RYPRX vs. PENNX

Last updated Jun 4, 2026

RYPRX (Royce Premier Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both Small Cap Blend Equities funds from Royce Investment Partners. Over the past 10 years, RYPRX returned 11.04%/yr vs 11.88%/yr for PENNX. Their correlation of 0.95 suggests significant overlap in exposure. RYPRX charges 1.17%/yr vs 0.92%/yr for PENNX.

Performance

RYPRX vs. PENNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Premier Fund (RYPRX) 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, RYPRX achieves a 15.73% return, which is significantly lower than PENNX's 17.21% return. Over the past 10 years, RYPRX has underperformed PENNX with an annualized return of 11.04%, while PENNX has yielded a comparatively higher 11.88% annualized return.

RYPRX

• 1D: 0.68%
• 1M: 3.20%
• YTD: 15.73%
• 6M: 15.18%
• 1Y: 26.55%
• 3Y*: 12.24%
• 5Y*: 6.50%
• 10Y*: 11.04%

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)

RYPRX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPRX Royce Premier Fund	15.73%	5.74%	2.91%	22.76%	-15.67%	16.07%	11.51%	34.45%	-10.65%	23.47%
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 RYPRX and PENNX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 1992	0.95

The correlation between RYPRX and PENNX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

RYPRX vs. PENNX — Risk / Return Rank

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

RYPRX

RYPRX Risk / Return Rank: 29
RYPRX Sharpe Ratio Rank: 31
RYPRX Sortino Ratio Rank: 34
RYPRX Omega Ratio Rank: 27
RYPRX Calmar Ratio Rank: 28
RYPRX Martin Ratio Rank: 27

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.

RYPRX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Premier Fund (RYPRX) 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.

	RYPRX	PENNX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.96	-0.38
Sortino ratio: Return per unit of downside risk	2.41	2.83	-0.42
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	1.99	3.45	-1.47
Martin ratio: Return relative to average drawdown	6.41	12.02	-5.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYPRX vs. PENNX - Sharpe Ratio Comparison

The current RYPRX Sharpe Ratio is 1.58, which is comparable to the PENNX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of RYPRX 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

	RYPRX	PENNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	1.96	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.40	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.55	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.50	+0.11

Drawdowns

RYPRX vs. PENNX - Drawdown Comparison

The maximum RYPRX drawdown since its inception was -51.47%, smaller than the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for RYPRX and PENNX.

Drawdown Indicators

	RYPRX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-51.47%	-57.00%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-10.21%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-26.42%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-27.58%	+1.44%
Max Drawdown (10Y) Largest decline over 10 years	-40.30%	-41.10%	+0.80%
Current Drawdown Current decline from peak	-2.61%	-0.37%	-2.24%
Average Drawdown Average peak-to-trough decline	-6.27%	-9.40%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	2.93%	+1.57%

Volatility

RYPRX vs. PENNX - Volatility Comparison

Royce Premier Fund (RYPRX) and Royce Pennsylvania Mutual Fund (PENNX) have volatilities of 5.29% and 5.45%, 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

	RYPRX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	5.45%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	13.08%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	17.99%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	20.73%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	21.57%	-0.27%

RYPRX vs. PENNX - Expense Ratio Comparison

RYPRX has a 1.17% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

RYPRX vs. PENNX - Dividend Comparison

RYPRX's dividend yield for the trailing twelve months is around 10.41%, 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%
RYPRX Royce Premier Fund	10.41%	12.05%	9.52%	6.89%	9.00%	21.23%	5.55%	20.68%	29.26%	15.18%	13.42%	24.26%

Frequently Asked Questions

Can I hold both RYPRX and PENNX in my portfolio?

With a correlation of 0.95, RYPRX 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, RYPRX or PENNX?

PENNX has higher volatility (5.45%) compared to RYPRX (5.29%). In terms of maximum drawdown, RYPRX dropped -51.47% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.96 vs 1.58), 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.