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FESCX vs. RYPNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FESCX vs. RYPNX

Last updated Jun 24, 2026

FESCX (First Eagle Small Cap Opportunity Fund) and RYPNX (Royce Opportunity Fund) are both Small Cap Value Equities funds. Over the past 3 years, FESCX returned 19.54%/yr vs 21.44%/yr for RYPNX. With a 0.98 correlation, they move nearly in lockstep. FESCX charges 1.00%/yr vs 1.21%/yr for RYPNX.

Performance

FESCX vs. RYPNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Eagle Small Cap Opportunity Fund (FESCX) and Royce Opportunity Fund (RYPNX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with FESCX having a 30.84% return and RYPNX slightly higher at 31.15%.

FESCX

1D
0.33%
1M
6.97%
YTD
30.84%
6M
28.19%
1Y
53.31%
3Y*
19.54%
5Y*
—
10Y*
—

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

FESCX vs. RYPNX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FESCX
First Eagle Small Cap Opportunity Fund		30.84%13.33%6.47%16.75%-14.05%1.23%
RYPNX
Royce Opportunity Fund		31.15%11.95%10.20%19.72%-17.19%2.11%

Correlation

The correlation between FESCX and RYPNX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2021

0.98

The correlation between FESCX and RYPNX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

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First Eagle Small Cap Opportunity Fund

Royce Opportunity Fund

Often compared with FESCX:
FESCX vs. XSMOFESCX vs. PXSGXFESCX vs. VBRFESCX vs. PMAQXFESCX vs. AVUVFESCX vs. SGIIXFESCX vs. FEURX
Often compared with RYPNX:
RYPNX vs. IWMRYPNX vs. RYIPXRYPNX vs. SQLVRYPNX vs. RYDVXRYPNX vs. RYVPXRYPNX vs. RYOTXRYPNX vs. PENNX

Return for Risk

FESCX vs. RYPNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FESCX
FESCX Risk / Return Rank: 8989
Overall Rank
FESCX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FESCX Sortino Ratio Rank: 8686
Sortino Ratio Rank
FESCX Omega Ratio Rank: 7878
Omega Ratio Rank
FESCX Calmar Ratio Rank: 9595
Calmar Ratio Rank
FESCX Martin Ratio Rank: 9494
Martin Ratio Rank
RYPNX
RYPNX Risk / Return Rank: 8282
Overall Rank
RYPNX Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
RYPNX Sortino Ratio Rank: 7676
Sortino Ratio Rank
RYPNX Omega Ratio Rank: 6666
Omega Ratio Rank
RYPNX Calmar Ratio Rank: 9292
Calmar Ratio Rank
RYPNX Martin Ratio Rank: 9292
Martin Ratio Rank
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.

FESCX vs. RYPNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Eagle Small Cap Opportunity Fund (FESCX) 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.

FESCXRYPNXDifference
Sharpe ratioReturn per unit of total volatility
2.79
2.55

+0.23

Sortino ratioReturn per unit of downside risk
3.78
3.36

+0.42

Omega ratioGain probability vs. loss probability

1.46

1.41

+0.05

Calmar ratioReturn relative to maximum drawdown

5.38

4.68

+0.70

Martin ratioReturn relative to average drawdown

19.37

17.73

+1.64

FESCX vs. RYPNX - Sharpe Ratio Comparison

The current FESCX Sharpe Ratio is 2.79, which is comparable to the RYPNX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FESCX and RYPNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FESCX vs. RYPNX - Drawdown Comparison

The maximum FESCX drawdown since its inception was -28.53%, smaller than the maximum RYPNX drawdown of -69.31%. Use the drawdown chart below to compare losses from any high point for FESCX and RYPNX.

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Drawdown Indicators

FESCXRYPNXDifference

Max Drawdown

Largest peak-to-trough decline

-28.53%

-69.31%

+40.78%

Max Drawdown (1Y)

Largest decline over 1 year

-10.26%

-12.01%

+1.75%

Max Drawdown (3Y)

Largest decline over 3 years

-28.53%

-30.23%

+1.70%

Max Drawdown (5Y)

Largest decline over 5 years

—

-30.77%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.61%

—

Current Drawdown

Current decline from peak

0.00%

-0.48%

+0.48%

Average Drawdown

Average peak-to-trough decline

-8.75%

-10.65%

+1.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

3.16%

-0.32%

Volatility

FESCX vs. RYPNX - Volatility Comparison

The current volatility for First Eagle Small Cap Opportunity Fund (FESCX) is 6.39%, while Royce Opportunity Fund (RYPNX) has a volatility of 7.28%. This indicates that FESCX 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

FESCXRYPNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.39%

7.28%

-0.89%

Volatility (6M)

Calculated over the trailing 6-month period

14.18%

15.46%

-1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

19.83%

22.04%

-2.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.67%

24.34%

-1.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.67%

25.39%

-2.72%

FESCX vs. RYPNX - Expense Ratio Comparison

FESCX has a 1.00% expense ratio, which is lower than RYPNX's 1.21% expense ratio.

Dividends

FESCX vs. RYPNX - Dividend Comparison

FESCX's dividend yield for the trailing twelve months is around 0.79%, less than RYPNX's 7.34% yield.

PositionTTM20252024202320222021202020192018201720162015
FESCX
First Eagle Small Cap Opportunity Fund		0.79%1.03%1.56%0.60%0.11%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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 0.97, FESCX 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 FESCX (6.39%). In terms of maximum drawdown, FESCX dropped -28.53% vs RYPNX's -69.31%.

FESCX currently has the higher Sharpe Ratio (2.79 vs 2.55), 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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