PZVSX vs. RYPNX
PZVSX (Pzena Small Cap Value Fund) and RYPNX (Royce Opportunity Fund) are both Small Cap Value Equities funds. Over the past 5 years, PZVSX returned 6.75%/yr vs 9.91%/yr for RYPNX. Their correlation of 0.90 suggests significant overlap in exposure. PZVSX charges 1.52%/yr vs 1.21%/yr for RYPNX.
Performance
PZVSX vs. RYPNX - Performance Comparison
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Returns By Period
In the year-to-date period, PZVSX achieves a 16.34% return, which is significantly lower than RYPNX's 31.15% return.
PZVSX
- 1D
- -1.38%
- 1M
- 3.59%
- YTD
- 16.34%
- 6M
- 15.10%
- 1Y
- 23.59%
- 3Y*
- 11.40%
- 5Y*
- 6.75%
- 10Y*
- —
RYPNX
- 1D
- -0.48%
- 1M
- 5.48%
- YTD
- 31.15%
- 6M
- 28.63%
- 1Y
- 54.71%
- 3Y*
- 21.44%
- 5Y*
- 9.91%
- 10Y*
- 15.49%
PZVSX vs. RYPNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PZVSX Pzena Small Cap Value Fund | 16.34% | -4.94% | 1.62% | 25.62% | -5.33% | 27.93% | -0.09% | 24.84% | -15.19% | 2.10% |
RYPNX Royce Opportunity Fund | 31.15% | 11.95% | 10.20% | 19.72% | -17.19% | 30.34% | 26.52% | 28.24% | -20.10% | 21.69% |
Correlation
The correlation between PZVSX and RYPNX is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.90 |
The correlation between PZVSX and RYPNX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
PZVSX vs. RYPNX — Risk / Return Rank
PZVSX
RYPNX
PZVSX vs. RYPNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pzena Small Cap Value Fund (PZVSX) and Royce Opportunity Fund (RYPNX). 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.
| PZVSX | RYPNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.41 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 4.68 | -3.00 |
| Martin ratioReturn relative to average drawdown | 4.19 | 17.73 | -13.54 |
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Drawdowns
PZVSX vs. RYPNX - Drawdown Comparison
The maximum PZVSX drawdown since its inception was -54.22%, smaller than the maximum RYPNX drawdown of -69.31%. Use the drawdown chart below to compare losses from any high point for PZVSX and RYPNX.
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Drawdown Indicators
| PZVSX | RYPNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.22% | -69.31% | +15.09% |
Max Drawdown (1Y)Largest decline over 1 year | -15.26% | -12.01% | -3.25% |
Max Drawdown (3Y)Largest decline over 3 years | -32.43% | -30.23% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -30.77% | -1.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.61% | — |
Current DrawdownCurrent decline from peak | -3.66% | -0.48% | -3.18% |
Average DrawdownAverage peak-to-trough decline | -10.44% | -10.65% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.10% | 3.16% | +2.94% |
Volatility
PZVSX vs. RYPNX - Volatility Comparison
The current volatility for Pzena Small Cap Value Fund (PZVSX) is 5.31%, while Royce Opportunity Fund (RYPNX) has a volatility of 7.28%. This indicates that PZVSX experiences smaller price fluctuations and is considered to be less risky than RYPNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PZVSX | RYPNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.31% | 7.28% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.83% | 15.46% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.17% | 22.04% | +0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.25% | 24.34% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.44% | 25.39% | +2.05% |
PZVSX vs. RYPNX - Expense Ratio Comparison
PZVSX has a 1.52% expense ratio, which is higher than RYPNX's 1.21% expense ratio.
Dividends
PZVSX vs. RYPNX - Dividend Comparison
PZVSX's dividend yield for the trailing twelve months is around 2.00%, less than RYPNX's 7.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZVSX Pzena Small Cap Value Fund | 2.00% | 2.33% | 7.03% | 0.45% | 17.31% | 1.25% | 1.39% | 0.00% | 4.56% | 7.54% | 0.00% | 0.00% |
RYPNX Royce Opportunity Fund | 7.34% | 9.63% | 7.95% | 4.52% | 5.12% | 22.51% | 0.00% | 1.57% | 10.21% | 14.91% | 6.89% | 10.04% |
Frequently Asked Questions
PZVSX and RYPNX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYPNX has higher volatility (7.28%) compared to PZVSX (5.31%). In terms of maximum drawdown, PZVSX dropped -54.22% vs RYPNX's -69.31%.
RYPNX currently has the higher Sharpe Ratio (2.55 vs 1.16), 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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