RYSEX vs. VSMVX

Last updated Jun 5, 2026

RYSEX (Royce Special Equity Fund) and VSMVX (Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, RYSEX returned 8.79%/yr vs 10.25%/yr for VSMVX. Their correlation of 0.91 suggests significant overlap in exposure. RYSEX charges 1.20%/yr vs 0.08%/yr for VSMVX.

Performance

RYSEX vs. VSMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce Special Equity Fund (RYSEX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RYSEX achieves a 18.39% return, which is significantly higher than VSMVX's 15.25% return. Over the past 10 years, RYSEX has underperformed VSMVX with an annualized return of 8.79%, while VSMVX has yielded a comparatively higher 10.25% annualized return.

RYSEX

• 1D: -0.89%
• 1M: 6.41%
• YTD: 18.39%
• 6M: 19.43%
• 1Y: 34.20%
• 3Y*: 11.13%
• 5Y*: 6.86%
• 10Y*: 8.79%

VSMVX

• 1D: -1.15%
• 1M: 1.16%
• YTD: 15.25%
• 6M: 15.26%
• 1Y: 37.71%
• 3Y*: 14.11%
• 5Y*: 5.71%
• 10Y*: 10.25%

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

RYSEX vs. VSMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RYSEX Royce Special Equity Fund	18.39%	3.66%	2.93%	12.96%	-6.60%	22.24%	7.43%	12.73%	-9.96%	7.13%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	15.25%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%

Correlation

The correlation between RYSEX and VSMVX is 0.86, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012	0.91

The correlation between RYSEX and VSMVX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

RYSEX vs. VSMVX — Risk / Return Rank

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

RYSEX

RYSEX Risk / Return Rank: 67
RYSEX Sharpe Ratio Rank: 61
RYSEX Sortino Ratio Rank: 69
RYSEX Omega Ratio Rank: 53
RYSEX Calmar Ratio Rank: 86
RYSEX Martin Ratio Rank: 66

VSMVX

VSMVX Risk / Return Rank: 59
VSMVX Sharpe Ratio Rank: 48
VSMVX Sortino Ratio Rank: 49
VSMVX Omega Ratio Rank: 43
VSMVX Calmar Ratio Rank: 85
VSMVX Martin Ratio Rank: 69

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. VSMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce Special Equity Fund (RYSEX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX). 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	VSMVX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.05	+0.23
Sortino ratio: Return per unit of downside risk	3.46	2.94	+0.52
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	4.08	4.02	+0.07
Martin ratio: Return relative to average drawdown	12.83	13.23	-0.40
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. VSMVX - Sharpe Ratio Comparison

The current RYSEX Sharpe Ratio is 2.29, which is comparable to the VSMVX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of RYSEX and VSMVX, 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	VSMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.05	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.26	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.43	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.50	+0.04

Drawdowns

RYSEX vs. VSMVX - Drawdown Comparison

The maximum RYSEX drawdown since its inception was -43.25%, smaller than the maximum VSMVX drawdown of -47.61%. Use the drawdown chart below to compare losses from any high point for RYSEX and VSMVX.

Drawdown Indicators

	RYSEX	VSMVX	Difference
Max Drawdown Largest peak-to-trough decline	-43.25%	-47.61%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.20%	-9.33%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.03%	-28.81%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-23.03%	-28.81%	+5.78%
Max Drawdown (10Y) Largest decline over 10 years	-32.13%	-47.61%	+15.48%
Current Drawdown Current decline from peak	-0.89%	-1.15%	+0.26%
Average Drawdown Average peak-to-trough decline	-6.35%	-7.64%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.83%	-0.22%

Volatility

RYSEX vs. VSMVX - Volatility Comparison

The current volatility for Royce Special Equity Fund (RYSEX) is 4.12%, while Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) has a volatility of 4.44%. This indicates that RYSEX experiences smaller price fluctuations and is considered to be less risky than VSMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RYSEX	VSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.44%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	11.58%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	14.70%	18.34%	-3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	22.02%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	24.13%	-6.71%

RYSEX vs. VSMVX - Expense Ratio Comparison

RYSEX has a 1.20% expense ratio, which is higher than VSMVX's 0.08% expense ratio.

Dividends

RYSEX vs. VSMVX - Dividend Comparison

RYSEX's dividend yield for the trailing twelve months is around 10.44%, more than VSMVX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYSEX Royce Special Equity Fund	10.44%	12.36%	16.35%	5.32%	12.34%	16.53%	3.70%	11.56%	13.11%	8.24%	7.72%	11.68%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	1.65%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%

Frequently Asked Questions

Can I hold both RYSEX and VSMVX in my portfolio?

RYSEX and VSMVX have a correlation of 0.86, 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 VSMVX?

VSMVX has higher volatility (4.44%) compared to RYSEX (4.12%). In terms of maximum drawdown, RYSEX dropped -43.25% vs VSMVX's -47.61%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (2.29 vs 2.05), 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.