FSOPX vs. RYOTX

Last updated Jun 24, 2026

FSOPX (Fidelity Series Small Cap Opportunities Fund) and RYOTX (Royce Micro Cap Series Fund) are both Small Cap Blend Equities funds. Over the past 10 years, FSOPX returned 13.73%/yr vs 14.37%/yr for RYOTX. Their correlation of 0.92 suggests significant overlap in exposure. FSOPX charges 0.00%/yr vs 1.20%/yr for RYOTX.

Performance

FSOPX vs. RYOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Small Cap Opportunities Fund (FSOPX) and Royce Micro Cap Series Fund (RYOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSOPX achieves a 22.32% return, which is significantly lower than RYOTX's 40.27% return. Both investments have delivered pretty close results over the past 10 years, with FSOPX having a 13.73% annualized return and RYOTX not far ahead at 14.37%.

FSOPX

• 1D: 1.28%
• 1M: 5.25%
• YTD: 22.32%
• 6M: 19.52%
• 1Y: 44.62%
• 3Y*: 22.77%
• 5Y*: 11.95%
• 10Y*: 13.73%

RYOTX

• 1D: -0.39%
• 1M: 7.04%
• YTD: 40.27%
• 6M: 37.41%
• 1Y: 67.95%
• 3Y*: 26.65%
• 5Y*: 11.88%
• 10Y*: 14.37%

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

FSOPX vs. RYOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSOPX Fidelity Series Small Cap Opportunities Fund	22.32%	15.81%	15.31%	20.38%	-17.82%	23.39%	17.03%	29.92%	-8.12%	11.10%
RYOTX Royce Micro Cap Series Fund	40.27%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%

Correlation

The correlation between FSOPX and RYOTX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007	0.92

The correlation between FSOPX and RYOTX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

FSOPX vs. RYOTX — Risk / Return Rank

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

FSOPX

FSOPX Risk / Return Rank: 83
FSOPX Sharpe Ratio Rank: 83
FSOPX Sortino Ratio Rank: 80
FSOPX Omega Ratio Rank: 69
FSOPX Calmar Ratio Rank: 92
FSOPX Martin Ratio Rank: 93

RYOTX

RYOTX Risk / Return Rank: 90
RYOTX Sharpe Ratio Rank: 94
RYOTX Sortino Ratio Rank: 85
RYOTX Omega Ratio Rank: 78
RYOTX Calmar Ratio Rank: 96
RYOTX Martin Ratio Rank: 95

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.

FSOPX vs. RYOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Small Cap Opportunities Fund (FSOPX) and Royce Micro Cap Series Fund (RYOTX). 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.

	FSOPX	RYOTX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.98	-0.47
Sortino ratio: Return per unit of downside risk	3.49	3.73	-0.24
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	4.66	5.79	-1.13
Martin ratio: Return relative to average drawdown	18.08	21.02	-2.94

FSOPX vs. RYOTX - Sharpe Ratio Comparison

The current FSOPX Sharpe Ratio is 2.51, which is comparable to the RYOTX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FSOPX and RYOTX, 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

FSOPX vs. RYOTX - Drawdown Comparison

The maximum FSOPX drawdown since its inception was -61.75%, which is greater than RYOTX's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for FSOPX and RYOTX.

Drawdown Indicators

	FSOPX	RYOTX	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-56.86%	-4.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-12.10%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-27.17%	-29.83%	+2.66%
Max Drawdown (5Y) Largest decline over 5 years	-30.06%	-35.84%	+5.78%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-44.87%	+5.72%
Current Drawdown Current decline from peak	0.00%	-0.39%	+0.39%
Average Drawdown Average peak-to-trough decline	-10.35%	-9.42%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.33%	-0.76%

Volatility

FSOPX vs. RYOTX - Volatility Comparison

The current volatility for Fidelity Series Small Cap Opportunities Fund (FSOPX) is 6.25%, while Royce Micro Cap Series Fund (RYOTX) has a volatility of 8.04%. This indicates that FSOPX experiences smaller price fluctuations and is considered to be less risky than RYOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSOPX	RYOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	8.04%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	14.10%	17.22%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	23.58%	-5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.78%	23.60%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	23.23%	-1.19%

FSOPX vs. RYOTX - Expense Ratio Comparison

FSOPX has a 0.00% expense ratio, which is lower than RYOTX's 1.20% expense ratio.

Dividends

FSOPX vs. RYOTX - Dividend Comparison

FSOPX's dividend yield for the trailing twelve months is around 3.61%, less than RYOTX's 10.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSOPX Fidelity Series Small Cap Opportunities Fund	3.61%	4.41%	9.41%	0.98%	5.16%	30.85%	2.01%	6.67%	13.99%	10.31%	0.69%	5.93%
RYOTX Royce Micro Cap Series Fund	10.65%	14.94%	12.20%	6.97%	5.10%	23.10%	7.40%	2.72%	13.95%	7.76%	11.41%	12.99%

Frequently Asked Questions

Can I hold both FSOPX and RYOTX in my portfolio?

FSOPX and RYOTX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSOPX or RYOTX?

RYOTX has higher volatility (8.04%) compared to FSOPX (6.25%). In terms of maximum drawdown, FSOPX dropped -61.75% vs RYOTX's -56.86%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (2.98 vs 2.51), 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.