We investigate the weak excitations of a system made up of two condensates trapped in a BoseHubbard ring and coupled by an interspecies repulsive interaction. Our approach, based on the Bogoliubov approximation scheme, shows that one can reduce the problem Hamiltonian to the sum of sub-HamiltoniansĤ k , each one associated to momentum modes ±k. EachĤ k is then recognized to be an element of a dynamical algebra. This uncommon and remarkable property allows us to present a straightforward diagonalization scheme, to find constants of motion, to highlight the significant microscopic processes, and to compute their time evolution. The proposed solution scheme is applied to a simple but non trivial closed circuit, the trimer. The dynamics of lowenergy excitations, corresponding to weakly-populated vortices, is investigated considering different choices of the initial conditions, and the angular-momentum transfer between the two condensates is evidenced. Finally, the condition for which the spectral collapse and dynamical instability are observed is derived analytically.