RYOTX vs. RYDVX

Last updated Jun 24, 2026

RYOTX (Royce Micro Cap Series Fund) and RYDVX (Royce Dividend Value Fund) are both mutual funds - RYOTX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while RYDVX is a Mid Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, RYOTX returned 14.37%/yr vs 11.34%/yr for RYDVX. Their correlation of 0.88 suggests significant overlap in exposure. RYOTX charges 1.20%/yr vs 1.34%/yr for RYDVX.

Performance

RYOTX vs. RYDVX - Performance Comparison

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

Returns By Period

In the year-to-date period, RYOTX achieves a 40.27% return, which is significantly higher than RYDVX's 11.55% return. Over the past 10 years, RYOTX has outperformed RYDVX with an annualized return of 14.37%, while RYDVX has yielded a comparatively lower 11.34% annualized return.

RYOTX

• 1D: -0.39%
• 1M: 7.04%
• YTD: 40.27%
• 6M: 37.41%
• 1Y: 67.95%
• 3Y*: 26.65%
• 5Y*: 11.88%
• 10Y*: 14.37%

RYDVX

• 1D: -0.81%
• 1M: 2.17%
• YTD: 11.55%
• 6M: 10.55%
• 1Y: 23.87%
• 3Y*: 18.42%
• 5Y*: 10.01%
• 10Y*: 11.34%

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

RYOTX vs. RYDVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYOTX Royce Micro Cap Series Fund	40.27%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%
RYDVX Royce Dividend Value Fund	11.55%	9.44%	19.41%	23.29%	-13.63%	20.00%	4.45%	30.00%	-16.33%	21.39%

Correlation

The correlation between RYOTX and RYDVX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2005	0.88

The correlation between RYOTX and RYDVX has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.

Return for Risk

RYOTX vs. RYDVX — 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: 85
RYOTX Omega Ratio Rank: 78
RYOTX Calmar Ratio Rank: 96
RYOTX Martin Ratio Rank: 95

RYDVX

RYDVX Risk / Return Rank: 31
RYDVX Sharpe Ratio Rank: 27
RYDVX Sortino Ratio Rank: 35
RYDVX Omega Ratio Rank: 30
RYDVX Calmar Ratio Rank: 34
RYDVX Martin Ratio Rank: 27

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. RYDVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Micro Cap Series Fund (RYOTX) and Royce Dividend Value Fund (RYDVX). 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	RYDVX	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.39	+1.59
Sortino ratio: Return per unit of downside risk	3.73	2.30	+1.43
Omega ratio: Gain probability vs. loss probability	1.46	1.27	+0.20
Calmar ratio: Return relative to maximum drawdown	5.79	2.08	+3.71
Martin ratio: Return relative to average drawdown	21.02	5.92	+15.09

RYOTX vs. RYDVX - Sharpe Ratio Comparison

The current RYOTX Sharpe Ratio is 2.98, which is higher than the RYDVX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of RYOTX and RYDVX, 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. RYDVX - Drawdown Comparison

The maximum RYOTX drawdown since its inception was -56.86%, which is greater than RYDVX's maximum drawdown of -53.36%. Use the drawdown chart below to compare losses from any high point for RYOTX and RYDVX.

Drawdown Indicators

	RYOTX	RYDVX	Difference
Max Drawdown Largest peak-to-trough decline	-56.86%	-53.36%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-12.32%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-21.45%	-8.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-27.35%	-8.49%
Max Drawdown (10Y) Largest decline over 10 years	-44.87%	-41.49%	-3.38%
Current Drawdown Current decline from peak	-0.39%	-1.83%	+1.44%
Average Drawdown Average peak-to-trough decline	-9.42%	-7.53%	-1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	4.32%	-0.99%

Volatility

RYOTX vs. RYDVX - Volatility Comparison

Royce Micro Cap Series Fund (RYOTX) has a higher volatility of 8.04% compared to Royce Dividend Value Fund (RYDVX) at 3.66%. This indicates that RYOTX's price experiences larger fluctuations and is considered to be riskier than RYDVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYOTX	RYDVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.04%	3.66%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	17.22%	11.86%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	18.51%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.60%	19.06%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	19.72%	+3.51%

RYOTX vs. RYDVX - Expense Ratio Comparison

RYOTX has a 1.20% expense ratio, which is lower than RYDVX's 1.34% expense ratio.

Dividends

RYOTX vs. RYDVX - Dividend Comparison

RYOTX's dividend yield for the trailing twelve months is around 10.65%, less than RYDVX's 165.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYDVX Royce Dividend Value Fund	165.66%	185.21%	21.24%	11.80%	0.57%	14.07%	5.55%	15.61%	14.15%	14.26%	10.48%	11.39%
RYOTX Royce Micro Cap Series Fund	10.65%	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 RYDVX in my portfolio?

RYOTX and RYDVX have a correlation of 0.80, 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 RYDVX?

RYOTX has higher volatility (8.04%) compared to RYDVX (3.66%). In terms of maximum drawdown, RYOTX dropped -56.86% vs RYDVX's -53.36%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (2.98 vs 1.39), 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.