RYPNX vs. RYOTX

Last updated Jun 23, 2026

RYPNX (Royce Opportunity Fund) and RYOTX (Royce Micro Cap Series Fund) are both mutual funds - RYPNX is a Small Cap Value Equities fund managed by Royce Investment Partners, while RYOTX is a Small Cap Blend Equities fund managed by Royce Investment Partners. Over the past 10 years, RYPNX returned 15.15%/yr vs 14.15%/yr for RYOTX. Their correlation of 0.93 suggests significant overlap in exposure. RYPNX charges 1.21%/yr vs 1.20%/yr for RYOTX.

Performance

RYPNX vs. RYOTX - Performance Comparison

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

Returns By Period

In the year-to-date period, RYPNX achieves a 31.78% return, which is significantly lower than RYOTX's 40.81% return. Over the past 10 years, RYPNX has outperformed RYOTX with an annualized return of 15.15%, while RYOTX has yielded a comparatively lower 14.15% annualized return.

RYPNX

• 1D: 1.90%
• 1M: 5.98%
• YTD: 31.78%
• 6M: 29.25%
• 1Y: 56.63%
• 3Y*: 20.71%
• 5Y*: 10.65%
• 10Y*: 15.15%

RYOTX

• 1D: 2.30%
• 1M: 7.46%
• YTD: 40.81%
• 6M: 37.82%
• 1Y: 70.37%
• 3Y*: 25.90%
• 5Y*: 12.57%
• 10Y*: 14.15%

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

RYPNX vs. RYOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPNX Royce Opportunity Fund	31.78%	11.95%	10.20%	19.72%	-17.19%	30.34%	26.52%	28.24%	-20.10%	21.69%
RYOTX Royce Micro Cap Series Fund	40.81%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%

Correlation

The correlation between RYPNX and RYOTX 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 (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 2, 1997	0.93

The correlation between RYPNX and RYOTX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

RYPNX vs. RYOTX — Risk / Return Rank

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

RYPNX

RYPNX Risk / Return Rank: 82
RYPNX Sharpe Ratio Rank: 85
RYPNX Sortino Ratio Rank: 77
RYPNX Omega Ratio Rank: 66
RYPNX Calmar Ratio Rank: 92
RYPNX Martin Ratio Rank: 92

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: 96

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. RYOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and Royce Micro Cap Series Fund (RYOTX). 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	RYOTX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.98	-0.43
Sortino ratio: Return per unit of downside risk	3.35	3.73	-0.38
Omega ratio: Gain probability vs. loss probability	1.41	1.46	-0.05
Calmar ratio: Return relative to maximum drawdown	4.67	5.79	-1.12
Martin ratio: Return relative to average drawdown	17.70	21.02	-3.32

RYPNX vs. RYOTX - Sharpe Ratio Comparison

The current RYPNX Sharpe Ratio is 2.55, which is comparable to the RYOTX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of RYPNX and RYOTX, 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

RYPNX vs. RYOTX - Drawdown Comparison

The maximum RYPNX drawdown since its inception was -69.31%, which is greater than RYOTX's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for RYPNX and RYOTX.

Drawdown Indicators

	RYPNX	RYOTX	Difference
Max Drawdown Largest peak-to-trough decline	-69.31%	-56.86%	-12.45%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-12.10%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-29.83%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	-35.84%	+5.07%
Max Drawdown (10Y) Largest decline over 10 years	-50.61%	-44.87%	-5.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.65%	-9.42%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	3.33%	-0.17%

Volatility

RYPNX vs. RYOTX - Volatility Comparison

The current volatility for Royce Opportunity Fund (RYPNX) is 7.41%, while Royce Micro Cap Series Fund (RYOTX) has a volatility of 8.14%. This indicates that RYPNX experiences smaller price fluctuations and is considered to be less risky than RYOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPNX	RYOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	8.14%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	15.50%	17.29%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	22.00%	23.53%	-1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.35%	23.60%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	23.23%	+2.16%

RYPNX vs. RYOTX - Expense Ratio Comparison

RYPNX has a 1.21% expense ratio, which is higher than RYOTX's 1.20% expense ratio.

Dividends

RYPNX vs. RYOTX - Dividend Comparison

RYPNX's dividend yield for the trailing twelve months is around 7.31%, less than RYOTX's 10.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYOTX Royce Micro Cap Series Fund	10.61%	14.94%	12.20%	6.97%	5.10%	23.10%	7.40%	2.72%	13.95%	7.76%	11.41%	12.99%
RYPNX Royce Opportunity Fund	7.31%	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 RYOTX in my portfolio?

With a correlation of 0.97, RYPNX and RYOTX 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 RYOTX?

RYOTX has higher volatility (8.14%) compared to RYPNX (7.41%). In terms of maximum drawdown, RYPNX dropped -69.31% vs RYOTX's -56.86%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (2.98 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.