RYSEX vs. SMVSX

Last updated Jun 4, 2026

RYSEX (Royce Special Equity Fund) and SMVSX (Invesco Small Cap Value Fund Class R6) are both Small Cap Value Equities funds. Over the past 5 years, RYSEX returned 7.28%/yr vs 20.03%/yr for SMVSX. Their correlation of 0.83 suggests significant overlap in exposure. RYSEX charges 1.20%/yr vs 0.72%/yr for SMVSX.

Performance

RYSEX vs. SMVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Special Equity Fund (RYSEX) and Invesco Small Cap Value Fund Class R6 (SMVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYSEX achieves a 19.46% return, which is significantly lower than SMVSX's 31.54% return.

RYSEX

• 1D: 0.36%
• 1M: 9.11%
• YTD: 19.46%
• 6M: 19.97%
• 1Y: 34.54%
• 3Y*: 11.47%
• 5Y*: 7.28%
• 10Y*: 8.89%

SMVSX

• 1D: 3.57%
• 1M: 7.78%
• YTD: 31.54%
• 6M: 33.35%
• 1Y: 62.71%
• 3Y*: 33.20%
• 5Y*: 20.03%
• 10Y*: —

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

RYSEX vs. SMVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYSEX Royce Special Equity Fund	19.46%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	9.92%
SMVSX Invesco Small Cap Value Fund Class R6	31.54%	18.12%	25.01%	23.40%	4.70%	36.84%	11.30%	32.52%	-25.30%	11.88%

Correlation

The correlation between RYSEX and SMVSX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017	0.83

The correlation between RYSEX and SMVSX shifts across timeframes, from 0.67 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RYSEX vs. SMVSX — Risk / Return Rank

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

RYSEX

RYSEX Risk / Return Rank: 75
RYSEX Sharpe Ratio Rank: 74
RYSEX Sortino Ratio Rank: 79
RYSEX Omega Ratio Rank: 59
RYSEX Calmar Ratio Rank: 89
RYSEX Martin Ratio Rank: 73

SMVSX

SMVSX Risk / Return Rank: 89
SMVSX Sharpe Ratio Rank: 93
SMVSX Sortino Ratio Rank: 84
SMVSX Omega Ratio Rank: 80
SMVSX Calmar Ratio Rank: 95
SMVSX Martin Ratio Rank: 93

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. SMVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Special Equity Fund (RYSEX) and Invesco Small Cap Value Fund Class R6 (SMVSX). 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.

	RYSEX	SMVSX	Difference
Sharpe ratio Return per unit of total volatility	2.49	3.22	-0.73
Sortino ratio Return per unit of downside risk	3.74	4.00	-0.26
Omega ratio Gain probability vs. loss probability	1.43	1.53	-0.10
Calmar ratio Return relative to maximum drawdown	4.44	5.83	-1.39
Martin ratio Return relative to average drawdown	13.97	20.70	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RYSEX vs. SMVSX - Sharpe Ratio Comparison

The current RYSEX Sharpe Ratio is 2.49, which is comparable to the SMVSX Sharpe Ratio of 3.22. The chart below compares the historical Sharpe Ratios of RYSEX and SMVSX, 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

	RYSEX	SMVSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	3.22	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.87	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.62	-0.08

Drawdowns

RYSEX vs. SMVSX - Drawdown Comparison

The maximum RYSEX drawdown since its inception was -43.25%, smaller than the maximum SMVSX drawdown of -57.41%. Use the drawdown chart below to compare losses from any high point for RYSEX and SMVSX.

Drawdown Indicators

	RYSEX	SMVSX	Difference
Max Drawdown Largest peak-to-trough decline	-43.25%	-57.41%	+14.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-11.39%	+3.19%
Max Drawdown (3Y) Largest decline over 3 years	-23.03%	-25.23%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-23.03%	-25.23%	+2.20%
Max Drawdown (10Y) Largest decline over 10 years	-32.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.36%	-8.58%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	3.20%	-0.59%

Volatility

RYSEX vs. SMVSX - Volatility Comparison

The current volatility for Royce Special Equity Fund (RYSEX) is 4.44%, while Invesco Small Cap Value Fund Class R6 (SMVSX) has a volatility of 6.33%. This indicates that RYSEX experiences smaller price fluctuations and is considered to be less risky than SMVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYSEX	SMVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	6.33%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	15.83%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	20.63%	-5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	23.18%	-6.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	27.05%	-9.63%

RYSEX vs. SMVSX - Expense Ratio Comparison

RYSEX has a 1.20% expense ratio, which is higher than SMVSX's 0.72% expense ratio.

Dividends

RYSEX vs. SMVSX - Dividend Comparison

RYSEX's dividend yield for the trailing twelve months is around 10.34%, more than SMVSX's 6.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYSEX Royce Special Equity Fund	10.34%	12.36%	16.35%	5.32%	12.34%	16.53%	3.70%	11.56%	13.11%	8.24%	7.72%	11.68%
SMVSX Invesco Small Cap Value Fund Class R6	6.50%	8.54%	7.42%	4.78%	9.57%	15.80%	0.48%	2.36%	26.72%	15.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RYSEX and SMVSX in my portfolio?

RYSEX and SMVSX have a correlation of 0.67, 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 SMVSX?

SMVSX has higher volatility (6.33%) compared to RYSEX (4.44%). In terms of maximum drawdown, RYSEX dropped -43.25% vs SMVSX's -57.41%.

Which has better risk-adjusted returns?

SMVSX currently has the higher Sharpe Ratio (3.22 vs 2.49), 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.