RYPRX vs. FSMD
RYPRX (Royce Premier Fund) and FSMD (Fidelity Small-Mid Multifactor ETF) are both Small Cap Blend Equities funds. Over the past 5 years, RYPRX returned 6.93%/yr vs 10.38%/yr for FSMD. Their correlation of 0.93 means they have usually moved in the same direction. RYPRX charges 1.17%/yr vs 0.15%/yr for FSMD.
Performance
RYPRX vs. FSMD - Performance Comparison
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Returns By Period
In the year-to-date period, RYPRX achieves a 18.74% return, which is significantly higher than FSMD's 17.58% return.
RYPRX
- 1D
- 0.58%
- 1M
- -1.77%
- 6M
- 6.63%
- YTD
- 18.74%
- 1Y
- 24.30%
- 3Y*
- 10.21%
- 5Y*
- 6.93%
- 10Y*
- 11.11%
- ALL TIME*
- 11.17%
FSMD
- 1D
- 1.54%
- 1M
- -0.21%
- 6M
- 12.51%
- YTD
- 17.58%
- 1Y
- 26.51%
- 3Y*
- 16.15%
- 5Y*
- 10.38%
- 10Y*
- —
- ALL TIME*
- 11.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.79M | $5.01M | $5.73M | |
RYPRX Royce Premier Fund | $0.00 | $0.00 | $0.00 |
RYPRX vs. FSMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
RYPRX Royce Premier Fund | 18.74% | 5.74% | 2.91% | 22.76% | -15.67% | 16.07% | 11.51% | 14.79% |
FSMD Fidelity Small-Mid Multifactor ETF | 17.58% | 8.70% | 15.18% | 17.37% | -11.15% | 26.40% | 8.94% | 8.81% |
Correlation
The correlation between RYPRX and FSMD is 0.88, 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. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019 | 0.93 |
The correlation between RYPRX and FSMD has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
RYPRX vs. FSMD — Risk / Return Rank
RYPRX
FSMD
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.
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.
| RYPRX | FSMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 3.16 | -1.56 |
| Martin ratioReturn relative to average drawdown | 5.07 | 10.55 | -5.48 |
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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.
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Drawdown Indicators
| RYPRX | FSMD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.85% | -2.52% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -5.92% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.59% | 2.52% | +2.07% |
Volatility
RYPRX vs. FSMD - Volatility Comparison
Royce Premier Fund (RYPRX) and Fidelity Small-Mid Multifactor ETF (FSMD) have volatilities of 4.37% and 4.20%, 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.
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Volatility by Period
| RYPRX | FSMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 4.20% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 13.91% | 12.40% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 15.87% | +2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.00% | 18.55% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.26% | 21.33% | -0.07% |
RYPRX vs. FSMD - Expense Ratio Comparison
RYPRX has a 1.17% expense ratio, which is higher than FSMD's 0.15% expense ratio.
Dividends
RYPRX vs. FSMD - Dividend Comparison
RYPRX's dividend yield for the trailing twelve months is around 10.15%, more than FSMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMD Fidelity Small-Mid Multifactor ETF | 1.23% | 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 | 10.15% | 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
RYPRX and FSMD have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYPRX has higher volatility (4.37%) compared to FSMD (4.20%). In terms of maximum drawdown, RYPRX dropped -51.47% vs FSMD's -40.67%.
FSMD currently has the higher Sharpe Ratio (1.68 vs 1.25), 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.
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