RYSEX vs. AVUV

Last updated Jun 23, 2026

RYSEX (Royce Special Equity Fund) and AVUV (Avantis US Small Cap Value ETF) are both Small Cap Value Equities funds. Over the past 5 years, RYSEX returned 8.29%/yr vs 11.94%/yr for AVUV. Their correlation of 0.90 suggests significant overlap in exposure. RYSEX charges 1.20%/yr vs 0.25%/yr for AVUV.

Performance

RYSEX vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Special Equity Fund (RYSEX) and Avantis US Small Cap Value ETF (AVUV). 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 RYSEX having a 21.03% return and AVUV slightly lower at 20.76%.

RYSEX

• 1D: 0.59%
• 1M: 6.12%
• YTD: 21.03%
• 6M: 18.91%
• 1Y: 36.70%
• 3Y*: 11.09%
• 5Y*: 8.29%
• 10Y*: 9.03%

AVUV

• 1D: 0.31%
• 1M: 2.33%
• YTD: 20.76%
• 6M: 18.15%
• 1Y: 39.60%
• 3Y*: 20.03%
• 5Y*: 11.94%
• 10Y*: —

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

RYSEX vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RYSEX Royce Special Equity Fund	21.03%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	7.20%
AVUV Avantis US Small Cap Value ETF	20.76%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between RYSEX and AVUV is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.90

The correlation between RYSEX and AVUV has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

RYSEX vs. AVUV — Risk / Return Rank

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

RYSEX

RYSEX Risk / Return Rank: 83
RYSEX Sharpe Ratio Rank: 84
RYSEX Sortino Ratio Rank: 86
RYSEX Omega Ratio Rank: 73
RYSEX Calmar Ratio Rank: 91
RYSEX Martin Ratio Rank: 82

AVUV

AVUV Risk / Return Rank: 76
AVUV Sharpe Ratio Rank: 73
AVUV Sortino Ratio Rank: 75
AVUV Omega Ratio Rank: 68
AVUV Calmar Ratio Rank: 88
AVUV Martin Ratio Rank: 79

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.

RYSEX vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Special Equity Fund (RYSEX) and Avantis US Small Cap Value ETF (AVUV). 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	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.26	+0.25
Sortino ratio: Return per unit of downside risk	3.81	3.21	+0.61
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	4.46	5.00	-0.55
Martin ratio: Return relative to average drawdown	14.12	14.84	-0.72

RYSEX vs. AVUV - Sharpe Ratio Comparison

The current RYSEX Sharpe Ratio is 2.51, which is comparable to the AVUV Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of RYSEX and AVUV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RYSEX vs. AVUV - Drawdown Comparison

The maximum RYSEX drawdown since its inception was -43.25%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for RYSEX and AVUV.

Drawdown Indicators

	RYSEX	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-43.25%	-49.42%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-7.95%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-23.03%	-28.79%	+5.76%
Max Drawdown (5Y) Largest decline over 5 years	-23.03%	-28.79%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-32.13%	—	—
Current Drawdown Current decline from peak	-1.34%	-1.61%	+0.27%
Average Drawdown Average peak-to-trough decline	-6.34%	-7.90%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.68%	-0.09%

Volatility

RYSEX vs. AVUV - Volatility Comparison

The current volatility for Royce Special Equity Fund (RYSEX) is 4.06%, while Avantis US Small Cap Value ETF (AVUV) has a volatility of 4.28%. This indicates that RYSEX experiences smaller price fluctuations and is considered to be less risky than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYSEX	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	4.28%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	11.39%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	17.67%	-3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	22.65%	-6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	28.23%	-10.80%

RYSEX vs. AVUV - Expense Ratio Comparison

RYSEX has a 1.20% expense ratio, which is higher than AVUV's 0.25% expense ratio.

Dividends

RYSEX vs. AVUV - Dividend Comparison

RYSEX's dividend yield for the trailing twelve months is around 10.21%, more than AVUV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.63%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
RYSEX Royce Special Equity Fund	10.21%	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

Can I hold both RYSEX and AVUV in my portfolio?

RYSEX and AVUV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RYSEX or AVUV?

AVUV has higher volatility (4.28%) compared to RYSEX (4.06%). In terms of maximum drawdown, RYSEX dropped -43.25% vs AVUV's -49.42%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (2.51 vs 2.26), 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.