Unfortunately not. The only two options are the lighting settings for graphics.
There are a couple of command line settings you might try, but they generally don't improve fps much. Of course, it varies by system. Mostly these are for diagnostics or to work around certain crashes, but they might help you. Check out the "graphics debugging" section on the wiki:
http://ringofbrodgar.com/wiki/Console_CommandsMight try adjusting the audio buffers, too. Sometimes the audio lags things up.
If the issue is near your village and farm or with a lot of objects around, there's not much that can be done other than wait for the client optimization rewrite the devs are working on.
You might check out some of the custom clients. Some have a few more options to disable, hide, or replace certain graphics, and you might see a decent fps boost that way.
Opinions expressed in this statement are the authors alone and in no way reflect on the game development values of the actual developers.