RYPNX vs. JMCRX

Last updated Jun 5, 2026

RYPNX (Royce Opportunity Fund) and JMCRX (James Micro Cap Fund) are both Small Cap Value Equities funds. Over the past 10 years, RYPNX returned 14.79%/yr vs 9.07%/yr for JMCRX. Their correlation of 0.91 suggests significant overlap in exposure. RYPNX charges 1.21%/yr vs 1.51%/yr for JMCRX.

Performance

RYPNX vs. JMCRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Opportunity Fund (RYPNX) and James Micro Cap Fund (JMCRX). 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 JMCRX's 13.20% return. Over the past 10 years, RYPNX has outperformed JMCRX with an annualized return of 14.79%, while JMCRX has yielded a comparatively lower 9.07% annualized 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%

JMCRX

• 1D: -0.79%
• 1M: -1.88%
• YTD: 13.20%
• 6M: 13.90%
• 1Y: 29.15%
• 3Y*: 15.41%
• 5Y*: 7.96%
• 10Y*: 9.07%

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

RYPNX vs. JMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPNX Royce Opportunity Fund	27.87%	11.95%	10.20%	19.72%	-17.19%	30.34%	26.52%	28.24%	-20.10%	21.69%
JMCRX James Micro Cap Fund	13.20%	4.37%	5.95%	31.72%	-17.33%	36.27%	-4.21%	30.55%	-16.62%	2.88%

Correlation

The correlation between RYPNX and JMCRX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 8, 2010	0.91

The correlation between RYPNX and JMCRX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

RYPNX vs. JMCRX — 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

JMCRX

JMCRX Risk / Return Rank: 38
JMCRX Sharpe Ratio Rank: 31
JMCRX Sortino Ratio Rank: 33
JMCRX Omega Ratio Rank: 28
JMCRX Calmar Ratio Rank: 60
JMCRX Martin Ratio Rank: 38

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. JMCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and James Micro Cap Fund (JMCRX). 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	JMCRX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.58	+0.97
Sortino ratio: Return per unit of downside risk	3.37	2.38	+0.99
Omega ratio: Gain probability vs. loss probability	1.41	1.27	+0.14
Calmar ratio: Return relative to maximum drawdown	4.53	2.94	+1.59
Martin ratio: Return relative to average drawdown	17.26	8.20	+9.05
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. JMCRX - Sharpe Ratio Comparison

The current RYPNX Sharpe Ratio is 2.55, which is higher than the JMCRX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of RYPNX and JMCRX, 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	JMCRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	1.58	+0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.38	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.42	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.04

Drawdowns

RYPNX vs. JMCRX - Drawdown Comparison

The maximum RYPNX drawdown since its inception was -69.31%, which is greater than JMCRX's maximum drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for RYPNX and JMCRX.

Drawdown Indicators

	RYPNX	JMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-69.31%	-46.65%	-22.66%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-9.92%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-26.90%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	-26.90%	-3.87%
Max Drawdown (10Y) Largest decline over 10 years	-50.61%	-46.65%	-3.96%
Current Drawdown Current decline from peak	-1.36%	-3.38%	+2.02%
Average Drawdown Average peak-to-trough decline	-10.67%	-7.42%	-3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	3.55%	-0.41%

Volatility

RYPNX vs. JMCRX - Volatility Comparison

Royce Opportunity Fund (RYPNX) and James Micro Cap Fund (JMCRX) have volatilities of 5.54% and 5.74%, 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	JMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.74%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	12.91%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	21.47%	18.49%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	20.84%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.34%	21.67%	+3.67%

RYPNX vs. JMCRX - Expense Ratio Comparison

RYPNX has a 1.21% expense ratio, which is lower than JMCRX's 1.51% expense ratio.

Dividends

RYPNX vs. JMCRX - Dividend Comparison

RYPNX's dividend yield for the trailing twelve months is around 7.53%, more than JMCRX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JMCRX James Micro Cap Fund	0.90%	1.02%	1.43%	0.63%	9.14%	3.84%	0.53%	6.35%	6.71%	7.80%	0.00%	0.09%
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 JMCRX in my portfolio?

With a correlation of 0.92, RYPNX and JMCRX 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 JMCRX?

JMCRX has higher volatility (5.74%) compared to RYPNX (5.54%). In terms of maximum drawdown, RYPNX dropped -69.31% vs JMCRX's -46.65%.

Which has better risk-adjusted returns?

RYPNX currently has the higher Sharpe Ratio (2.55 vs 1.58), 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.