RVT vs TMCI: Correlation
Royce Small-Cap Trust, Inc. (RVT) and Treace Medical Concepts, Inc. (TMCI) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVT and TMCI?
On 3 years of weekly data the RVT/TMCI correlation comes out at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.50). The 5-year figure is 0.39, and annualized covariance runs at 876.0 %².
Within RVT's tracked universe of 116 assets, TMCI comes in at #88 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RVT outperformed by 65.4 percentage points (+27.4% for RVT against -38.0% for TMCI). One caveat on sizing: TMCI is 4.8 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.
RVT vs TMCI: side by side
| RVT (Royce Small-Cap Trust, Inc.) | TMCI (Treace Medical Concepts, Inc.) | |
|---|---|---|
| 1-year return | +27.4% | -38.0% |
| 5-year return | +53.9% | -81.5% |
| Volatility (ann.) | 19.1% | 92.1% |
| Beta vs S&P 500 | 0.99 | 2.37 |
| Max drawdown (3Y) | -23.5% | -92.6% |
| Market cap | $2.3B | $0.3B |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RVT | TMCI |
|---|---|---|
| 2022 | -26.3% | +23.3% |
| 2023 | +18.8% | -44.5% |
| 2024 | +17.9% | -41.6% |
| 2025 | +11.5% | -67.1% |
| 2026 | +21.2% | +87.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVT and TMCI good diversifiers for each other?
Only partially. A correlation of 0.50 means RVT and TMCI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RVT and TMCI?
As of 2026-08-27, the correlation of weekly returns between RVT and TMCI is 0.50 over 3 years, 0.39 over 1 year and 0.39 over 5 years.
Is TMCI a good diversifier for RVT?
Only partially. A correlation of 0.50 means RVT and TMCI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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
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Related comparisons
Hubs: RVT correlations · TMCI correlations
