RYTRX vs. PENNX

Last updated Jun 5, 2026

RYTRX (Royce Total Return Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - RYTRX is a Small Cap Value 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, RYTRX returned 8.89%/yr vs 11.82%/yr for PENNX. Their correlation of 0.94 suggests significant overlap in exposure. RYTRX charges 1.25%/yr vs 0.92%/yr for PENNX.

Performance

RYTRX vs. PENNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Total Return Fund (RYTRX) 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, RYTRX achieves a 4.80% return, which is significantly lower than PENNX's 16.56% return. Over the past 10 years, RYTRX has underperformed PENNX with an annualized return of 8.89%, while PENNX has yielded a comparatively higher 11.82% annualized return.

RYTRX

• 1D: -1.23%
• 1M: -1.10%
• YTD: 4.80%
• 6M: 6.00%
• 1Y: 14.52%
• 3Y*: 12.18%
• 5Y*: 5.19%
• 10Y*: 8.89%

PENNX

• 1D: -0.55%
• 1M: 0.56%
• YTD: 16.56%
• 6M: 15.90%
• 1Y: 32.50%
• 3Y*: 16.18%
• 5Y*: 8.08%
• 10Y*: 11.82%

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

RYTRX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYTRX Royce Total Return Fund	4.80%	2.57%	9.96%	24.39%	-13.59%	25.58%	3.84%	23.53%	-12.68%	13.27%
PENNX Royce Pennsylvania Mutual Fund	16.56%	9.02%	7.02%	26.82%	-17.18%	21.49%	14.11%	26.61%	-9.94%	16.00%

Correlation

The correlation between RYTRX and PENNX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.94

The correlation between RYTRX and PENNX has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

Return for Risk

RYTRX vs. PENNX — Risk / Return Rank

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

RYTRX

RYTRX Risk / Return Rank: 11
RYTRX Sharpe Ratio Rank: 11
RYTRX Sortino Ratio Rank: 12
RYTRX Omega Ratio Rank: 11
RYTRX Calmar Ratio Rank: 12
RYTRX Martin Ratio Rank: 11

PENNX

PENNX Risk / Return Rank: 48
PENNX Sharpe Ratio Rank: 39
PENNX Sortino Ratio Rank: 40
PENNX Omega Ratio Rank: 35
PENNX Calmar Ratio Rank: 69
PENNX Martin Ratio Rank: 55

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.

RYTRX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Total Return Fund (RYTRX) 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.

	RYTRX	PENNX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.81	-0.98
Sortino ratio: Return per unit of downside risk	1.33	2.64	-1.31
Omega ratio: Gain probability vs. loss probability	1.16	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	1.05	3.18	-2.14
Martin ratio: Return relative to average drawdown	2.92	11.07	-8.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYTRX vs. PENNX - Sharpe Ratio Comparison

The current RYTRX Sharpe Ratio is 0.83, which is lower than the PENNX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of RYTRX 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

	RYTRX	PENNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.81	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.39	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.55	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.50	+0.03

Drawdowns

RYTRX vs. PENNX - Drawdown Comparison

The maximum RYTRX drawdown since its inception was -54.24%, roughly equal to the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for RYTRX and PENNX.

Drawdown Indicators

	RYTRX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-54.24%	-57.00%	+2.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.33%	-10.21%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-23.68%	-26.42%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-27.58%	+3.27%
Max Drawdown (10Y) Largest decline over 10 years	-40.82%	-41.10%	+0.28%
Current Drawdown Current decline from peak	-4.60%	-0.92%	-3.68%
Average Drawdown Average peak-to-trough decline	-6.29%	-9.40%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.77%	2.93%	+1.84%

Volatility

RYTRX vs. PENNX - Volatility Comparison

The current volatility for Royce Total Return Fund (RYTRX) is 4.15%, while Royce Pennsylvania Mutual Fund (PENNX) has a volatility of 5.40%. This indicates that RYTRX 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

	RYTRX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.40%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	13.07%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	18.00%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	20.73%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	21.57%	-0.40%

RYTRX vs. PENNX - Expense Ratio Comparison

RYTRX has a 1.25% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

RYTRX vs. PENNX - Dividend Comparison

RYTRX's dividend yield for the trailing twelve months is around 12.38%, more than PENNX's 5.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PENNX Royce Pennsylvania Mutual Fund	5.75%	6.70%	9.35%	4.91%	5.19%	28.20%	5.05%	3.85%	23.68%	21.27%	7.15%	23.31%
RYTRX Royce Total Return Fund	12.38%	12.72%	7.73%	9.77%	15.94%	32.86%	20.91%	9.54%	23.54%	13.86%	9.56%	14.86%

Frequently Asked Questions

Can I hold both RYTRX and PENNX in my portfolio?

RYTRX and PENNX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYTRX or PENNX?

PENNX has higher volatility (5.40%) compared to RYTRX (4.15%). In terms of maximum drawdown, RYTRX dropped -54.24% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.81 vs 0.83), 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.