RYPNX vs. RYVPX

Last updated Aug 1, 2026

RYPNX (Royce Opportunity Fund) and RYVPX (Royce Smaller-Companies Growth Fund) are both mutual funds - RYPNX is a Small Cap Value Equities fund managed by Royce Investment Partners, while RYVPX is a Small Cap Growth Equities fund managed by Royce Investment Partners. Over the past 10 years, RYPNX returned 13.81%/yr vs 11.95%/yr for RYVPX. Their correlation of 0.89 means they have usually moved in the same direction. RYPNX charges 1.21%/yr vs 1.49%/yr for RYVPX.

Performance

RYPNX vs. RYVPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Opportunity Fund (RYPNX) and Royce Smaller-Companies Growth Fund (RYVPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYPNX achieves a 23.58% return, which is significantly higher than RYVPX's 18.61% return. Over the past 10 years, RYPNX has outperformed RYVPX with an annualized return of 13.81%, while RYVPX has yielded a comparatively lower 11.95% annualized return.

RYPNX

• 1D: 1.61%
• 1M: -5.08%
• 6M: 13.16%
• YTD: 23.58%
• 1Y: 42.87%
• 3Y*: 15.80%
• 5Y*: 9.00%
• 10Y*: 13.81%
• ALL TIME*: 12.43%

RYVPX

• 1D: 2.21%
• 1M: -3.75%
• 6M: 16.52%
• YTD: 18.61%
• 1Y: 33.19%
• 3Y*: 18.93%
• 5Y*: 5.18%
• 10Y*: 11.95%
• ALL TIME*: 11.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RYPNX Royce Opportunity Fund	$0.00	$0.00	$0.00
RYVPX Royce Smaller-Companies Growth Fund	$0.00	$0.00	$0.00

RYPNX vs. RYVPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPNX Royce Opportunity Fund	23.58%	11.95%	10.20%	19.72%	-17.19%	30.34%	26.52%	28.24%	-20.10%	21.69%
RYVPX Royce Smaller-Companies Growth Fund	18.61%	19.53%	21.81%	16.97%	-32.45%	6.61%	49.45%	23.68%	-10.81%	17.71%

Correlation

The correlation between RYPNX and RYVPX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 14, 2001	0.89

The correlation between RYPNX and RYVPX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

Return for Risk

RYPNX vs. RYVPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RYPNX

RYPNX Risk / Return Rank: 77
RYPNX Sharpe Ratio Rank: 74
RYPNX Sortino Ratio Rank: 71
RYPNX Omega Ratio Rank: 66
RYPNX Calmar Ratio Rank: 88
RYPNX Martin Ratio Rank: 87

RYVPX

RYVPX Risk / Return Rank: 53
RYVPX Sharpe Ratio Rank: 57
RYVPX Sortino Ratio Rank: 57
RYVPX Omega Ratio Rank: 47
RYVPX Calmar Ratio Rank: 58
RYVPX Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RYPNX vs. RYVPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and Royce Smaller-Companies Growth Fund (RYVPX). 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	RYVPX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.44	+0.28
Sortino ratio: Return per unit of downside risk	2.41	2.08	+0.32
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	3.18	2.04	+1.14
Martin ratio: Return relative to average drawdown	11.32	6.53	+4.80

RYPNX vs. RYVPX - Sharpe Ratio Comparison

The current RYPNX Sharpe Ratio is 1.72, which is comparable to the RYVPX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of RYPNX and RYVPX, 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. RYVPX - Drawdown Comparison

The maximum RYPNX drawdown since its inception was -69.31%, which is greater than RYVPX's maximum drawdown of -59.03%. Use the drawdown chart below to compare losses from any high point for RYPNX and RYVPX.

Drawdown Indicators

	RYPNX	RYVPX	Difference
Max Drawdown Largest peak-to-trough decline	-69.31%	-59.03%	-10.28%
Max Drawdown (1Y) Largest decline over 1 year	-12.01%	-15.22%	+3.21%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-25.76%	-4.47%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	-48.19%	+17.42%
Max Drawdown (10Y) Largest decline over 10 years	-50.61%	-48.19%	-2.42%
Current Drawdown Current decline from peak	-7.72%	-5.71%	-2.01%
Average Drawdown Average peak-to-trough decline	-10.63%	-13.10%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	4.75%	-1.38%

Volatility

RYPNX vs. RYVPX - Volatility Comparison

The current volatility for Royce Opportunity Fund (RYPNX) is 5.66%, while Royce Smaller-Companies Growth Fund (RYVPX) has a volatility of 6.33%. This indicates that RYPNX experiences smaller price fluctuations and is considered to be less risky than RYVPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPNX	RYVPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	6.33%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	15.64%	16.62%	-0.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.22%	21.54%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	26.42%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	25.00%	+0.32%

RYPNX vs. RYVPX - Expense Ratio Comparison

RYPNX has a 1.21% expense ratio, which is lower than RYVPX's 1.49% expense ratio.

Dividends

RYPNX vs. RYVPX - Dividend Comparison

RYPNX's dividend yield for the trailing twelve months is around 7.79%, less than RYVPX's 14.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYPNX Royce Opportunity Fund	7.79%	9.63%	7.95%	4.52%	5.12%	22.51%	0.00%	1.57%	10.21%	14.91%	6.89%	10.04%
RYVPX Royce Smaller-Companies Growth Fund	14.15%	16.79%	2.92%	0.00%	4.34%	34.97%	10.32%	3.47%	45.66%	20.89%	11.40%	24.57%

Frequently Asked Questions

Can I hold both RYPNX and RYVPX in my portfolio?

RYPNX and RYVPX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYPNX or RYVPX?

RYVPX has higher volatility (6.33%) compared to RYPNX (5.66%). In terms of maximum drawdown, RYPNX dropped -69.31% vs RYVPX's -59.03%.

Which has better risk-adjusted returns?

RYPNX currently has the higher Sharpe Ratio (1.72 vs 1.44), 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.