 15.74%, while PENNX has yielded a comparatively lower 11.88% annualized return.

PNSAX

• 1D: 1.83%
• 1M: 3.40%
• YTD: 19.33%
• 6M: 17.46%
• 1Y: 30.89%
• 3Y*: 21.22%
• 5Y*: 9.93%
• 10Y*: 15.74%

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%

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

PNSAX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNSAX Putnam Small Cap Growth Fund	19.33%	8.91%	22.98%	22.87%	-28.10%	14.38%	47.65%	37.60%	-2.46%	20.19%
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%

Correlation

The correlation between PNSAX and PENNX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 5, 1998	0.89

The correlation between PNSAX and PENNX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

PNSAX vs. PENNX — Risk / Return Rank

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

PNSAX

PNSAX Risk / Return Rank: 30
PNSAX Sharpe Ratio Rank: 25
PNSAX Sortino Ratio Rank: 24
PNSAX Omega Ratio Rank: 25
PNSAX Calmar Ratio Rank: 38
PNSAX Martin Ratio Rank: 37

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

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.

PNSAX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Small Cap Growth Fund (PNSAX) and Royce Pennsylvania Mutual Fund (PENNX). 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.

	PNSAX	PENNX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.96	-0.52
Sortino ratio: Return per unit of downside risk	2.06	2.83	-0.77
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	2.33	3.45	-1.13
Martin ratio: Return relative to average drawdown	8.14	12.02	-3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNSAX vs. PENNX - Sharpe Ratio Comparison

The current PNSAX Sharpe Ratio is 1.44, which is comparable to the PENNX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PNSAX and PENNX, 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

	PNSAX	PENNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.96	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.40	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.55	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.50	-0.06

Drawdowns

PNSAX vs. PENNX - Drawdown Comparison

The maximum PNSAX drawdown since its inception was -69.47%, which is greater than PENNX's maximum drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for PNSAX and PENNX.

Drawdown Indicators

	PNSAX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-69.47%	-57.00%	-12.47%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-10.21%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-26.25%	-26.42%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-38.77%	-27.58%	-11.19%
Max Drawdown (10Y) Largest decline over 10 years	-38.77%	-41.10%	+2.33%
Current Drawdown Current decline from peak	-1.44%	-0.37%	-1.07%
Average Drawdown Average peak-to-trough decline	-23.55%	-9.40%	-14.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.93%	+1.06%

Volatility

PNSAX vs. PENNX - Volatility Comparison

Putnam Small Cap Growth Fund (PNSAX) has a higher volatility of 8.08% compared to Royce Pennsylvania Mutual Fund (PENNX) at 5.45%. This indicates that PNSAX's price experiences larger fluctuations and is considered to be riskier than PENNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNSAX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	5.45%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	18.35%	13.08%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.60%	17.99%	+4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	20.73%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.59%	21.57%	+2.02%

PNSAX vs. PENNX - Expense Ratio Comparison

PNSAX has a 1.23% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

PNSAX vs. PENNX - Dividend Comparison

PNSAX's dividend yield for the trailing twelve months is around 0.36%, less than PENNX's 5.72% 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%
PNSAX Putnam Small Cap Growth Fund	0.36%	0.42%	0.00%	0.00%	0.00%	15.27%	4.87%	1.93%	1.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNSAX and PENNX in my portfolio?

PNSAX and PENNX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNSAX or PENNX?

PNSAX has higher volatility (8.08%) compared to PENNX (5.45%). In terms of maximum drawdown, PNSAX dropped -69.47% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.96 vs 1.44), 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.