DCSVX vs. RYPNX
DCSVX (Dunham Small Cap Value Fund) and RYPNX (Royce Opportunity Fund) are both Small Cap Value Equities funds. Over the past 10 years, DCSVX returned 7.95%/yr vs 15.49%/yr for RYPNX. Their correlation of 0.94 suggests significant overlap in exposure. DCSVX charges 2.05%/yr vs 1.21%/yr for RYPNX.
Performance
DCSVX vs. RYPNX - Performance Comparison
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Returns By Period
In the year-to-date period, DCSVX achieves a 20.85% return, which is significantly lower than RYPNX's 31.15% return. Over the past 10 years, DCSVX has underperformed RYPNX with an annualized return of 7.95%, while RYPNX has yielded a comparatively higher 15.49% annualized return.
DCSVX
- 1D
- -0.21%
- 1M
- 4.02%
- YTD
- 20.85%
- 6M
- 19.22%
- 1Y
- 39.13%
- 3Y*
- 11.77%
- 5Y*
- 4.69%
- 10Y*
- 7.95%
RYPNX
- 1D
- -0.48%
- 1M
- 5.48%
- YTD
- 31.15%
- 6M
- 28.63%
- 1Y
- 54.71%
- 3Y*
- 21.44%
- 5Y*
- 9.91%
- 10Y*
- 15.49%
DCSVX vs. RYPNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DCSVX Dunham Small Cap Value Fund | 20.85% | 8.67% | -8.49% | 14.23% | -13.01% | 31.15% | -3.67% | 20.13% | -12.04% | 7.93% |
RYPNX Royce Opportunity Fund | 31.15% | 11.95% | 10.20% | 19.72% | -17.19% | 30.34% | 26.52% | 28.24% | -20.10% | 21.69% |
Correlation
The correlation between DCSVX and RYPNX is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2004 | 0.94 |
The correlation between DCSVX and RYPNX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
DCSVX vs. RYPNX — Risk / Return Rank
DCSVX
RYPNX
DCSVX vs. RYPNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dunham Small Cap Value Fund (DCSVX) and Royce Opportunity Fund (RYPNX). 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.
| DCSVX | RYPNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 4.68 | -0.81 |
| Martin ratioReturn relative to average drawdown | 14.30 | 17.73 | -3.43 |
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Drawdowns
DCSVX vs. RYPNX - Drawdown Comparison
The maximum DCSVX drawdown since its inception was -62.83%, smaller than the maximum RYPNX drawdown of -69.31%. Use the drawdown chart below to compare losses from any high point for DCSVX and RYPNX.
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Drawdown Indicators
| DCSVX | RYPNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.83% | -69.31% | +6.48% |
Max Drawdown (1Y)Largest decline over 1 year | -10.55% | -12.01% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -37.13% | -30.23% | -6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -37.13% | -30.77% | -6.36% |
Max Drawdown (10Y)Largest decline over 10 years | -46.71% | -50.61% | +3.90% |
Current DrawdownCurrent decline from peak | -0.71% | -0.48% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -11.83% | -10.65% | -1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 3.16% | -0.32% |
Volatility
DCSVX vs. RYPNX - Volatility Comparison
The current volatility for Dunham Small Cap Value Fund (DCSVX) is 4.31%, while Royce Opportunity Fund (RYPNX) has a volatility of 7.28%. This indicates that DCSVX experiences smaller price fluctuations and is considered to be less risky than RYPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DCSVX | RYPNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.31% | 7.28% | -2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 11.83% | 15.46% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.14% | 22.04% | -4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.47% | 24.34% | -2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.39% | 25.39% | -2.00% |
DCSVX vs. RYPNX - Expense Ratio Comparison
DCSVX has a 2.05% expense ratio, which is higher than RYPNX's 1.21% expense ratio.
Dividends
DCSVX vs. RYPNX - Dividend Comparison
DCSVX's dividend yield for the trailing twelve months is around 6.18%, less than RYPNX's 7.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DCSVX Dunham Small Cap Value Fund | 6.18% | 7.47% | 0.00% | 3.00% | 10.28% | 13.90% | 0.21% | 0.00% | 15.82% | 12.82% | 3.28% | 3.92% |
RYPNX Royce Opportunity Fund | 7.34% | 9.63% | 7.95% | 4.52% | 5.12% | 22.51% | 0.00% | 1.57% | 10.21% | 14.91% | 6.89% | 10.04% |
Frequently Asked Questions
With a correlation of 0.92, DCSVX and RYPNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RYPNX has higher volatility (7.28%) compared to DCSVX (4.31%). In terms of maximum drawdown, DCSVX dropped -62.83% vs RYPNX's -69.31%.
RYPNX currently has the higher Sharpe Ratio (2.55 vs 2.38), 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.
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