RYPRX vs. TMSL

Last updated Apr 1, 2026

Compare and contrast key facts about Royce Premier Fund (RYPRX) and T. Rowe Price Small-Mid Cap ETF (TMSL).

RYPRX is managed by Royce Investment Partners. It was launched on Dec 31, 1991. TMSL is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023.

Performance

RYPRX vs. TMSL - Performance Comparison

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

RYPRX vs. TMSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RYPRX Royce Premier Fund	1.55%	5.74%	2.91%	9.10%
TMSL T. Rowe Price Small-Mid Cap ETF	2.14%	11.95%	15.81%	11.22%

Returns By Period

In the year-to-date period, RYPRX achieves a 1.55% return, which is significantly lower than TMSL's 2.14% return.

RYPRX

• 1D: -0.95%
• 1M: -10.37%
• YTD: 1.55%
• 6M: 3.03%
• 1Y: 15.21%
• 3Y*: 7.42%
• 5Y*: 3.75%
• 10Y*: 9.94%

TMSL

• 1D: 4.09%
• 1M: -6.41%
• YTD: 2.14%
• 6M: 4.84%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RYPRX vs. TMSL - Expense Ratio Comparison

RYPRX has a 1.17% expense ratio, which is higher than TMSL's 0.55% expense ratio.

RYPRX

Royce Premier Fund

TMSL

T. Rowe Price Small-Mid Cap ETF

Return for Risk

RYPRX vs. TMSL — 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: 29
RYPRX Sortino Ratio Rank: 33
RYPRX Omega Ratio Rank: 27
RYPRX Calmar Ratio Rank: 31
RYPRX Martin Ratio Rank: 25

TMSL

TMSL Risk / Return Rank: 56
TMSL Sharpe Ratio Rank: 53
TMSL Sortino Ratio Rank: 56
TMSL Omega Ratio Rank: 55
TMSL Calmar Ratio Rank: 56
TMSL Martin Ratio Rank: 60

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. TMSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Premier Fund (RYPRX) and T. Rowe Price Small-Mid Cap ETF (TMSL). 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	TMSL	Difference
Sharpe ratio Return per unit of total volatility	0.68	0.95	-0.27
Sortino ratio Return per unit of downside risk	1.13	1.46	-0.33
Omega ratio Gain probability vs. loss probability	1.14	1.20	-0.06
Calmar ratio Return relative to maximum drawdown	0.86	1.43	-0.57
Martin ratio Return relative to average drawdown	2.73	5.92	-3.19
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. TMSL - Sharpe Ratio Comparison

The current RYPRX Sharpe Ratio is 0.68, which is comparable to the TMSL Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of RYPRX and TMSL, 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

	RYPRX	TMSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.95	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.82	-0.23

Correlation

The correlation between RYPRX and TMSL is 0.91, 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

RYPRX vs. TMSL - Dividend Comparison

RYPRX's dividend yield for the trailing twelve months is around 11.86%, more than TMSL's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYPRX Royce Premier Fund	11.86%	12.05%	9.52%	6.89%	9.00%	21.23%	5.55%	20.68%	29.26%	15.18%	13.42%	24.26%
TMSL T. Rowe Price Small-Mid Cap ETF	0.55%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

RYPRX vs. TMSL - Drawdown Comparison

The maximum RYPRX drawdown since its inception was -51.47%, which is greater than TMSL's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for RYPRX and TMSL.

Drawdown Indicators

	RYPRX	TMSL	Difference
Max Drawdown Largest peak-to-trough decline	-51.47%	-24.39%	-27.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-14.61%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.30%	—	—
Current Drawdown Current decline from peak	-14.54%	-7.56%	-6.98%
Average Drawdown Average peak-to-trough decline	-6.27%	-4.09%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	3.53%	+1.03%

Volatility

RYPRX vs. TMSL - Volatility Comparison

The current volatility for Royce Premier Fund (RYPRX) is 5.89%, while T. Rowe Price Small-Mid Cap ETF (TMSL) has a volatility of 8.15%. This indicates that RYPRX experiences smaller price fluctuations and is considered to be less risky than TMSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYPRX	TMSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	8.15%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	13.33%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	22.64%	22.16%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.76%	18.37%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	18.37%	+2.83%