TASCX vs. RYSEX

Last updated Jun 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 10.51%/yr vs 8.89%/yr for RYSEX. Their correlation of 0.82 suggests significant overlap in exposure. 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 15.51% return, which is significantly lower than RYSEX's 19.46% return. Over the past 10 years, TASCX has outperformed RYSEX with an annualized return of 10.51%, while RYSEX has yielded a comparatively lower 8.89% annualized return.

TASCX

• 1D: 0.21%
• 1M: 0.59%
• YTD: 15.51%
• 6M: 13.64%
• 1Y: 34.25%
• 3Y*: 16.93%
• 5Y*: 10.26%
• 10Y*: 10.51%

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%

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

TASCX vs. RYSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TASCX Third Avenue Small Cap Value Fund	15.51%	14.79%	3.04%	22.49%	-1.87%	25.92%	-2.96%	22.92%	-12.55%	8.89%
RYSEX Royce Special Equity Fund	19.46%	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 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 5, 1999	0.82

The correlation between TASCX and RYSEX has been stable across timeframes, ranging from 0.74 to 0.83 - a consistent structural relationship.

Return for Risk

TASCX vs. RYSEX — Risk / Return Rank

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

TASCX

TASCX Risk / Return Rank: 78
TASCX Sharpe Ratio Rank: 73
TASCX Sortino Ratio Rank: 75
TASCX Omega Ratio Rank: 60
TASCX Calmar Ratio Rank: 95
TASCX Martin Ratio Rank: 89

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

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.

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.

	TASCX	RYSEX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.49	0.00
Sortino ratio: Return per unit of downside risk	3.63	3.74	-0.10
Omega ratio: Gain probability vs. loss probability	1.43	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	5.62	4.44	+1.18
Martin ratio: Return relative to average drawdown	17.84	13.97	+3.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TASCX vs. RYSEX - Sharpe Ratio Comparison

The current TASCX Sharpe Ratio is 2.49, which is comparable to the RYSEX Sharpe Ratio of 2.49. 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.

Sharpe Ratios by Period

	TASCX	RYSEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.49	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.45	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.51	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.54	-0.07

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	-1.41%	0.00%	-1.41%
Average Drawdown Average peak-to-trough decline	-8.62%	-6.36%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.61%	-0.63%

Volatility

TASCX vs. RYSEX - Volatility Comparison

The current volatility for Third Avenue Small Cap Value Fund (TASCX) is 3.20%, while Royce Special Equity Fund (RYSEX) has a volatility of 4.44%. 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	3.20%	4.44%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	9.42%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.23%	14.70%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.35%	16.38%	+8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.14%	17.42%	+6.72%

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 3.27%, less than RYSEX's 10.34% 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%
TASCX Third Avenue Small Cap Value Fund	3.27%	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 0.76, 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 (4.44%) compared to TASCX (3.20%). In terms of maximum drawdown, TASCX dropped -58.55% vs RYSEX's -43.25%.

Which has better risk-adjusted returns?

TASCX currently has the higher Sharpe Ratio (2.49 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.