RYOTX vs. RYSEX

Last updated Jun 4, 2026

RYOTX (Royce Micro Cap Series Fund) and RYSEX (Royce Special Equity Fund) are both mutual funds - RYOTX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while RYSEX is a Small Cap Value Equities fund managed by Royce Investment Partners. Over the past 10 years, RYOTX returned 13.85%/yr vs 8.89%/yr for RYSEX. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 1.20% expense ratio.

Performance

RYOTX vs. RYSEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Micro Cap Series Fund (RYOTX) 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, RYOTX achieves a 37.74% return, which is significantly higher than RYSEX's 19.46% return. Over the past 10 years, RYOTX has outperformed RYSEX with an annualized return of 13.85%, while RYSEX has yielded a comparatively lower 8.89% annualized return.

RYOTX

• 1D: 1.60%
• 1M: 9.34%
• YTD: 37.74%
• 6M: 38.47%
• 1Y: 68.90%
• 3Y*: 26.49%
• 5Y*: 11.46%
• 10Y*: 13.85%

RYSEX

• 1D: 0.36%
• 1M: 9.11%
• YTD: 19.46%
• 6M: 19.97%
• 1Y: 34.54%
• 3Y*: 11.47%
• 5Y*: 7.28%
• 10Y*: 8.89%

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

RYOTX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYOTX Royce Micro Cap Series Fund	37.74%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%
RYSEX Royce Special Equity Fund	19.46%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	7.13%

Correlation

The correlation between RYOTX and RYSEX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.84

The correlation between RYOTX and RYSEX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

RYOTX vs. RYSEX — Risk / Return Rank

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

RYOTX

RYOTX Risk / Return Rank: 89
RYOTX Sharpe Ratio Rank: 93
RYOTX Sortino Ratio Rank: 84
RYOTX Omega Ratio Rank: 75
RYOTX Calmar Ratio Rank: 95
RYOTX Martin Ratio Rank: 95

RYSEX

RYSEX Risk / Return Rank: 75
RYSEX Sharpe Ratio Rank: 74
RYSEX Sortino Ratio Rank: 79
RYSEX Omega Ratio Rank: 59
RYSEX Calmar Ratio Rank: 89
RYSEX Martin Ratio Rank: 73

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. RYSEX - Risk-Adjusted Trends Comparison

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

	RYOTX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	3.20	2.49	+0.72
Sortino ratio: Return per unit of downside risk	3.99	3.74	+0.26
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	6.04	4.44	+1.60
Martin ratio: Return relative to average drawdown	22.08	13.97	+8.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYOTX vs. RYSEX - Sharpe Ratio Comparison

The current RYOTX Sharpe Ratio is 3.20, which is comparable to the RYSEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of RYOTX 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.

Sharpe Ratios by Period

	RYOTX	RYSEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.49	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.45	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.51	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.54	+0.08

Drawdowns

RYOTX vs. RYSEX - Drawdown Comparison

The maximum RYOTX drawdown since its inception was -56.86%, which is greater than RYSEX's maximum drawdown of -43.25%. Use the drawdown chart below to compare losses from any high point for RYOTX and RYSEX.

Drawdown Indicators

	RYOTX	RYSEX	Difference
Max Drawdown Largest peak-to-trough decline	-56.86%	-43.25%	-13.61%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-8.20%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-23.03%	-6.80%
Max Drawdown (5Y) Largest decline over 5 years	-35.84%	-23.03%	-12.81%
Max Drawdown (10Y) Largest decline over 10 years	-44.87%	-32.13%	-12.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.43%	-6.36%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.61%	+0.70%

Volatility

RYOTX vs. RYSEX - Volatility Comparison

Royce Micro Cap Series Fund (RYOTX) has a higher volatility of 6.09% compared to Royce Special Equity Fund (RYSEX) at 4.44%. This indicates that RYOTX's price experiences larger fluctuations and is considered to be riskier than RYSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYOTX	RYSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	4.44%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	9.42%	+6.78%
Volatility (1Y) Calculated over the trailing 1-year period	22.83%	14.70%	+8.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	16.38%	+7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	17.42%	+5.72%

RYOTX vs. RYSEX - Expense Ratio Comparison

Both RYOTX and RYSEX have an expense ratio of 1.20%.

Dividends

RYOTX vs. RYSEX - Dividend Comparison

RYOTX's dividend yield for the trailing twelve months is around 10.85%, more than RYSEX's 10.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYOTX Royce Micro Cap Series Fund	10.85%	14.94%	12.20%	6.97%	5.10%	23.10%	7.40%	2.72%	13.95%	7.76%	11.41%	12.99%
RYSEX Royce Special Equity Fund	10.34%	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 RYOTX and RYSEX in my portfolio?

RYOTX and RYSEX have a correlation of 0.76, 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 RYSEX?

RYOTX has higher volatility (6.09%) compared to RYSEX (4.44%). In terms of maximum drawdown, RYOTX dropped -56.86% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (3.20 vs 2.49), 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.