RYPNX vs. SQLV

Last updated Apr 1, 2026

Compare and contrast key facts about Royce Opportunity Fund (RYPNX) and Royce Quant Small-Cap Quality Value ETF (SQLV).

RYPNX is managed by Royce Investment Partners. It was launched on Nov 19, 1996. SQLV is an actively managed fund by Franklin Templeton. It was launched on Jul 12, 2017.

Performance

RYPNX vs. SQLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Opportunity Fund (RYPNX) and Royce Quant Small-Cap Quality Value ETF (SQLV). The values are adjusted to include any dividend payments, if applicable.

RYPNX vs. SQLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPNX Royce Opportunity Fund	3.47%	11.95%	10.20%	19.72%	-17.19%	30.34%	26.52%	28.24%	-20.10%	10.51%
SQLV Royce Quant Small-Cap Quality Value ETF	2.33%	2.50%	4.76%	21.21%	-12.86%	37.14%	7.13%	17.41%	-10.55%	8.51%

Returns By Period

In the year-to-date period, RYPNX achieves a 3.47% return, which is significantly higher than SQLV's 2.33% return.

RYPNX

• 1D: -1.74%
• 1M: -7.96%
• YTD: 3.47%
• 6M: 5.36%
• 1Y: 32.91%
• 3Y*: 12.98%
• 5Y*: 5.69%
• 10Y*: 12.72%

SQLV

• 1D: 1.41%
• 1M: -3.07%
• YTD: 2.33%
• 6M: 3.74%
• 1Y: 17.85%
• 3Y*: 8.87%
• 5Y*: 5.25%
• 10Y*: —

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

RYPNX vs. SQLV - Expense Ratio Comparison

RYPNX has a 1.21% expense ratio, which is higher than SQLV's 0.60% expense ratio.

RYPNX

Royce Opportunity Fund

SQLV

Royce Quant Small-Cap Quality Value ETF

Return for Risk

RYPNX vs. SQLV — Risk / Return Rank

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

RYPNX

RYPNX Risk / Return Rank: 69
RYPNX Sharpe Ratio Rank: 68
RYPNX Sortino Ratio Rank: 70
RYPNX Omega Ratio Rank: 62
RYPNX Calmar Ratio Rank: 76
RYPNX Martin Ratio Rank: 71

SQLV

SQLV Risk / Return Rank: 48
SQLV Sharpe Ratio Rank: 44
SQLV Sortino Ratio Rank: 48
SQLV Omega Ratio Rank: 42
SQLV Calmar Ratio Rank: 54
SQLV Martin Ratio Rank: 49

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. SQLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Opportunity Fund (RYPNX) and Royce Quant Small-Cap Quality Value ETF (SQLV). 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	SQLV	Difference
Sharpe ratio Return per unit of total volatility	1.19	0.81	+0.38
Sortino ratio Return per unit of downside risk	1.75	1.29	+0.46
Omega ratio Gain probability vs. loss probability	1.24	1.16	+0.07
Calmar ratio Return relative to maximum drawdown	1.76	1.37	+0.39
Martin ratio Return relative to average drawdown	6.74	4.69	+2.05
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. SQLV - Sharpe Ratio Comparison

The current RYPNX Sharpe Ratio is 1.19, which is higher than the SQLV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of RYPNX and SQLV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RYPNX	SQLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	0.81	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.25	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.34	+0.16

Correlation

The correlation between RYPNX and SQLV is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

RYPNX vs. SQLV - Dividend Comparison

RYPNX's dividend yield for the trailing twelve months is around 9.31%, more than SQLV's 1.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYPNX Royce Opportunity Fund	9.31%	9.63%	7.95%	4.52%	5.12%	22.51%	0.00%	1.57%	10.21%	14.91%	6.89%	10.04%
SQLV Royce Quant Small-Cap Quality Value ETF	1.11%	1.15%	1.11%	1.09%	1.24%	1.12%	1.22%	1.20%	1.08%	0.40%	0.00%	0.00%

Drawdowns

RYPNX vs. SQLV - Drawdown Comparison

The maximum RYPNX drawdown since its inception was -69.31%, which is greater than SQLV's maximum drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for RYPNX and SQLV.

Drawdown Indicators

	RYPNX	SQLV	Difference
Max Drawdown Largest peak-to-trough decline	-69.31%	-48.34%	-20.97%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-12.92%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	-26.86%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-50.61%	—	—
Current Drawdown Current decline from peak	-9.29%	-5.16%	-4.13%
Average Drawdown Average peak-to-trough decline	-10.73%	-9.10%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	3.79%	+0.40%

Volatility

RYPNX vs. SQLV - Volatility Comparison

Royce Opportunity Fund (RYPNX) has a higher volatility of 7.51% compared to Royce Quant Small-Cap Quality Value ETF (SQLV) at 5.25%. This indicates that RYPNX's price experiences larger fluctuations and is considered to be riskier than SQLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPNX	SQLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	5.25%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	16.25%	12.40%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	27.08%	22.07%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.25%	21.04%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	23.50%	+1.78%