NOSGX vs. RYSEX

Last updated Jul 14, 2026

NOSGX (Northern Small Cap Value Fund) and RYSEX (Royce Special Equity Fund) are both Small Cap Value Equities funds. Over the past 10 years, NOSGX returned 8.60%/yr vs 8.79%/yr for RYSEX. Their correlation of 0.88 suggests significant overlap in exposure. NOSGX charges 1.00%/yr vs 1.20%/yr for RYSEX.

Performance

NOSGX vs. RYSEX - Performance Comparison

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

Returns By Period

In the year-to-date period, NOSGX achieves a 20.80% return, which is significantly lower than RYSEX's 22.31% return. Both investments have delivered pretty close results over the past 10 years, with NOSGX having a 8.60% annualized return and RYSEX not far ahead at 8.79%.

NOSGX

• 1D: 0.25%
• 1M: 1.85%
• 6M: 14.42%
• YTD: 20.80%
• 1Y: 31.42%
• 3Y*: 14.70%
• 5Y*: 8.42%
• 10Y*: 8.60%

RYSEX

• 1D: 0.82%
• 1M: -0.29%
• 6M: 17.61%
• YTD: 22.31%
• 1Y: 29.08%
• 3Y*: 10.96%
• 5Y*: 8.30%
• 10Y*: 8.79%

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

NOSGX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOSGX Northern Small Cap Value Fund	20.80%	10.63%	2.60%	15.67%	-10.50%	26.17%	-2.29%	22.30%	-13.79%	6.47%
RYSEX Royce Special Equity Fund	22.31%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	7.13%

Correlation

The correlation between NOSGX and RYSEX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.88

The correlation between NOSGX and RYSEX shifts across timeframes, from 0.73 (1 year) to 0.89 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

NOSGX vs. RYSEX — Risk / Return Rank

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

NOSGX

NOSGX Risk / Return Rank: 71
NOSGX Sharpe Ratio Rank: 60
NOSGX Sortino Ratio Rank: 69
NOSGX Omega Ratio Rank: 57
NOSGX Calmar Ratio Rank: 87
NOSGX Martin Ratio Rank: 83

RYSEX

RYSEX Risk / Return Rank: 78
RYSEX Sharpe Ratio Rank: 76
RYSEX Sortino Ratio Rank: 81
RYSEX Omega Ratio Rank: 70
RYSEX Calmar Ratio Rank: 88
RYSEX Martin Ratio Rank: 76

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.

NOSGX vs. RYSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Small Cap Value Fund (NOSGX) 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.

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.

	NOSGX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.97	-0.25
Sortino ratio: Return per unit of downside risk	2.60	3.04	-0.44
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	3.36	3.43	-0.08
Martin ratio: Return relative to average drawdown	11.71	10.89	+0.82

NOSGX vs. RYSEX - Sharpe Ratio Comparison

The current NOSGX Sharpe Ratio is 1.72, which is comparable to the RYSEX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of NOSGX 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.

Drawdowns

NOSGX vs. RYSEX - Drawdown Comparison

The maximum NOSGX drawdown since its inception was -56.92%, which is greater than RYSEX's maximum drawdown of -43.25%. Use the drawdown chart below to compare losses from any high point for NOSGX and RYSEX.

Drawdown Indicators

	NOSGX	RYSEX	Difference
Max Drawdown Largest peak-to-trough decline	-56.92%	-43.25%	-13.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-8.20%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-28.13%	-23.03%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-23.03%	-5.31%
Max Drawdown (10Y) Largest decline over 10 years	-45.66%	-32.13%	-13.53%
Current Drawdown Current decline from peak	-0.25%	-1.32%	+1.07%
Average Drawdown Average peak-to-trough decline	-9.02%	-6.33%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.61%	-0.01%

Volatility

NOSGX vs. RYSEX - Volatility Comparison

Northern Small Cap Value Fund (NOSGX) and Royce Special Equity Fund (RYSEX) have volatilities of 3.64% and 3.78%, 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

	NOSGX	RYSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.78%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	9.28%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	14.30%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.74%	16.35%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.50%	17.36%	+7.14%

NOSGX vs. RYSEX - Expense Ratio Comparison

NOSGX has a 1.00% expense ratio, which is lower than RYSEX's 1.20% expense ratio.

Dividends

NOSGX vs. RYSEX - Dividend Comparison

NOSGX's dividend yield for the trailing twelve months is around 36.42%, more than RYSEX's 10.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOSGX Northern Small Cap Value Fund	36.42%	43.99%	57.55%	6.99%	5.84%	16.35%	1.96%	7.08%	11.90%	9.76%	2.26%	4.50%
RYSEX Royce Special Equity Fund	10.10%	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 NOSGX and RYSEX in my portfolio?

NOSGX and RYSEX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOSGX or RYSEX?

RYSEX has higher volatility (3.78%) compared to NOSGX (3.64%). In terms of maximum drawdown, NOSGX dropped -56.92% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (1.97 vs 1.72), 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.