RYPNX vs. IWM
RYPNX (Royce Opportunity Fund) and IWM (iShares Russell 2000 ETF) are both funds - RYPNX is a Small Cap Value Equities fund managed by Royce Investment Partners, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Over the past 10 years, RYPNX returned 15.49%/yr vs 11.58%/yr for IWM. Their correlation of 0.95 suggests significant overlap in exposure. RYPNX charges 1.21%/yr vs 0.19%/yr for IWM.
Performance
RYPNX vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, RYPNX achieves a 31.15% return, which is significantly higher than IWM's 20.47% return. Over the past 10 years, RYPNX has outperformed IWM with an annualized return of 15.49%, while IWM has yielded a comparatively lower 11.58% annualized return.
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%
IWM
- 1D
- -0.96%
- 1M
- 3.82%
- YTD
- 20.47%
- 6M
- 17.64%
- 1Y
- 40.90%
- 3Y*
- 19.22%
- 5Y*
- 6.27%
- 10Y*
- 11.58%
RYPNX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RYPNX Royce Opportunity Fund | 31.15% | 11.95% | 10.20% | 19.72% | -17.19% | 30.34% | 26.52% | 28.24% | -20.10% | 21.69% |
IWM iShares Russell 2000 ETF | 20.47% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between RYPNX and IWM is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 26, 2000 | 0.95 |
The correlation between RYPNX and IWM has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
RYPNX vs. IWM — Risk / Return Rank
RYPNX
IWM
RYPNX vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and iShares Russell 2000 ETF (IWM). 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.
| RYPNX | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.34 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.68 | 3.73 | +0.95 |
| Martin ratioReturn relative to average drawdown | 17.73 | 13.18 | +4.55 |
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Drawdowns
RYPNX vs. IWM - Drawdown Comparison
The maximum RYPNX drawdown since its inception was -69.31%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for RYPNX and IWM.
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Drawdown Indicators
| RYPNX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.31% | -59.05% | -10.26% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -11.03% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -30.23% | -27.50% | -2.73% |
Max Drawdown (5Y)Largest decline over 5 years | -30.77% | -31.91% | +1.14% |
Max Drawdown (10Y)Largest decline over 10 years | -50.61% | -41.13% | -9.48% |
Current DrawdownCurrent decline from peak | -0.48% | -0.96% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -10.65% | -10.75% | +0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 3.11% | +0.05% |
Volatility
RYPNX vs. IWM - Volatility Comparison
Royce Opportunity Fund (RYPNX) has a higher volatility of 7.28% compared to iShares Russell 2000 ETF (IWM) at 6.56%. This indicates that RYPNX's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RYPNX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.28% | 6.56% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 15.46% | 14.31% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.04% | 19.74% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.34% | 22.61% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.39% | 23.06% | +2.33% |
RYPNX vs. IWM - Expense Ratio Comparison
RYPNX has a 1.21% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
RYPNX vs. IWM - Dividend Comparison
RYPNX's dividend yield for the trailing twelve months is around 7.34%, more than IWM's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.90% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
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
With a correlation of 0.94, RYPNX and IWM 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.
RYPNX has higher volatility (7.28%) compared to IWM (6.56%). In terms of maximum drawdown, RYPNX dropped -69.31% vs IWM's -59.05%.
RYPNX currently has the higher Sharpe Ratio (2.55 vs 2.08), 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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