RYPRX vs. FSMD

Last updated Jun 3, 2026

RYPRX (Royce Premier Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both funds - RYPRX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Over the past 5 years, RYPRX returned 6.23%/yr vs 9.79%/yr for FSMD. Their correlation of 0.93 suggests significant overlap in exposure. RYPRX charges 1.17%/yr vs 0.29%/yr for FSMD.

Performance

RYPRX vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Premier Fund (RYPRX) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RYPRX having a 14.95% return and FSMD slightly lower at 14.94%.

RYPRX

• 1D: -0.34%
• 1M: 1.72%
• YTD: 14.95%
• 6M: 15.60%
• 1Y: 27.89%
• 3Y*: 11.99%
• 5Y*: 6.23%
• 10Y*: 10.96%

FSMD

• 1D: 0.90%
• 1M: 3.02%
• YTD: 14.94%
• 6M: 15.74%
• 1Y: 26.74%
• 3Y*: 17.66%
• 5Y*: 9.79%
• 10Y*: —

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

RYPRX vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RYPRX Royce Premier Fund	14.95%	5.74%	2.91%	22.76%	-15.67%	16.07%	11.51%	15.30%
FSMD Fidelity Small-Mid Multifactor ETF	14.94%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between RYPRX and FSMD is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 1, 2019	0.93

The correlation between RYPRX and FSMD has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

RYPRX vs. FSMD — Risk / Return Rank

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

RYPRX

RYPRX Risk / Return Rank: 25
RYPRX Sharpe Ratio Rank: 26
RYPRX Sortino Ratio Rank: 30
RYPRX Omega Ratio Rank: 24
RYPRX Calmar Ratio Rank: 23
RYPRX Martin Ratio Rank: 22

FSMD

FSMD Risk / Return Rank: 55
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 52
FSMD Omega Ratio Rank: 49
FSMD Calmar Ratio Rank: 63
FSMD Martin Ratio Rank: 62

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.

RYPRX vs. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Premier Fund (RYPRX) and Fidelity Small-Mid Multifactor ETF (FSMD). 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.

	RYPRX	FSMD	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.76	-0.26
Sortino ratio Return per unit of downside risk	2.31	2.55	-0.25
Omega ratio Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio Return relative to maximum drawdown	1.84	3.16	-1.32
Martin ratio Return relative to average drawdown	5.96	11.42	-5.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYPRX vs. FSMD - Sharpe Ratio Comparison

The current RYPRX Sharpe Ratio is 1.50, which is comparable to the FSMD Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of RYPRX and FSMD, 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

	RYPRX	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.76	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.53	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.55	+0.05

Drawdowns

RYPRX vs. FSMD - Drawdown Comparison

The maximum RYPRX drawdown since its inception was -51.47%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for RYPRX and FSMD.

Drawdown Indicators

	RYPRX	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-51.47%	-40.67%	-10.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-8.44%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-22.16%	-3.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-22.16%	-3.98%
Max Drawdown (10Y) Largest decline over 10 years	-40.30%	—	—
Current Drawdown Current decline from peak	-3.27%	0.00%	-3.27%
Average Drawdown Average peak-to-trough decline	-6.27%	-6.01%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	2.34%	+2.16%

Volatility

RYPRX vs. FSMD - Volatility Comparison

Royce Premier Fund (RYPRX) has a higher volatility of 5.27% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.50%. This indicates that RYPRX's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPRX	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.27%	4.50%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	11.39%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.32%	15.26%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	18.48%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	21.43%	-0.13%

RYPRX vs. FSMD - Expense Ratio Comparison

RYPRX has a 1.17% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

RYPRX vs. FSMD - Dividend Comparison

RYPRX's dividend yield for the trailing twelve months is around 10.48%, more than FSMD's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMD Fidelity Small-Mid Multifactor ETF	1.21%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%	0.00%	0.00%	0.00%	0.00%
RYPRX Royce Premier Fund	10.48%	12.05%	9.52%	6.89%	9.00%	21.23%	5.55%	20.68%	29.26%	15.18%	13.42%	24.26%

Frequently Asked Questions

Can I hold both RYPRX and FSMD in my portfolio?

RYPRX and FSMD have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYPRX or FSMD?

RYPRX has higher volatility (5.27%) compared to FSMD (4.50%). In terms of maximum drawdown, RYPRX dropped -51.47% vs FSMD's -40.67%.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.76 vs 1.50), 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.