TASCX vs. RYSEX

Last updated Aug 4, 2026

TASCX (Third Avenue Small Cap Value Fund) and RYSEX (Royce Special Equity Fund) are both Small Cap Value Equities funds. Over the past 10 years, TASCX returned 11.04%/yr vs 9.32%/yr for RYSEX. Their correlation of 0.82 means they have usually moved in the same direction. TASCX charges 1.15%/yr vs 1.20%/yr for RYSEX.

Performance

TASCX vs. RYSEX - Performance Comparison

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

Returns By Period

In the year-to-date period, TASCX achieves a 22.59% return, which is significantly lower than RYSEX's 26.73% return. Over the past 10 years, TASCX has outperformed RYSEX with an annualized return of 11.04%, while RYSEX has yielded a comparatively lower 9.32% annualized return.

TASCX

• 1D: -0.12%
• 1M: 0.80%
• 6M: 16.22%
• YTD: 22.59%
• 1Y: 37.76%
• 3Y*: 15.43%
• 5Y*: 12.97%
• 10Y*: 11.04%
• ALL TIME*: 9.59%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RYSEX Royce Special Equity Fund	$0.00	$0.00	$0.00
TASCX Third Avenue Small Cap Value Fund	$0.00	$0.00	$0.00

TASCX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TASCX Third Avenue Small Cap Value Fund	22.59%	14.79%	3.04%	22.49%	-1.87%	25.92%	-2.96%	22.92%	-12.55%	8.89%
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%

Correlation

The correlation between TASCX and RYSEX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Jan 4, 1999	0.82

The correlation between TASCX and RYSEX has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

Return for Risk

TASCX vs. RYSEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TASCX

TASCX Risk / Return Rank: 95
TASCX Sharpe Ratio Rank: 95
TASCX Sortino Ratio Rank: 95
TASCX Omega Ratio Rank: 89
TASCX Calmar Ratio Rank: 97
TASCX Martin Ratio Rank: 97

RYSEX

RYSEX Risk / Return Rank: 95
RYSEX Sharpe Ratio Rank: 96
RYSEX Sortino Ratio Rank: 97
RYSEX Omega Ratio Rank: 91
RYSEX Calmar Ratio Rank: 96
RYSEX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TASCX vs. RYSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Third Avenue Small Cap Value Fund (TASCX) and Royce Special Equity Fund (RYSEX). 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.

	TASCX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.76	-0.16
Sortino ratio: Return per unit of downside risk	3.92	4.30	-0.39
Omega ratio: Gain probability vs. loss probability	1.47	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	5.78	4.84	+0.94
Martin ratio: Return relative to average drawdown	18.79	16.26	+2.53

TASCX vs. RYSEX - Sharpe Ratio Comparison

The current TASCX Sharpe Ratio is 2.60, which is comparable to the RYSEX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of TASCX and RYSEX, 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

TASCX vs. RYSEX - Drawdown Comparison

The maximum TASCX drawdown since its inception was -58.55%, which is greater than RYSEX's maximum drawdown of -43.25%. Use the drawdown chart below to compare losses from any high point for TASCX and RYSEX.

Drawdown Indicators

	TASCX	RYSEX	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-43.25%	-15.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-8.20%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-30.26%	-23.03%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-30.26%	-23.03%	-7.23%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	-32.13%	-8.32%
Current Drawdown Current decline from peak	-2.39%	-2.63%	+0.24%
Average Drawdown Average peak-to-trough decline	-8.57%	-6.32%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.44%	-0.51%

Volatility

TASCX vs. RYSEX - Volatility Comparison

The current volatility for Third Avenue Small Cap Value Fund (TASCX) is 2.87%, while Royce Special Equity Fund (RYSEX) has a volatility of 4.90%. This indicates that TASCX experiences smaller price fluctuations and is considered to be less risky than RYSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TASCX	RYSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	4.90%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	9.78%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	14.49%	-0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.25%	16.40%	+8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.05%	17.42%	+6.63%

TASCX vs. RYSEX - Expense Ratio Comparison

TASCX has a 1.15% expense ratio, which is lower than RYSEX's 1.20% expense ratio.

Dividends

TASCX vs. RYSEX - Dividend Comparison

TASCX's dividend yield for the trailing twelve months is around 3.08%, less than RYSEX's 9.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TASCX Third Avenue Small Cap Value Fund	3.08%	3.78%	11.87%	14.38%	5.40%	8.55%	1.50%	7.75%	12.67%	13.61%	9.15%	14.70%

Frequently Asked Questions

Can I hold both TASCX and RYSEX in my portfolio?

TASCX and RYSEX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TASCX or RYSEX?

RYSEX has higher volatility (4.90%) compared to TASCX (2.87%). In terms of maximum drawdown, TASCX dropped -58.55% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

RYSEX currently has the higher Sharpe Ratio (2.76 vs 2.60), 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.