- ISIN
- US7809057828
- CUSIP
- 780905782
- Inception Date
- May 1, 1998
- 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
RYSEX Performance Chart
Royce Special Equity Fund (RYSEX) is up 21.0% since the beginning of the year. RYSEX is currently trading at $17 per share. Investors who bought $1,000 worth of RYSEX shares 5 years ago would now be looking at an investment worth $1,489.
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Returns By Period
Royce Special Equity Fund (RYSEX) has returned 21.03% so far this year and 36.70% over the past 12 months. Over the last ten years, RYSEX has returned 9.03% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Royce Special Equity Fund
- 1D
- 0.59%
- 1M
- 6.12%
- YTD
- 21.03%
- 6M
- 18.91%
- 1Y
- 36.70%
- 3Y*
- 11.09%
- 5Y*
- 8.29%
- 10Y*
- 9.03%
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%
RYSEX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 1999, RYSEX's average daily return is +0.04%, while the average monthly return is +0.83%. At this rate, an investment would double in approximately 7.0 years.
Historically, 62% of months were positive and 38% were negative. The best month was Apr 2009 with a return of +15.3%, while the worst month was Mar 2020 at -16.0%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 5 months.
On a daily basis, RYSEX closed higher 51% of trading days. The best single day was Mar 13, 2020 with a return of +6.6%, while the worst single day was Mar 16, 2020 at -9.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.99% | 0.33% | -2.99% | 6.71% | 6.54% | 2.23% | 21.03% | ||||||
| 2025 | -2.04% | -3.43% | -3.76% | -3.97% | 4.74% | 2.51% | 0.28% | 7.20% | 1.04% | -1.94% | 1.97% | 1.66% | 3.66% |
| 2024 | -2.05% | 0.66% | 3.63% | -3.33% | 3.09% | -3.17% | 9.52% | -5.32% | 1.09% | -1.82% | 7.23% | -5.39% | 2.93% |
| 2023 | 5.72% | 0.18% | -2.37% | -2.98% | -0.06% | 7.58% | 1.34% | -2.64% | -2.66% | -2.97% | 3.31% | 8.79% | 12.96% |
| 2022 | -5.61% | 1.39% | -1.48% | -4.00% | 2.37% | -5.94% | 8.17% | -4.28% | -6.91% | 9.85% | 4.88% | -3.51% | -6.60% |
| 2021 | 0.77% | 8.44% | 3.62% | 2.96% | -0.61% | -1.47% | -1.01% | 2.38% | -2.42% | 4.42% | 0.88% | 2.78% | 22.24% |
Benchmark Metrics
Royce Special Equity Fund has an annualized alpha of 4.52%, beta of 0.70, and R2 of 0.62 versus S&P 500 Index. Calculated based on daily prices since January 04, 1999.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (78.52%) than losses (66.70%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 4.52% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.70 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 4.52%
- Beta
- 0.70
- R²
- 0.62
- Upside Capture
- 78.52%
- Downside Capture
- 66.70%
Expense Ratio
RYSEX has a high expense ratio of 1.20%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
RYSEX ranks 83 for risk / return — in the top 83% 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 Special Equity Fund (RYSEX) 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.
| RYSEX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.37 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.46 | 2.78 | +1.67 |
| Martin ratioReturn relative to average drawdown | 14.12 | 12.44 | +1.68 |
Dividends
Dividend History
Royce Special Equity Fund provided a 10.21% dividend yield over the last twelve months, with an annual payout of $1.73 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.73 | $1.73 | $2.48 | $0.91 | $1.96 | $3.16 | $0.67 | $2.03 | $2.28 | $1.80 | $1.70 | $2.10 |
Dividend yield | 10.21% | 12.36% | 16.35% | 5.32% | 12.34% | 16.53% | 3.70% | 11.56% | 13.11% | 8.24% | 7.72% | 11.68% |
Monthly Dividends
The table displays the monthly dividend distributions for Royce Special Equity 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 | $1.73 | $1.73 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.48 | $2.48 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.91 | $0.91 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.96 | $1.96 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.16 | $3.16 |
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 Special Equity 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 Special Equity Fund was 43.25%, occurring on Mar 9, 2009. Recovery took 253 trading sessions.
The current Royce Special Equity Fund drawdown is 1.34%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -43.25%Mar 2009 | 1y 7mo | 1y 1d | 2y 7moJul 2007 - Mar 2010 |
COVID crash2020 | -32.13%Mar 2020 | 1y 7mo | 8mo 6d | 2y 3moAug 2018 - Nov 2020 |
2025 selloff2025 | -23.03%Apr 2025 | 4mo 27d | 8mo 7d | 1y 29dNov 2024 - Dec 2025 |
2016 bear market2016 | -21.58%Feb 2016 | 10mo 10d | 9mo 3d | 1y 7moApr 2015 - Nov 2016 |
2011 bear market2011 | -21.12%Oct 2011 | 5mo 8d | 4mo 1d | 9mo 9dApr 2011 - Feb 2012 |
Drawdown Indicators
| RYSEX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.25% | -56.78% | +13.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -9.10% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -23.03% | -18.90% | -4.13% |
Max Drawdown (5Y)Largest decline over 5 years | -23.03% | -25.43% | +2.40% |
Max Drawdown (10Y)Largest decline over 10 years | -32.13% | -33.92% | +1.79% |
Current DrawdownCurrent decline from peak | -1.34% | -1.80% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -10.71% | +4.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.03% | +0.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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