- ISIN
- US7809058321
- CUSIP
- 780905832
- Inception Date
- Nov 19, 1996
- Category
- Small Cap Value Equities
- Min. Investment
- $2,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Value
Share Price Chart
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Performance
RYPNX Performance Chart
Royce Opportunity Fund (RYPNX) is up 31.8% since the beginning of the year. RYPNX is currently trading at $21 per share. Investors who bought $1,000 worth of RYPNX shares 5 years ago would now be looking at an investment worth $1,659.
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Returns By Period
Royce Opportunity Fund (RYPNX) has returned 31.78% so far this year and 56.63% over the past 12 months. Looking at the last ten years, RYPNX has achieved an annualized return of 15.15%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
Royce Opportunity Fund
- 1D
- 1.90%
- 1M
- 5.98%
- YTD
- 31.78%
- 6M
- 29.25%
- 1Y
- 56.63%
- 3Y*
- 20.71%
- 5Y*
- 10.65%
- 10Y*
- 15.15%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
RYPNX Monthly Returns History
Based on dividend-adjusted daily data since Jan 2, 1997, RYPNX's average daily return is +0.06%, while the average monthly return is +1.24%. At this rate, an investment would double in approximately 4.7 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2009 with a return of +27.2%, while the worst month was Mar 2020 at -27.4%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 5 months.
On a daily basis, RYPNX closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +10.6%, while the worst single day was Mar 16, 2020 at -13.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.21% | 2.94% | -5.38% | 15.12% | 3.60% | 3.88% | 31.78% | ||||||
| 2025 | 2.26% | -6.31% | -9.03% | -4.37% | 8.83% | 7.33% | 1.99% | 7.61% | 2.90% | 1.70% | -1.56% | 1.71% | 11.95% |
| 2024 | -4.17% | 5.87% | 3.65% | -7.11% | 8.40% | -2.19% | 8.24% | -4.31% | -0.80% | -3.61% | 13.94% | -5.72% | 10.20% |
| 2023 | 13.24% | -1.27% | -5.21% | -3.35% | -1.11% | 11.73% | 3.88% | -3.73% | -4.95% | -7.59% | 8.52% | 10.99% | 19.72% |
| 2022 | -6.92% | 2.88% | -0.50% | -8.95% | 2.06% | -11.99% | 10.80% | -2.49% | -12.33% | 12.37% | 5.32% | -5.20% | -17.19% |
| 2021 | 6.12% | 12.67% | 4.59% | 1.41% | 3.14% | 0.05% | -2.17% | -0.20% | -3.16% | 3.62% | -1.92% | 3.65% | 30.34% |
Benchmark Metrics
Royce Opportunity Fund has an annualized alpha of 5.04%, beta of 1.02, and R2 of 0.68 versus S&P 500 Index. Calculated based on daily prices since January 02, 1997.
- This fund captured 135.37% of S&P 500 Index gains and 112.31% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 5.04% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.02 and R2 of 0.68, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 5.04%
- Beta
- 1.02
- R²
- 0.68
- Upside Capture
- 135.37%
- Downside Capture
- 112.31%
Expense Ratio
RYPNX has a high expense ratio of 1.21%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RYPNX ranks 82 for risk / return — in the top 82% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and compare them to S&P 500 Index.
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.
| RYPNX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.37 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 2.78 | +1.88 |
| Martin ratioReturn relative to average drawdown | 17.70 | 12.44 | +5.26 |
Dividends
Dividend History
Royce Opportunity Fund provided a 7.31% dividend yield over the last twelve months, with an annual payout of $1.53 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.53 | $1.53 | $1.23 | $0.68 | $0.68 | $3.77 | $0.00 | $0.20 | $1.01 | $2.02 | $0.89 | $1.06 |
Dividend yield | 7.31% | 9.63% | 7.95% | 4.52% | 5.12% | 22.51% | 0.00% | 1.57% | 10.21% | 14.91% | 6.89% | 10.04% |
Monthly Dividends
The table displays the monthly dividend distributions for Royce Opportunity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.53 | $1.53 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.23 | $1.23 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.68 | $0.68 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.68 | $0.68 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.77 | $3.77 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Royce Opportunity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Royce Opportunity Fund was 69.31%, occurring on Mar 9, 2009. Recovery took 460 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -69.31%Mar 2009 | 1y 7mo | 1y 10mo | 3y 5moJul 2007 - Jan 2011 |
COVID crash2020 | -50.61%Mar 2020 | 1y 6mo | 7mo 27d | 2y 2moAug 2018 - Nov 2020 |
Dot-com crash2000–2002 | -42.04%Oct 2002 | 5mo 25d | 10mo 14d | 1y 4moApr 2002 - Aug 2003 |
2011 bear market2011 | -36.11%Oct 2011 | 7mo 17d | 1y 3mo | 1y 10moFeb 2011 - Jan 2013 |
1998 bear market1998 | -34.02%Oct 1998 | 5mo 6d | 7mo 14d | 1y 15dMay 1998 - May 1999 |
Drawdown Indicators
| RYPNX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.31% | -56.78% | -12.53% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -9.10% | -2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -30.23% | -18.90% | -11.33% |
Max Drawdown (5Y)Largest decline over 5 years | -30.77% | -25.43% | -5.34% |
Max Drawdown (10Y)Largest decline over 10 years | -50.61% | -33.92% | -16.69% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -10.65% | -10.71% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 2.03% | +1.13% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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