RYPRX vs. RWK

Last updated Jun 4, 2026

RYPRX (Royce Premier Fund) and RWK (Invesco S&P MidCap 400 Revenue ETF) are both Small Cap Blend Equities funds. Over the past 10 years, RYPRX returned 11.04%/yr vs 12.80%/yr for RWK. Their correlation of 0.90 suggests significant overlap in exposure. RYPRX charges 1.17%/yr vs 0.39%/yr for RWK.

Performance

RYPRX vs. RWK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Premier Fund (RYPRX) and Invesco S&P MidCap 400 Revenue ETF (RWK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYPRX achieves a 15.73% return, which is significantly higher than RWK's 13.47% return. Over the past 10 years, RYPRX has underperformed RWK with an annualized return of 11.04%, while RWK has yielded a comparatively higher 12.80% annualized return.

RYPRX

• 1D: 0.68%
• 1M: 3.20%
• YTD: 15.73%
• 6M: 15.18%
• 1Y: 26.55%
• 3Y*: 12.24%
• 5Y*: 6.50%
• 10Y*: 11.04%

RWK

• 1D: -0.23%
• 1M: 4.38%
• YTD: 13.47%
• 6M: 12.75%
• 1Y: 28.13%
• 3Y*: 18.05%
• 5Y*: 10.64%
• 10Y*: 12.80%

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

RYPRX vs. RWK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYPRX Royce Premier Fund	15.73%	5.74%	2.91%	22.76%	-15.67%	16.07%	11.51%	34.45%	-10.65%	23.47%
RWK Invesco S&P MidCap 400 Revenue ETF	13.47%	10.27%	11.94%	23.76%	-8.19%	34.31%	11.06%	28.20%	-14.65%	13.39%

Correlation

The correlation between RYPRX and RWK is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 25, 2008	0.90

The correlation between RYPRX and RWK has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

RYPRX vs. RWK — Risk / Return Rank

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

RYPRX

RYPRX Risk / Return Rank: 29
RYPRX Sharpe Ratio Rank: 31
RYPRX Sortino Ratio Rank: 34
RYPRX Omega Ratio Rank: 27
RYPRX Calmar Ratio Rank: 28
RYPRX Martin Ratio Rank: 27

RWK

RWK Risk / Return Rank: 49
RWK Sharpe Ratio Rank: 48
RWK Sortino Ratio Rank: 52
RWK Omega Ratio Rank: 46
RWK Calmar Ratio Rank: 51
RWK Martin Ratio Rank: 48

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. RWK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Premier Fund (RYPRX) and Invesco S&P MidCap 400 Revenue ETF (RWK). 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	RWK	Difference
Sharpe ratio Return per unit of total volatility	1.58	1.70	-0.12
Sortino ratio Return per unit of downside risk	2.41	2.54	-0.13
Omega ratio Gain probability vs. loss probability	1.27	1.29	-0.02
Calmar ratio Return relative to maximum drawdown	1.99	2.54	-0.55
Martin ratio Return relative to average drawdown	6.41	8.15	-1.74
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. RWK - Sharpe Ratio Comparison

The current RYPRX Sharpe Ratio is 1.58, which is comparable to the RWK Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of RYPRX and RWK, 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	RWK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	1.70	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.51	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.56	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.48	+0.13

Drawdowns

RYPRX vs. RWK - Drawdown Comparison

The maximum RYPRX drawdown since its inception was -51.47%, smaller than the maximum RWK drawdown of -56.49%. Use the drawdown chart below to compare losses from any high point for RYPRX and RWK.

Drawdown Indicators

	RYPRX	RWK	Difference
Max Drawdown Largest peak-to-trough decline	-51.47%	-56.49%	+5.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-11.14%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-24.58%	-1.56%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-24.58%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-40.30%	-46.20%	+5.90%
Current Drawdown Current decline from peak	-2.61%	-0.23%	-2.38%
Average Drawdown Average peak-to-trough decline	-6.27%	-7.55%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	3.46%	+1.04%

Volatility

RYPRX vs. RWK - Volatility Comparison

Royce Premier Fund (RYPRX) has a higher volatility of 5.29% compared to Invesco S&P MidCap 400 Revenue ETF (RWK) at 4.70%. This indicates that RYPRX's price experiences larger fluctuations and is considered to be riskier than RWK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPRX	RWK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	4.70%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	13.63%	11.86%	+1.77%
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	16.70%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	21.13%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	22.95%	-1.65%

RYPRX vs. RWK - Expense Ratio Comparison

RYPRX has a 1.17% expense ratio, which is higher than RWK's 0.39% expense ratio.

Dividends

RYPRX vs. RWK - Dividend Comparison

RYPRX's dividend yield for the trailing twelve months is around 10.41%, more than RWK's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWK Invesco S&P MidCap 400 Revenue ETF	1.12%	1.25%	1.11%	1.05%	1.18%	0.85%	0.96%	1.09%	1.22%	0.99%	1.30%	0.92%
RYPRX Royce Premier Fund	10.41%	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 RWK in my portfolio?

RYPRX and RWK 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.

Which is riskier, RYPRX or RWK?

RYPRX has higher volatility (5.29%) compared to RWK (4.70%). In terms of maximum drawdown, RYPRX dropped -51.47% vs RWK's -56.49%.

Which has better risk-adjusted returns?

RWK currently has the higher Sharpe Ratio (1.70 vs 1.58), 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.