ADKSX vs. RYTRX

Last updated Jun 24, 2026

ADKSX (Adirondack Small Cap Fund) and RYTRX (Royce Total Return Fund) are both Small Cap Value Equities funds. Over the past 10 years, ADKSX returned 11.19%/yr vs 9.55%/yr for RYTRX. Their correlation of 0.91 suggests significant overlap in exposure. ADKSX charges 1.43%/yr vs 1.25%/yr for RYTRX.

Performance

ADKSX vs. RYTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adirondack Small Cap Fund (ADKSX) and Royce Total Return Fund (RYTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADKSX achieves a 17.05% return, which is significantly higher than RYTRX's 8.58% return. Over the past 10 years, ADKSX has outperformed RYTRX with an annualized return of 11.19%, while RYTRX has yielded a comparatively lower 9.55% annualized return.

ADKSX

• 1D: -0.54%
• 1M: 2.19%
• YTD: 17.05%
• 6M: 15.78%
• 1Y: 37.23%
• 3Y*: 22.47%
• 5Y*: 12.94%
• 10Y*: 11.19%

RYTRX

• 1D: -0.53%
• 1M: 2.89%
• YTD: 8.58%
• 6M: 7.65%
• 1Y: 16.92%
• 3Y*: 13.16%
• 5Y*: 6.75%
• 10Y*: 9.55%

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

ADKSX vs. RYTRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADKSX Adirondack Small Cap Fund	17.05%	12.58%	19.55%	16.59%	-1.39%	26.11%	6.10%	15.96%	-23.30%	10.62%
RYTRX Royce Total Return Fund	8.58%	2.57%	9.96%	24.39%	-13.59%	25.58%	3.84%	23.53%	-12.68%	13.27%

Correlation

The correlation between ADKSX and RYTRX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 8, 2005	0.91

The correlation between ADKSX and RYTRX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

ADKSX vs. RYTRX — Risk / Return Rank

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

ADKSX

ADKSX Risk / Return Rank: 81
ADKSX Sharpe Ratio Rank: 81
ADKSX Sortino Ratio Rank: 80
ADKSX Omega Ratio Rank: 70
ADKSX Calmar Ratio Rank: 88
ADKSX Martin Ratio Rank: 86

RYTRX

RYTRX Risk / Return Rank: 18
RYTRX Sharpe Ratio Rank: 18
RYTRX Sortino Ratio Rank: 20
RYTRX Omega Ratio Rank: 18
RYTRX Calmar Ratio Rank: 18
RYTRX Martin Ratio Rank: 16

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.

ADKSX vs. RYTRX - Risk-Adjusted Trends Comparison

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

	ADKSX	RYTRX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.12	+1.34
Sortino ratio: Return per unit of downside risk	3.50	1.75	+1.75
Omega ratio: Gain probability vs. loss probability	1.43	1.20	+0.22
Calmar ratio: Return relative to maximum drawdown	4.08	1.41	+2.67
Martin ratio: Return relative to average drawdown	14.89	3.93	+10.96

ADKSX vs. RYTRX - Sharpe Ratio Comparison

The current ADKSX Sharpe Ratio is 2.46, which is higher than the RYTRX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ADKSX and RYTRX, 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

ADKSX vs. RYTRX - Drawdown Comparison

The maximum ADKSX drawdown since its inception was -61.46%, which is greater than RYTRX's maximum drawdown of -54.24%. Use the drawdown chart below to compare losses from any high point for ADKSX and RYTRX.

Drawdown Indicators

	ADKSX	RYTRX	Difference
Max Drawdown Largest peak-to-trough decline	-61.46%	-54.24%	-7.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-13.33%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.08%	-23.68%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-22.81%	-24.31%	+1.50%
Max Drawdown (10Y) Largest decline over 10 years	-54.81%	-40.82%	-13.99%
Current Drawdown Current decline from peak	-1.15%	-1.46%	+0.31%
Average Drawdown Average peak-to-trough decline	-9.10%	-6.28%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	4.77%	-2.23%

Volatility

ADKSX vs. RYTRX - Volatility Comparison

Adirondack Small Cap Fund (ADKSX) has a higher volatility of 3.91% compared to Royce Total Return Fund (RYTRX) at 3.46%. This indicates that ADKSX's price experiences larger fluctuations and is considered to be riskier than RYTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADKSX	RYTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	3.46%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	11.15%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	16.79%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	20.25%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	21.18%	+0.84%

ADKSX vs. RYTRX - Expense Ratio Comparison

ADKSX has a 1.43% expense ratio, which is higher than RYTRX's 1.25% expense ratio.

Dividends

ADKSX vs. RYTRX - Dividend Comparison

ADKSX's dividend yield for the trailing twelve months is around 7.00%, less than RYTRX's 11.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADKSX Adirondack Small Cap Fund	7.00%	8.20%	0.00%	0.00%	0.00%	0.00%	0.12%	0.28%	15.62%	10.09%	3.18%	3.45%
RYTRX Royce Total Return Fund	11.91%	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 ADKSX and RYTRX in my portfolio?

ADKSX and RYTRX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADKSX or RYTRX?

ADKSX has higher volatility (3.91%) compared to RYTRX (3.46%). In terms of maximum drawdown, ADKSX dropped -61.46% vs RYTRX's -54.24%.

Which has better risk-adjusted returns?

ADKSX currently has the higher Sharpe Ratio (2.46 vs 1.12), 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.