TISEX vs. RYOTX

Last updated Jun 4, 2026

TISEX (TIAA-CREF Quant Small-Cap Equity Fund) and RYOTX (Royce Micro Cap Series Fund) are both Small Cap Blend Equities funds. Over the past 10 years, TISEX returned 12.98%/yr vs 13.85%/yr for RYOTX. Their correlation of 0.93 suggests significant overlap in exposure. TISEX charges 0.41%/yr vs 1.20%/yr for RYOTX.

Performance

TISEX vs. RYOTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Quant Small-Cap Equity Fund (TISEX) and Royce Micro Cap Series Fund (RYOTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TISEX achieves a 19.56% return, which is significantly lower than RYOTX's 37.74% return. Over the past 10 years, TISEX has underperformed RYOTX with an annualized return of 12.98%, while RYOTX has yielded a comparatively higher 13.85% annualized return.

TISEX

• 1D: 1.25%
• 1M: 5.20%
• YTD: 19.56%
• 6M: 19.03%
• 1Y: 43.20%
• 3Y*: 22.20%
• 5Y*: 10.85%
• 10Y*: 12.98%

RYOTX

• 1D: 1.60%
• 1M: 9.34%
• YTD: 37.74%
• 6M: 38.47%
• 1Y: 68.90%
• 3Y*: 26.49%
• 5Y*: 11.46%
• 10Y*: 13.85%

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

TISEX vs. RYOTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISEX TIAA-CREF Quant Small-Cap Equity Fund	19.56%	16.31%	16.29%	18.72%	-15.49%	25.00%	12.81%	23.94%	-12.33%	14.07%
RYOTX Royce Micro Cap Series Fund	37.74%	13.51%	13.24%	19.51%	-22.66%	30.36%	24.56%	21.19%	-9.09%	5.29%

Correlation

The correlation between TISEX and RYOTX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.93

The correlation between TISEX and RYOTX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

TISEX vs. RYOTX — Risk / Return Rank

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

TISEX

TISEX Risk / Return Rank: 72
TISEX Sharpe Ratio Rank: 67
TISEX Sortino Ratio Rank: 59
TISEX Omega Ratio Rank: 53
TISEX Calmar Ratio Rank: 92
TISEX Martin Ratio Rank: 91

RYOTX

RYOTX Risk / Return Rank: 89
RYOTX Sharpe Ratio Rank: 93
RYOTX Sortino Ratio Rank: 84
RYOTX Omega Ratio Rank: 75
RYOTX Calmar Ratio Rank: 95
RYOTX Martin Ratio Rank: 95

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.

TISEX vs. RYOTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Quant Small-Cap Equity Fund (TISEX) and Royce Micro Cap Series Fund (RYOTX). 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.

	TISEX	RYOTX	Difference
Sharpe ratio Return per unit of total volatility	2.40	3.20	-0.81
Sortino ratio Return per unit of downside risk	3.24	3.99	-0.75
Omega ratio Gain probability vs. loss probability	1.40	1.49	-0.09
Calmar ratio Return relative to maximum drawdown	4.93	6.04	-1.11
Martin ratio Return relative to average drawdown	18.46	22.08	-3.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TISEX vs. RYOTX - Sharpe Ratio Comparison

The current TISEX Sharpe Ratio is 2.40, which is comparable to the RYOTX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of TISEX and RYOTX, 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

	TISEX	RYOTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	3.20	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.49	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.60	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.62	-0.14

Drawdowns

TISEX vs. RYOTX - Drawdown Comparison

The maximum TISEX drawdown since its inception was -59.91%, which is greater than RYOTX's maximum drawdown of -56.86%. Use the drawdown chart below to compare losses from any high point for TISEX and RYOTX.

Drawdown Indicators

	TISEX	RYOTX	Difference
Max Drawdown Largest peak-to-trough decline	-59.91%	-56.86%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-12.10%	+2.90%
Max Drawdown (3Y) Largest decline over 3 years	-26.18%	-29.83%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-27.92%	-35.84%	+7.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.76%	-44.87%	-0.89%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.36%	-9.43%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	3.31%	-0.86%

Volatility

TISEX vs. RYOTX - Volatility Comparison

The current volatility for TIAA-CREF Quant Small-Cap Equity Fund (TISEX) is 5.57%, while Royce Micro Cap Series Fund (RYOTX) has a volatility of 6.09%. This indicates that TISEX experiences smaller price fluctuations and is considered to be less risky than RYOTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TISEX	RYOTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	6.09%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	13.29%	16.20%	-2.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.91%	22.83%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	23.44%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	23.14%	+0.25%

TISEX vs. RYOTX - Expense Ratio Comparison

TISEX has a 0.41% expense ratio, which is lower than RYOTX's 1.20% expense ratio.

Dividends

TISEX vs. RYOTX - Dividend Comparison

TISEX's dividend yield for the trailing twelve months is around 7.62%, less than RYOTX's 10.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RYOTX Royce Micro Cap Series Fund	10.85%	14.94%	12.20%	6.97%	5.10%	23.10%	7.40%	2.72%	13.95%	7.76%	11.41%	12.99%
TISEX TIAA-CREF Quant Small-Cap Equity Fund	7.62%	9.11%	12.26%	2.08%	6.47%	21.14%	0.63%	5.41%	20.46%	10.29%	3.48%	7.75%

Frequently Asked Questions

Can I hold both TISEX and RYOTX in my portfolio?

With a correlation of 0.92, TISEX and RYOTX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TISEX or RYOTX?

RYOTX has higher volatility (6.09%) compared to TISEX (5.57%). In terms of maximum drawdown, TISEX dropped -59.91% vs RYOTX's -56.86%.

Which has better risk-adjusted returns?

RYOTX currently has the higher Sharpe Ratio (3.20 vs 2.40), 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.