HRVIX vs. RYSEX

Last updated Jun 4, 2026

HRVIX (Heartland Value Plus Fund) and RYSEX (Royce Special Equity Fund) are both Small Cap Value Equities funds. Over the past 10 years, HRVIX returned 9.39%/yr vs 8.89%/yr for RYSEX. Their correlation of 0.86 suggests significant overlap in exposure. HRVIX charges 1.15%/yr vs 1.20%/yr for RYSEX.

Performance

HRVIX vs. RYSEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Heartland Value Plus Fund (HRVIX) and Royce Special Equity Fund (RYSEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HRVIX having a 18.78% return and RYSEX slightly higher at 19.46%. Over the past 10 years, HRVIX has outperformed RYSEX with an annualized return of 9.39%, while RYSEX has yielded a comparatively lower 8.89% annualized return.

HRVIX

• 1D: 1.76%
• 1M: 3.99%
• YTD: 18.78%
• 6M: 17.65%
• 1Y: 32.22%
• 3Y*: 7.49%
• 5Y*: 2.24%
• 10Y*: 9.39%

RYSEX

• 1D: 0.36%
• 1M: 9.11%
• YTD: 19.46%
• 6M: 19.97%
• 1Y: 34.54%
• 3Y*: 11.47%
• 5Y*: 7.28%
• 10Y*: 8.89%

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

HRVIX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRVIX Heartland Value Plus Fund	18.78%	1.06%	-0.28%	1.83%	-4.99%	24.89%	12.62%	26.00%	-13.12%	9.81%
RYSEX Royce Special Equity Fund	19.46%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	7.13%

Correlation

The correlation between HRVIX and RYSEX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.86

The correlation between HRVIX and RYSEX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

HRVIX vs. RYSEX — Risk / Return Rank

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

HRVIX

HRVIX Risk / Return Rank: 48
HRVIX Sharpe Ratio Rank: 46
HRVIX Sortino Ratio Rank: 48
HRVIX Omega Ratio Rank: 43
HRVIX Calmar Ratio Rank: 56
HRVIX Martin Ratio Rank: 45

RYSEX

RYSEX Risk / Return Rank: 75
RYSEX Sharpe Ratio Rank: 74
RYSEX Sortino Ratio Rank: 79
RYSEX Omega Ratio Rank: 59
RYSEX Calmar Ratio Rank: 89
RYSEX Martin Ratio Rank: 73

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.

HRVIX vs. RYSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Heartland Value Plus Fund (HRVIX) and Royce Special Equity Fund (RYSEX). 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.

	HRVIX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.49	-0.49
Sortino ratio: Return per unit of downside risk	2.92	3.74	-0.82
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.87	4.44	-1.58
Martin ratio: Return relative to average drawdown	9.47	13.97	-4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HRVIX vs. RYSEX - Sharpe Ratio Comparison

The current HRVIX Sharpe Ratio is 2.00, which is comparable to the RYSEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of HRVIX and RYSEX, 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

	HRVIX	RYSEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.49	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.45	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.51	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Drawdowns

HRVIX vs. RYSEX - Drawdown Comparison

The maximum HRVIX drawdown since its inception was -46.82%, which is greater than RYSEX's maximum drawdown of -43.25%. Use the drawdown chart below to compare losses from any high point for HRVIX and RYSEX.

Drawdown Indicators

	HRVIX	RYSEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.82%	-43.25%	-3.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-8.20%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-28.50%	-23.03%	-5.47%
Max Drawdown (5Y) Largest decline over 5 years	-28.50%	-23.03%	-5.47%
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	-32.13%	-4.34%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-8.62%	-6.36%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	2.61%	+1.01%

Volatility

HRVIX vs. RYSEX - Volatility Comparison

Heartland Value Plus Fund (HRVIX) and Royce Special Equity Fund (RYSEX) have volatilities of 4.65% and 4.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRVIX	RYSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	4.44%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	12.04%	9.42%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	14.70%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.70%	16.38%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	17.42%	+4.21%

HRVIX vs. RYSEX - Expense Ratio Comparison

HRVIX has a 1.15% expense ratio, which is lower than RYSEX's 1.20% expense ratio.

Dividends

HRVIX vs. RYSEX - Dividend Comparison

HRVIX's dividend yield for the trailing twelve months is around 0.52%, less than RYSEX's 10.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRVIX Heartland Value Plus Fund	0.52%	0.62%	3.00%	1.43%	2.25%	24.50%	1.03%	1.47%	1.13%	0.14%	0.65%	8.78%
RYSEX Royce Special Equity Fund	10.34%	12.36%	16.35%	5.32%	12.34%	16.53%	3.70%	11.56%	13.11%	8.24%	7.72%	11.68%

Frequently Asked Questions

Can I hold both HRVIX and RYSEX in my portfolio?

HRVIX and RYSEX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRVIX or RYSEX?

HRVIX has higher volatility (4.65%) compared to RYSEX (4.44%). In terms of maximum drawdown, HRVIX dropped -46.82% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (2.49 vs 2.00), 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.