RYOTX vs. NSIDX

Last updated Jun 20, 2026

RYOTX (Royce Micro Cap Series Fund) and NSIDX (Northern Small Cap Index Fund) are both Small Cap Blend Equities funds. Over the past 10 years, RYOTX returned 14.15%/yr vs 11.22%/yr for NSIDX. Their correlation of 0.92 suggests significant overlap in exposure. RYOTX charges 1.20%/yr vs 0.10%/yr for NSIDX.

Performance

RYOTX vs. NSIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Micro Cap Series Fund (RYOTX) and Northern Small Cap Index Fund (NSIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYOTX achieves a 40.81% return, which is significantly higher than NSIDX's 20.69% return. Over the past 10 years, RYOTX has outperformed NSIDX with an annualized return of 14.15%, while NSIDX has yielded a comparatively lower 11.22% annualized return.

RYOTX

• 1D: 2.30%
• 1M: 9.35%
• YTD: 40.81%
• 6M: 39.55%
• 1Y: 70.37%
• 3Y*: 25.90%
• 5Y*: 12.57%
• 10Y*: 14.15%

NSIDX

• 1D: 2.13%
• 1M: 4.95%
• YTD: 20.69%
• 6M: 18.54%
• 1Y: 42.90%
• 3Y*: 18.28%
• 5Y*: 7.21%
• 10Y*: 11.22%

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

RYOTX vs. NSIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
NSIDX Northern Small Cap Index Fund	20.69%	12.88%	11.45%	16.87%	-20.63%	14.38%	19.59%	25.22%	-11.33%	14.62%

Correlation

The correlation between RYOTX and NSIDX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 3, 1999	0.92

The correlation between RYOTX and NSIDX has been stable across timeframes, ranging from 0.83 to 0.93 - a consistent structural relationship.

Return for Risk

RYOTX vs. NSIDX — Risk / Return Rank

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

RYOTX

RYOTX Risk / Return Rank: 90
RYOTX Sharpe Ratio Rank: 94
RYOTX Sortino Ratio Rank: 86
RYOTX Omega Ratio Rank: 79
RYOTX Calmar Ratio Rank: 96
RYOTX Martin Ratio Rank: 96

NSIDX

NSIDX Risk / Return Rank: 71
NSIDX Sharpe Ratio Rank: 67
NSIDX Sortino Ratio Rank: 65
NSIDX Omega Ratio Rank: 54
NSIDX Calmar Ratio Rank: 87
NSIDX Martin Ratio Rank: 82

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.

RYOTX vs. NSIDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Micro Cap Series Fund (RYOTX) and Northern Small Cap Index Fund (NSIDX). 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.

	RYOTX	NSIDX	Difference
Sharpe ratio: Return per unit of total volatility	2.98	2.15	+0.83
Sortino ratio: Return per unit of downside risk	3.73	3.00	+0.72
Omega ratio: Gain probability vs. loss probability	1.46	1.36	+0.10
Calmar ratio: Return relative to maximum drawdown	5.79	3.98	+1.80
Martin ratio: Return relative to average drawdown	21.02	13.99	+7.03

RYOTX vs. NSIDX - Sharpe Ratio Comparison

The current RYOTX Sharpe Ratio is 2.98, which is higher than the NSIDX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of RYOTX and NSIDX, 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

RYOTX vs. NSIDX - Drawdown Comparison

The maximum RYOTX drawdown since its inception was -56.86%, roughly equal to the maximum NSIDX drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for RYOTX and NSIDX.

Drawdown Indicators

	RYOTX	NSIDX	Difference
Max Drawdown Largest peak-to-trough decline	-56.86%	-59.02%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-10.97%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-27.71%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-32.89%	-2.95%
Max Drawdown (10Y) Largest decline over 10 years	-44.87%	-42.09%	-2.78%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.42%	-12.04%	+2.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.10%	+0.23%

Volatility

RYOTX vs. NSIDX - Volatility Comparison

Royce Micro Cap Series Fund (RYOTX) has a higher volatility of 8.14% compared to Northern Small Cap Index Fund (NSIDX) at 6.77%. This indicates that RYOTX's price experiences larger fluctuations and is considered to be riskier than NSIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYOTX	NSIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.14%	6.77%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	17.29%	14.45%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	23.53%	20.32%	+3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.60%	24.31%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	24.31%	-1.08%

RYOTX vs. NSIDX - Expense Ratio Comparison

RYOTX has a 1.20% expense ratio, which is higher than NSIDX's 0.10% expense ratio.

Dividends

RYOTX vs. NSIDX - Dividend Comparison

RYOTX's dividend yield for the trailing twelve months is around 10.61%, more than NSIDX's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSIDX Northern Small Cap Index Fund	1.30%	1.57%	6.72%	2.01%	6.38%	12.15%	3.52%	1.78%	12.16%	6.55%	4.06%	6.68%
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

Can I hold both RYOTX and NSIDX in my portfolio?

RYOTX and NSIDX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYOTX or NSIDX?

RYOTX has higher volatility (8.14%) compared to NSIDX (6.77%). In terms of maximum drawdown, RYOTX dropped -56.86% vs NSIDX's -59.02%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (2.98 vs 2.15), 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.