IWC vs. RYOTX
IWC (iShares Micro-Cap ETF) and RYOTX (Royce Micro Cap Series Fund) are both Small Cap Blend Equities funds. Over the past 10 years, IWC returned 12.07%/yr vs 14.15%/yr for RYOTX. Their correlation of 0.92 suggests significant overlap in exposure. IWC charges 0.60%/yr vs 1.20%/yr for RYOTX.
Performance
IWC vs. RYOTX - Performance Comparison
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Returns By Period
In the year-to-date period, IWC achieves a 23.36% return, which is significantly lower than RYOTX's 40.81% return. Over the past 10 years, IWC has underperformed RYOTX with an annualized return of 12.07%, while RYOTX has yielded a comparatively higher 14.15% annualized return.
IWC
- 1D
- 0.82%
- 1M
- 4.00%
- YTD
- 23.36%
- 6M
- 19.51%
- 1Y
- 59.41%
- 3Y*
- 23.10%
- 5Y*
- 6.01%
- 10Y*
- 12.07%
RYOTX
- 1D
- 2.30%
- 1M
- 7.46%
- YTD
- 40.81%
- 6M
- 37.82%
- 1Y
- 70.37%
- 3Y*
- 25.90%
- 5Y*
- 12.57%
- 10Y*
- 14.15%
IWC vs. RYOTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 23.36% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
RYOTX Royce Micro Cap Series Fund | 40.81% | 13.51% | 13.24% | 19.51% | -22.66% | 30.36% | 24.56% | 21.19% | -9.09% | 5.29% |
Correlation
The correlation between IWC 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 Aug 16, 2005 | 0.92 |
The correlation between IWC and RYOTX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.
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Return for Risk
IWC vs. RYOTX — Risk / Return Rank
IWC
RYOTX
IWC vs. RYOTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.
| IWC | RYOTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.46 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.80 | 5.79 | -0.99 |
| Martin ratioReturn relative to average drawdown | 15.64 | 21.02 | -5.38 |
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Drawdowns
IWC vs. RYOTX - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than RYOTX's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for IWC and RYOTX.
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Drawdown Indicators
| IWC | RYOTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -56.86% | -7.75% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -12.10% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -29.83% | +0.37% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -35.84% | -4.77% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | -44.87% | -2.34% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -15.25% | -9.42% | -5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 3.33% | +0.48% |
Volatility
IWC vs. RYOTX - Volatility Comparison
iShares Micro-Cap ETF (IWC) has a higher volatility of 8.66% compared to Royce Micro Cap Series Fund (RYOTX) at 8.14%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than RYOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWC | RYOTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.66% | 8.14% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 18.16% | 17.29% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.39% | 23.53% | +0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.58% | 23.60% | +0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.52% | 23.23% | +1.29% |
IWC vs. RYOTX - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is lower than RYOTX's 1.20% expense ratio.
Dividends
IWC vs. RYOTX - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 0.98%, less than RYOTX's 10.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
RYOTX Royce Micro Cap Series Fund | 10.61% | 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
IWC 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.
IWC has higher volatility (8.66%) compared to RYOTX (8.14%). In terms of maximum drawdown, IWC dropped -64.61% vs RYOTX's -56.86%.
RYOTX currently has the higher Sharpe Ratio (2.98 vs 2.45), 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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