RYSEX vs. AVALX
RYSEX (Royce Special Equity Fund) and AVALX (Aegis Value Fund Class I) are both Small Cap Value Equities funds. Over the past 10 years, RYSEX returned 9.32%/yr vs 19.30%/yr for AVALX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. RYSEX charges 1.20%/yr vs 1.36%/yr for AVALX.
Performance
RYSEX vs. AVALX - Performance Comparison
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Returns By Period
In the year-to-date period, RYSEX achieves a 26.73% return, which is significantly higher than AVALX's 17.05% return. Over the past 10 years, RYSEX has underperformed AVALX with an annualized return of 9.32%, while AVALX has yielded a comparatively higher 19.30% annualized return.
RYSEX
- 1D
- -0.39%
- 1M
- 3.61%
- 6M
- 16.51%
- YTD
- 26.73%
- 1Y
- 41.52%
- 3Y*
- 11.76%
- 5Y*
- 9.07%
- 10Y*
- 9.32%
- ALL TIME*
- 9.41%
AVALX
- 1D
- 0.03%
- 1M
- 4.64%
- 6M
- 7.69%
- YTD
- 17.05%
- 1Y
- 51.65%
- 3Y*
- 29.88%
- 5Y*
- 22.71%
- 10Y*
- 19.30%
- ALL TIME*
- 11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
RYSEX vs. AVALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RYSEX Royce Special Equity Fund | 26.73% | 3.66% | 2.93% | 12.96% | -6.60% | 22.24% | 7.43% | 12.73% | -9.96% | 7.13% |
AVALX Aegis Value Fund Class I | 17.05% | 67.06% | 8.29% | 13.11% | 10.50% | 37.67% | 18.89% | 25.67% | -16.95% | 17.37% |
Correlation
The correlation between RYSEX and AVALX is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999 | 0.63 |
Over the past year, the correlation between RYSEX and AVALX has dropped to 0.23 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
RYSEX vs. AVALX — Risk / Return Rank
RYSEX
AVALX
RYSEX vs. AVALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Special Equity Fund (RYSEX) and Aegis Value Fund Class I (AVALX). 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.
| RYSEX | AVALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 5.10 | -0.25 |
| Martin ratioReturn relative to average drawdown | 16.26 | 15.07 | +1.19 |
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Drawdowns
RYSEX vs. AVALX - Drawdown Comparison
The maximum RYSEX drawdown since its inception was -43.25%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for RYSEX and AVALX.
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Drawdown Indicators
| RYSEX | AVALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.25% | -73.72% | +30.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.20% | -10.12% | +1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -23.03% | -13.59% | -9.44% |
Max Drawdown (5Y)Largest decline over 5 years | -23.03% | -32.00% | +8.97% |
Max Drawdown (10Y)Largest decline over 10 years | -32.13% | -48.34% | +16.21% |
Current DrawdownCurrent decline from peak | -2.63% | -4.61% | +1.98% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -10.92% | +4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 3.42% | -0.98% |
Volatility
RYSEX vs. AVALX - Volatility Comparison
Royce Special Equity Fund (RYSEX) and Aegis Value Fund Class I (AVALX) have volatilities of 4.90% and 4.75%, 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
| RYSEX | AVALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 4.75% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 9.78% | 13.68% | -3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.49% | 17.60% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.40% | 22.17% | -5.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 22.14% | -4.72% |
RYSEX vs. AVALX - Expense Ratio Comparison
RYSEX has a 1.20% expense ratio, which is lower than AVALX's 1.36% expense ratio.
Dividends
RYSEX vs. AVALX - Dividend Comparison
RYSEX's dividend yield for the trailing twelve months is around 9.75%, more than AVALX's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVALX Aegis Value Fund Class I | 2.00% | 2.34% | 7.07% | 2.23% | 0.16% | 0.00% | 6.62% | 2.36% | 6.18% | 0.00% | 1.45% | 0.04% |
RYSEX Royce Special Equity Fund | 9.75% | 12.36% | 16.35% | 5.32% | 12.34% | 16.53% | 3.70% | 11.56% | 13.11% | 8.24% | 7.72% | 11.68% |
Frequently Asked Questions
RYSEX and AVALX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYSEX has higher volatility (4.90%) compared to AVALX (4.75%). In terms of maximum drawdown, RYSEX dropped -43.25% vs AVALX's -73.72%.
AVALX currently has the higher Sharpe Ratio (2.93 vs 2.76), 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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