FTHSX vs. RYOTX

Last updated Jun 4, 2026

FTHSX (FullerThaler Behavioral Small-Cap Equity Fund Class I) and RYOTX (Royce Micro Cap Series Fund) are both Small Cap Blend Equities funds. Over the past 10 years, FTHSX returned 14.13%/yr vs 13.85%/yr for RYOTX. Their correlation of 0.89 suggests significant overlap in exposure. FTHSX charges 0.76%/yr vs 1.20%/yr for RYOTX.

Performance

FTHSX vs. RYOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) 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, FTHSX achieves a 10.63% return, which is significantly lower than RYOTX's 37.74% return. Both investments have delivered pretty close results over the past 10 years, with FTHSX having a 14.13% annualized return and RYOTX not far behind at 13.85%.

FTHSX

• 1D: 0.47%
• 1M: 1.61%
• YTD: 10.63%
• 6M: 11.14%
• 1Y: 27.04%
• 3Y*: 19.70%
• 5Y*: 11.55%
• 10Y*: 14.13%

RYOTX

• 1D: 1.60%
• 1M: 9.34%
• YTD: 37.74%
• 6M: 38.47%
• 1Y: 68.90%
• 3Y*: 26.49%
• 5Y*: 11.46%
• 10Y*: 13.85%

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

FTHSX vs. RYOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	10.63%	12.02%	16.17%	22.55%	-7.49%	30.83%	10.38%	28.06%	-13.18%	17.35%
RYOTX Royce Micro Cap Series Fund	37.74%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%

Correlation

The correlation between FTHSX and RYOTX 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	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 29, 2015	0.89

The correlation between FTHSX and RYOTX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

FTHSX vs. RYOTX — Risk / Return Rank

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

FTHSX

FTHSX Risk / Return Rank: 48
FTHSX Sharpe Ratio Rank: 42
FTHSX Sortino Ratio Rank: 44
FTHSX Omega Ratio Rank: 38
FTHSX Calmar Ratio Rank: 63
FTHSX Martin Ratio Rank: 53

RYOTX

RYOTX Risk / Return Rank: 89
RYOTX Sharpe Ratio Rank: 93
RYOTX Sortino Ratio Rank: 84
RYOTX Omega Ratio Rank: 75
RYOTX Calmar Ratio Rank: 95
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.

FTHSX vs. RYOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) 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.

	FTHSX	RYOTX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	3.20	-1.32
Sortino ratio: Return per unit of downside risk	2.79	3.99	-1.20
Omega ratio: Gain probability vs. loss probability	1.33	1.49	-0.17
Calmar ratio: Return relative to maximum drawdown	3.05	6.04	-2.99
Martin ratio: Return relative to average drawdown	10.87	22.08	-11.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTHSX vs. RYOTX - Sharpe Ratio Comparison

The current FTHSX Sharpe Ratio is 1.89, which is lower than the RYOTX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of FTHSX 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.

Sharpe Ratios by Period

	FTHSX	RYOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	3.20	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.49	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.60	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.62	+0.05

Drawdowns

FTHSX vs. RYOTX - Drawdown Comparison

The maximum FTHSX drawdown since its inception was -37.74%, smaller than the maximum RYOTX drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for FTHSX and RYOTX.

Drawdown Indicators

	FTHSX	RYOTX	Difference
Max Drawdown Largest peak-to-trough decline	-37.74%	-56.86%	+19.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-12.10%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-24.58%	-29.83%	+5.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.58%	-35.84%	+11.26%
Max Drawdown (10Y) Largest decline over 10 years	-37.74%	-44.87%	+7.13%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-5.65%	-9.43%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.31%	-0.67%

Volatility

FTHSX vs. RYOTX - Volatility Comparison

The current volatility for FullerThaler Behavioral Small-Cap Equity Fund Class I (FTHSX) is 4.22%, while Royce Micro Cap Series Fund (RYOTX) has a volatility of 6.09%. This indicates that FTHSX 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

	FTHSX	RYOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	6.09%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	16.20%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	22.83%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	23.44%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	23.14%	-3.01%

FTHSX vs. RYOTX - Expense Ratio Comparison

FTHSX has a 0.76% expense ratio, which is lower than RYOTX's 1.20% expense ratio.

Dividends

FTHSX vs. RYOTX - Dividend Comparison

FTHSX's dividend yield for the trailing twelve months is around 0.49%, less than RYOTX's 10.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTHSX FullerThaler Behavioral Small-Cap Equity Fund Class I	0.49%	0.54%	8.05%	1.81%	1.23%	3.77%	0.35%	0.39%	0.55%	0.26%	0.00%	15.40%
RYOTX Royce Micro Cap Series Fund	10.85%	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 FTHSX and RYOTX in my portfolio?

FTHSX and RYOTX 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, FTHSX or RYOTX?

RYOTX has higher volatility (6.09%) compared to FTHSX (4.22%). In terms of maximum drawdown, FTHSX dropped -37.74% vs RYOTX's -56.86%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (3.20 vs 1.89), 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.