FSS vs RVT: Correlation
How closely do Federal Signal Corporation (FSS) and Royce Small-Cap Trust, Inc. (RVT) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSS and RVT?
Over the past 3 years, FSS and RVT moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 371.5 %².
In FSS's tracked universe of 15 assets, RVT sits right near the top at #2. Correlation aside, the last 12 months split them widely, with RVT ahead by 32.7 points (-5.3% versus +27.4%). One caveat on sizing: FSS is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FSS vs RVT: side by side
| FSS (Federal Signal Corporation) | RVT (Royce Small-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -5.3% | +27.4% |
| 5-year return | +203.9% | +53.9% |
| Volatility (ann.) | 31.2% | 19.1% |
| Beta vs S&P 500 | 1.02 | 0.99 |
| Max drawdown (3Y) | -31.5% | -23.5% |
| Market cap | $7.3B | $2.3B |
| P/E (trailing) | 26.2 | 6.5 |
| Dividend yield | 0.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSS | RVT |
|---|---|---|
| 2022 | +8.2% | -26.3% |
| 2023 | +66.3% | +18.8% |
| 2024 | +21.1% | +17.9% |
| 2025 | +18.2% | +11.5% |
| 2026 | +11.3% | +21.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSS and RVT good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FSS and RVT?
The FSS/RVT correlation stands at 0.63 on a 3-year window (1 year: 0.58, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is RVT a good diversifier for FSS?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fss-vs-rvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fss-vs-rvt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSS correlations · RVT correlations
