PSCNX vs. ORIGX

Last updated Aug 1, 2026

PSCNX (Penn Capital Special Situations Small Cap Equity Fund) and ORIGX (North Square Spectrum Alpha Fund) are both Small Cap Growth Equities funds. Over the past 10 years, PSCNX returned 12.72%/yr vs 9.92%/yr for ORIGX. Their correlation of 0.88 means they have usually moved in the same direction. PSCNX charges 1.71%/yr vs 1.60%/yr for ORIGX.

Performance

PSCNX vs. ORIGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Penn Capital Special Situations Small Cap Equity Fund (PSCNX) and North Square Spectrum Alpha Fund (ORIGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCNX achieves a 19.59% return, which is significantly lower than ORIGX's 21.51% return. Over the past 10 years, PSCNX has outperformed ORIGX with an annualized return of 12.72%, while ORIGX has yielded a comparatively lower 9.92% annualized return.

PSCNX

• 1D: 1.40%
• 1M: -4.67%
• 6M: 13.56%
• YTD: 19.59%
• 1Y: 26.84%
• 3Y*: 12.15%
• 5Y*: 7.28%
• 10Y*: 12.72%
• ALL TIME*: 12.65%

ORIGX

• 1D: 0.83%
• 1M: -0.91%
• 6M: 15.87%
• YTD: 21.51%
• 1Y: 36.47%
• 3Y*: 17.81%
• 5Y*: 7.02%
• 10Y*: 9.92%
• ALL TIME*: 9.43%

*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)
ORIGX North Square Spectrum Alpha Fund	$0.00	$0.00	$0.00
PSCNX Penn Capital Special Situations Small Cap Equity Fund	$0.00	$0.00	$0.00

PSCNX vs. ORIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCNX Penn Capital Special Situations Small Cap Equity Fund	19.59%	12.07%	8.04%	14.14%	-17.98%	32.82%	27.62%	30.69%	-16.22%	15.97%
ORIGX North Square Spectrum Alpha Fund	21.51%	9.45%	15.06%	24.70%	-27.57%	10.38%	29.92%	22.34%	-7.09%	18.20%

Correlation

The correlation between PSCNX and ORIGX is 0.92, 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.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Dec 17, 2015	0.88

The correlation between PSCNX and ORIGX has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

Return for Risk

PSCNX vs. ORIGX — Risk / Return Rank

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

PSCNX

PSCNX Risk / Return Rank: 41
PSCNX Sharpe Ratio Rank: 35
PSCNX Sortino Ratio Rank: 36
PSCNX Omega Ratio Rank: 33
PSCNX Calmar Ratio Rank: 53
PSCNX Martin Ratio Rank: 46

ORIGX

ORIGX Risk / Return Rank: 80
ORIGX Sharpe Ratio Rank: 77
ORIGX Sortino Ratio Rank: 77
ORIGX Omega Ratio Rank: 72
ORIGX Calmar Ratio Rank: 91
ORIGX Martin Ratio Rank: 85

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.

PSCNX vs. ORIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Penn Capital Special Situations Small Cap Equity Fund (PSCNX) and North Square Spectrum Alpha Fund (ORIGX). 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.

	PSCNX	ORIGX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.83	-0.68
Sortino ratio: Return per unit of downside risk	1.70	2.66	-0.95
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.11
Calmar ratio: Return relative to maximum drawdown	1.98	3.46	-1.47
Martin ratio: Return relative to average drawdown	6.68	10.72	-4.04

PSCNX vs. ORIGX - Sharpe Ratio Comparison

The current PSCNX Sharpe Ratio is 1.15, which is lower than the ORIGX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of PSCNX and ORIGX, 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

PSCNX vs. ORIGX - Drawdown Comparison

The maximum PSCNX drawdown since its inception was -50.15%, roughly equal to the maximum ORIGX drawdown of -49.06%. Use the drawdown chart below to compare losses from any high point for PSCNX and ORIGX.

Drawdown Indicators

	PSCNX	ORIGX	Difference
Max Drawdown Largest peak-to-trough decline	-50.15%	-49.06%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-9.55%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-26.25%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-38.60%	+6.51%
Max Drawdown (10Y) Largest decline over 10 years	-50.15%	-39.38%	-10.77%
Current Drawdown Current decline from peak	-7.24%	-2.24%	-5.00%
Average Drawdown Average peak-to-trough decline	-9.73%	-10.76%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	3.07%	+0.62%

Volatility

PSCNX vs. ORIGX - Volatility Comparison

Penn Capital Special Situations Small Cap Equity Fund (PSCNX) has a higher volatility of 5.22% compared to North Square Spectrum Alpha Fund (ORIGX) at 3.87%. This indicates that PSCNX's price experiences larger fluctuations and is considered to be riskier than ORIGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCNX	ORIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	3.87%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	15.76%	13.06%	+2.70%
Volatility (1Y) Calculated over the trailing 1-year period	21.48%	18.06%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.37%	21.85%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.87%	21.52%	+4.35%

PSCNX vs. ORIGX - Expense Ratio Comparison

PSCNX has a 1.71% expense ratio, which is higher than ORIGX's 1.60% expense ratio.

Dividends

PSCNX vs. ORIGX - Dividend Comparison

PSCNX's dividend yield for the trailing twelve months is around 6.26%, more than ORIGX's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORIGX North Square Spectrum Alpha Fund	0.48%	0.00%	0.00%	0.00%	78.80%	15.09%	12.73%	16.48%	20.15%	146.42%	6.54%	6.73%
PSCNX Penn Capital Special Situations Small Cap Equity Fund	6.26%	7.49%	1.56%	0.24%	1.76%	23.64%	0.00%	1.24%	9.83%	11.93%	7.11%	0.00%

Frequently Asked Questions

Can I hold both PSCNX and ORIGX in my portfolio?

With a correlation of 0.92, PSCNX and ORIGX 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, PSCNX or ORIGX?

PSCNX has higher volatility (5.22%) compared to ORIGX (3.87%). In terms of maximum drawdown, PSCNX dropped -50.15% vs ORIGX's -49.06%.

Which has better risk-adjusted returns?

ORIGX currently has the higher Sharpe Ratio (1.83 vs 1.15), 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.