RYDVX vs. PENNX

Last updated Jun 4, 2026

RYDVX (Royce Dividend Value Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - RYDVX is a Mid Cap Blend Equities fund managed by Royce Investment Partners, while PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, RYDVX returned 10.64%/yr vs 11.88%/yr for PENNX. Their correlation of 0.95 suggests significant overlap in exposure. RYDVX charges 1.34%/yr vs 0.92%/yr for PENNX.

Performance

RYDVX vs. PENNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Dividend Value Fund (RYDVX) 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, RYDVX achieves a 8.73% return, which is significantly lower than PENNX's 17.21% return. Over the past 10 years, RYDVX has underperformed PENNX with an annualized return of 10.64%, while PENNX has yielded a comparatively higher 11.88% annualized return.

RYDVX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 8.73%
• 6M: 8.73%
• 1Y: 21.53%
• 3Y*: 17.50%
• 5Y*: 8.68%
• 10Y*: 10.64%

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)

RYDVX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYDVX Royce Dividend Value Fund	8.73%	9.44%	19.41%	23.29%	-13.63%	20.00%	4.45%	30.00%	-16.33%	21.39%
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 RYDVX and PENNX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2005	0.95

The correlation between RYDVX and PENNX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

RYDVX vs. PENNX — Risk / Return Rank

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

RYDVX

RYDVX Risk / Return Rank: 23
RYDVX Sharpe Ratio Rank: 20
RYDVX Sortino Ratio Rank: 25
RYDVX Omega Ratio Rank: 23
RYDVX Calmar Ratio Rank: 26
RYDVX Martin Ratio Rank: 21

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.

RYDVX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Dividend Value Fund (RYDVX) 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.

	RYDVX	PENNX	Difference
Sharpe ratio Return per unit of total volatility	1.26	1.96	-0.70
Sortino ratio Return per unit of downside risk	2.10	2.83	-0.73
Omega ratio Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio Return relative to maximum drawdown	1.89	3.45	-1.57
Martin ratio Return relative to average drawdown	5.43	12.02	-6.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYDVX vs. PENNX - Sharpe Ratio Comparison

The current RYDVX Sharpe Ratio is 1.26, which is lower than the PENNX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of RYDVX 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

	RYDVX	PENNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	1.96	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.40	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.55	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.50	-0.06

Drawdowns

RYDVX vs. PENNX - Drawdown Comparison

The maximum RYDVX drawdown since its inception was -53.36%, smaller than the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for RYDVX and PENNX.

Drawdown Indicators

	RYDVX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-53.36%	-57.00%	+3.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-10.21%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	-21.45%	-26.42%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-27.35%	-27.58%	+0.23%
Max Drawdown (10Y) Largest decline over 10 years	-41.49%	-41.10%	-0.39%
Current Drawdown Current decline from peak	-4.32%	-0.37%	-3.95%
Average Drawdown Average peak-to-trough decline	-7.54%	-9.40%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.93%	+1.34%

Volatility

RYDVX vs. PENNX - Volatility Comparison

The current volatility for Royce Dividend Value Fund (RYDVX) is 4.44%, while Royce Pennsylvania Mutual Fund (PENNX) has a volatility of 5.45%. This indicates that RYDVX experiences smaller price fluctuations and is considered to be less risky than PENNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYDVX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	5.45%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	13.08%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	17.99%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	20.73%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	21.57%	-1.86%

RYDVX vs. PENNX - Expense Ratio Comparison

RYDVX has a 1.34% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

RYDVX vs. PENNX - Dividend Comparison

RYDVX's dividend yield for the trailing twelve months is around 170.15%, more 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%
RYDVX Royce Dividend Value Fund	170.15%	185.21%	21.24%	11.80%	0.57%	14.07%	5.55%	15.61%	14.15%	14.26%	10.48%	11.39%

Frequently Asked Questions

Can I hold both RYDVX and PENNX in my portfolio?

With a correlation of 0.90, RYDVX and PENNX 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, RYDVX or PENNX?

PENNX has higher volatility (5.45%) compared to RYDVX (4.44%). In terms of maximum drawdown, RYDVX dropped -53.36% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.96 vs 1.26), 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.