VKSIX vs. PENNX

Last updated Jun 4, 2026

VKSIX (Virtus KAR Small-Mid Cap Core Fund) and PENNX (Royce Pennsylvania Mutual Fund) are both mutual funds - VKSIX is a Mid Cap Growth Equities fund managed by Virtus, while PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners. Over the past 5 years, VKSIX returned -0.04%/yr vs 8.31%/yr for PENNX. Their correlation of 0.87 suggests significant overlap in exposure. VKSIX charges 1.02%/yr vs 0.92%/yr for PENNX.

Performance

VKSIX vs. PENNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus KAR Small-Mid Cap Core Fund (VKSIX) 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, VKSIX achieves a -6.56% return, which is significantly lower than PENNX's 17.21% return.

VKSIX

• 1D: -0.71%
• 1M: -2.22%
• YTD: -6.56%
• 6M: -7.63%
• 1Y: -9.43%
• 3Y*: 3.69%
• 5Y*: -0.04%
• 10Y*: —

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)

VKSIX vs. PENNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VKSIX Virtus KAR Small-Mid Cap Core Fund	-6.56%	-4.36%	9.07%	23.61%	-23.83%	19.54%	33.45%	38.81%	-6.68%
PENNX Royce Pennsylvania Mutual Fund	17.21%	9.02%	7.02%	26.82%	-17.18%	21.49%	14.11%	26.61%	-11.12%

Correlation

The correlation between VKSIX and PENNX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Mar 23, 2018	0.87

The correlation between VKSIX and PENNX has been stable across timeframes, ranging from 0.78 to 0.88 - a consistent structural relationship.

Return for Risk

VKSIX vs. PENNX — Risk / Return Rank

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

VKSIX

VKSIX Risk / Return Rank: 1
VKSIX Sharpe Ratio Rank: 1
VKSIX Sortino Ratio Rank: 1
VKSIX Omega Ratio Rank: 1
VKSIX Calmar Ratio Rank: 1
VKSIX Martin Ratio Rank: 1

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.

VKSIX vs. PENNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus KAR Small-Mid Cap Core Fund (VKSIX) 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.

	VKSIX	PENNX	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	1.96	-2.53
Sortino ratio: Return per unit of downside risk	-0.76	2.83	-3.59
Omega ratio: Gain probability vs. loss probability	0.92	1.34	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.53	3.45	-3.99
Martin ratio: Return relative to average drawdown	-1.14	12.02	-13.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VKSIX vs. PENNX - Sharpe Ratio Comparison

The current VKSIX Sharpe Ratio is -0.57, which is lower than the PENNX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VKSIX 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

	VKSIX	PENNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	1.96	-2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	0.40	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.50	-0.11

Drawdowns

VKSIX vs. PENNX - Drawdown Comparison

The maximum VKSIX drawdown since its inception was -35.59%, smaller than the maximum PENNX drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for VKSIX and PENNX.

Drawdown Indicators

	VKSIX	PENNX	Difference
Max Drawdown Largest peak-to-trough decline	-35.59%	-57.00%	+21.41%
Max Drawdown (1Y) Largest decline over 1 year	-16.70%	-10.21%	-6.49%
Max Drawdown (3Y) Largest decline over 3 years	-20.29%	-26.42%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-32.49%	-27.58%	-4.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.10%	—
Current Drawdown Current decline from peak	-17.61%	-0.37%	-17.24%
Average Drawdown Average peak-to-trough decline	-8.87%	-9.40%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	2.93%	+4.81%

Volatility

VKSIX vs. PENNX - Volatility Comparison

The current volatility for Virtus KAR Small-Mid Cap Core Fund (VKSIX) is 4.27%, while Royce Pennsylvania Mutual Fund (PENNX) has a volatility of 5.45%. This indicates that VKSIX 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

	VKSIX	PENNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	5.45%	-1.18%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	13.08%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	17.99%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	20.73%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	21.57%	-0.59%

VKSIX vs. PENNX - Expense Ratio Comparison

VKSIX has a 1.02% expense ratio, which is higher than PENNX's 0.92% expense ratio.

Dividends

VKSIX vs. PENNX - Dividend Comparison

VKSIX's dividend yield for the trailing twelve months is around 0.37%, less 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%
VKSIX Virtus KAR Small-Mid Cap Core Fund	0.37%	0.34%	0.43%	0.00%	0.00%	1.13%	0.01%	0.00%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VKSIX and PENNX in my portfolio?

VKSIX and PENNX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VKSIX or PENNX?

PENNX has higher volatility (5.45%) compared to VKSIX (4.27%). In terms of maximum drawdown, VKSIX dropped -35.59% vs PENNX's -57.00%.

Which has better risk-adjusted returns?

PENNX currently has the higher Sharpe Ratio (1.96 vs -0.57), 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.