RYPNX vs. FESCX

Last updated Jun 5, 2026

RYPNX (Royce Opportunity Fund) and FESCX (First Eagle Small Cap Opportunity Fund) are both Small Cap Value Equities funds. Over the past 3 years, RYPNX returned 21.07%/yr vs 18.40%/yr for FESCX. With a 0.98 correlation, they move nearly in lockstep. RYPNX charges 1.21%/yr vs 1.00%/yr for FESCX.

Performance

RYPNX vs. FESCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Opportunity Fund (RYPNX) and First Eagle Small Cap Opportunity Fund (FESCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYPNX achieves a 27.87% return, which is significantly higher than FESCX's 24.63% return.

RYPNX

• 1D: -1.36%
• 1M: 3.89%
• YTD: 27.87%
• 6M: 27.22%
• 1Y: 54.31%
• 3Y*: 21.07%
• 5Y*: 9.07%
• 10Y*: 14.79%

FESCX

• 1D: -0.82%
• 1M: 2.62%
• YTD: 24.63%
• 6M: 24.10%
• 1Y: 49.18%
• 3Y*: 18.40%
• 5Y*: —
• 10Y*: —

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

RYPNX vs. FESCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RYPNX Royce Opportunity Fund	27.87%	11.95%	10.20%	19.72%	-17.19%	3.23%
FESCX First Eagle Small Cap Opportunity Fund	24.63%	13.33%	6.47%	16.75%	-14.05%	1.23%

Correlation

The correlation between RYPNX and FESCX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.98

The correlation between RYPNX and FESCX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

RYPNX vs. FESCX — Risk / Return Rank

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

RYPNX

RYPNX Risk / Return Rank: 76
RYPNX Sharpe Ratio Rank: 77
RYPNX Sortino Ratio Rank: 66
RYPNX Omega Ratio Rank: 57
RYPNX Calmar Ratio Rank: 90
RYPNX Martin Ratio Rank: 89

FESCX

FESCX Risk / Return Rank: 78
FESCX Sharpe Ratio Rank: 77
FESCX Sortino Ratio Rank: 72
FESCX Omega Ratio Rank: 60
FESCX Calmar Ratio Rank: 91
FESCX Martin Ratio Rank: 89

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.

RYPNX vs. FESCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and First Eagle Small Cap Opportunity Fund (FESCX). 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.

	RYPNX	FESCX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.55	0.00
Sortino ratio: Return per unit of downside risk	3.37	3.52	-0.15
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	4.53	4.77	-0.25
Martin ratio: Return relative to average drawdown	17.26	17.25	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYPNX vs. FESCX - Sharpe Ratio Comparison

The current RYPNX Sharpe Ratio is 2.55, which is comparable to the FESCX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of RYPNX and FESCX, 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

	RYPNX	FESCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.55	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.40	+0.13

Drawdowns

RYPNX vs. FESCX - Drawdown Comparison

The maximum RYPNX drawdown since its inception was -69.31%, which is greater than FESCX's maximum drawdown of -28.53%. Use the drawdown chart below to compare losses from any high point for RYPNX and FESCX.

Drawdown Indicators

	RYPNX	FESCX	Difference
Max Drawdown Largest peak-to-trough decline	-69.31%	-28.53%	-40.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-10.26%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-28.53%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.61%	—	—
Current Drawdown Current decline from peak	-1.36%	-0.82%	-0.54%
Average Drawdown Average peak-to-trough decline	-10.67%	-8.84%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.83%	+0.31%

Volatility

RYPNX vs. FESCX - Volatility Comparison

Royce Opportunity Fund (RYPNX) and First Eagle Small Cap Opportunity Fund (FESCX) have volatilities of 5.54% and 5.41%, 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

	RYPNX	FESCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.41%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	13.55%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	19.31%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	22.65%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.34%	22.65%	+2.69%

RYPNX vs. FESCX - Expense Ratio Comparison

RYPNX has a 1.21% expense ratio, which is higher than FESCX's 1.00% expense ratio.

Dividends

RYPNX vs. FESCX - Dividend Comparison

RYPNX's dividend yield for the trailing twelve months is around 7.53%, more than FESCX's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FESCX First Eagle Small Cap Opportunity Fund	0.83%	1.03%	1.56%	0.60%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RYPNX Royce Opportunity Fund	7.53%	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

Can I hold both RYPNX and FESCX in my portfolio?

With a correlation of 0.97, RYPNX and FESCX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RYPNX or FESCX?

RYPNX has higher volatility (5.54%) compared to FESCX (5.41%). In terms of maximum drawdown, RYPNX dropped -69.31% vs FESCX's -28.53%.

Which has better risk-adjusted returns?

FESCX currently has the higher Sharpe Ratio (2.55 vs 2.55), 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.