RYVFX vs. PENNX

Last updated Jun 23, 2026

RYVFX (Royce Small-Cap Value Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - RYVFX 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, RYVFX returned 8.98%/yr vs 12.26%/yr for PENNX. Their correlation of 0.94 suggests significant overlap in exposure. RYVFX charges 1.49%/yr vs 0.92%/yr for PENNX.

Performance

RYVFX vs. PENNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Small-Cap Value Fund (RYVFX) 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, RYVFX achieves a 18.29% return, which is significantly lower than PENNX's 21.43% return. Over the past 10 years, RYVFX has underperformed PENNX with an annualized return of 8.98%, while PENNX has yielded a comparatively higher 12.26% annualized return.

RYVFX

• 1D: 0.88%
• 1M: 3.88%
• YTD: 18.29%
• 6M: 15.33%
• 1Y: 36.83%
• 3Y*: 15.62%
• 5Y*: 9.73%
• 10Y*: 8.98%

PENNX

• 1D: 1.72%
• 1M: 5.25%
• YTD: 21.43%
• 6M: 18.73%
• 1Y: 38.35%
• 3Y*: 16.58%
• 5Y*: 9.88%
• 10Y*: 12.26%

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

RYVFX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYVFX Royce Small-Cap Value Fund	18.29%	6.77%	3.20%	26.40%	-10.18%	28.15%	-6.47%	18.26%	-7.37%	4.93%
PENNX Royce Pennsylvania Mutual Fund	21.43%	9.02%	7.02%	26.82%	-17.18%	21.49%	14.11%	26.61%	-9.94%	16.00%

Correlation

The correlation between RYVFX and PENNX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2002	0.94

The correlation between RYVFX and PENNX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

RYVFX vs. PENNX — Risk / Return Rank

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

RYVFX

RYVFX Risk / Return Rank: 65
RYVFX Sharpe Ratio Rank: 63
RYVFX Sortino Ratio Rank: 65
RYVFX Omega Ratio Rank: 54
RYVFX Calmar Ratio Rank: 88
RYVFX Martin Ratio Rank: 57

PENNX

PENNX Risk / Return Rank: 66
PENNX Sharpe Ratio Rank: 59
PENNX Sortino Ratio Rank: 62
PENNX Omega Ratio Rank: 50
PENNX Calmar Ratio Rank: 84
PENNX Martin Ratio Rank: 73

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.

RYVFX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Small-Cap Value Fund (RYVFX) 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.

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.

	RYVFX	PENNX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.09	+0.04
Sortino ratio: Return per unit of downside risk	3.06	3.00	+0.06
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	4.05	3.74	+0.31
Martin ratio: Return relative to average drawdown	10.69	13.05	-2.36

RYVFX vs. PENNX - Sharpe Ratio Comparison

The current RYVFX Sharpe Ratio is 2.13, which is comparable to the PENNX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of RYVFX 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.

Drawdowns

RYVFX vs. PENNX - Drawdown Comparison

The maximum RYVFX drawdown since its inception was -57.72%, roughly equal to the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for RYVFX and PENNX.

Drawdown Indicators

	RYVFX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-57.72%	-57.00%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.17%	-10.21%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-26.42%	-1.78%
Max Drawdown (5Y) Largest decline over 5 years	-28.20%	-27.58%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	-48.56%	-41.10%	-7.46%
Current Drawdown Current decline from peak	-1.79%	0.00%	-1.79%
Average Drawdown Average peak-to-trough decline	-9.78%	-9.39%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	2.92%	+0.55%

Volatility

RYVFX vs. PENNX - Volatility Comparison

The current volatility for Royce Small-Cap Value Fund (RYVFX) is 3.89%, while Royce Pennsylvania Mutual Fund (PENNX) has a volatility of 5.61%. This indicates that RYVFX 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

	RYVFX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	5.61%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	11.04%	13.54%	-2.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	18.29%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	20.79%	-0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.48%	21.60%	+0.88%

RYVFX vs. PENNX - Expense Ratio Comparison

RYVFX has a 1.49% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

RYVFX vs. PENNX - Dividend Comparison

RYVFX's dividend yield for the trailing twelve months is around 8.60%, more than PENNX's 5.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PENNX Royce Pennsylvania Mutual Fund	5.52%	6.70%	9.35%	4.91%	5.19%	28.20%	5.05%	3.85%	23.68%	21.27%	7.15%	23.31%
RYVFX Royce Small-Cap Value Fund	8.60%	10.17%	6.03%	8.20%	6.02%	5.77%	3.92%	3.19%	13.14%	3.45%	5.59%	19.64%

Frequently Asked Questions

Can I hold both RYVFX and PENNX in my portfolio?

RYVFX and PENNX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYVFX or PENNX?

PENNX has higher volatility (5.61%) compared to RYVFX (3.89%). In terms of maximum drawdown, RYVFX dropped -57.72% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

RYVFX currently has the higher Sharpe Ratio (2.13 vs 2.09), 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.