ACWDX vs. HSPGX

Last updated Jun 4, 2026

ACWDX (AMG GW&K Small/Mid Cap Growth Fund) and HSPGX (Emerald Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, ACWDX returned 10.60%/yr vs 16.13%/yr for HSPGX. Their correlation of 0.91 suggests significant overlap in exposure. ACWDX charges 1.00%/yr vs 1.03%/yr for HSPGX.

Performance

ACWDX vs. HSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Emerald Growth Fund (HSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWDX achieves a 14.29% return, which is significantly lower than HSPGX's 26.02% return. Over the past 10 years, ACWDX has underperformed HSPGX with an annualized return of 10.60%, while HSPGX has yielded a comparatively higher 16.13% annualized return.

ACWDX

• 1D: 1.28%
• 1M: 3.89%
• YTD: 14.29%
• 6M: 1.86%
• 1Y: 20.80%
• 3Y*: 12.69%
• 5Y*: 5.57%
• 10Y*: 10.60%

HSPGX

• 1D: 1.59%
• 1M: 7.31%
• YTD: 26.02%
• 6M: 24.44%
• 1Y: 68.10%
• 3Y*: 32.40%
• 5Y*: 13.80%
• 10Y*: 16.13%

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

ACWDX vs. HSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWDX AMG GW&K Small/Mid Cap Growth Fund	14.29%	0.29%	9.27%	21.13%	-22.32%	12.52%	45.63%	20.24%	-5.14%	18.69%
HSPGX Emerald Growth Fund	26.02%	31.62%	28.04%	18.66%	-24.65%	3.59%	38.49%	28.33%	-12.16%	27.72%

Correlation

The correlation between ACWDX and HSPGX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.91

The correlation between ACWDX and HSPGX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

ACWDX vs. HSPGX — Risk / Return Rank

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

ACWDX

ACWDX Risk / Return Rank: 15
ACWDX Sharpe Ratio Rank: 15
ACWDX Sortino Ratio Rank: 12
ACWDX Omega Ratio Rank: 18
ACWDX Calmar Ratio Rank: 18
ACWDX Martin Ratio Rank: 14

HSPGX

HSPGX Risk / Return Rank: 82
HSPGX Sharpe Ratio Rank: 88
HSPGX Sortino Ratio Rank: 72
HSPGX Omega Ratio Rank: 65
HSPGX Calmar Ratio Rank: 92
HSPGX Martin Ratio Rank: 94

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.

ACWDX vs. HSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Emerald Growth Fund (HSPGX). 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.

	ACWDX	HSPGX	Difference
Sharpe ratio Return per unit of total volatility	1.07	2.89	-1.82
Sortino ratio Return per unit of downside risk	1.43	3.55	-2.13
Omega ratio Gain probability vs. loss probability	1.22	1.45	-0.23
Calmar ratio Return relative to maximum drawdown	1.52	5.07	-3.55
Martin ratio Return relative to average drawdown	4.11	21.39	-17.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWDX vs. HSPGX - Sharpe Ratio Comparison

The current ACWDX Sharpe Ratio is 1.07, which is lower than the HSPGX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of ACWDX and HSPGX, 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

	ACWDX	HSPGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.89	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.55	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.64	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.44	+0.01

Drawdowns

ACWDX vs. HSPGX - Drawdown Comparison

The maximum ACWDX drawdown since its inception was -38.86%, smaller than the maximum HSPGX drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for ACWDX and HSPGX.

Drawdown Indicators

	ACWDX	HSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-38.86%	-60.28%	+21.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-14.41%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-28.63%	+1.99%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-38.65%	+5.91%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	-41.48%	+2.62%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-10.05%	-19.01%	+8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	3.39%	+2.13%

Volatility

ACWDX vs. HSPGX - Volatility Comparison

The current volatility for AMG GW&K Small/Mid Cap Growth Fund (ACWDX) is 5.94%, while Emerald Growth Fund (HSPGX) has a volatility of 7.62%. This indicates that ACWDX experiences smaller price fluctuations and is considered to be less risky than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWDX	HSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.94%	7.62%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	19.24%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	21.37%	25.33%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.94%	25.45%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	25.13%	-1.74%

ACWDX vs. HSPGX - Expense Ratio Comparison

ACWDX has a 1.00% expense ratio, which is lower than HSPGX's 1.03% expense ratio.

Dividends

ACWDX vs. HSPGX - Dividend Comparison

ACWDX has not paid dividends to shareholders, while HSPGX's dividend yield for the trailing twelve months is around 10.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWDX AMG GW&K Small/Mid Cap Growth Fund	0.00%	0.00%	0.74%	0.00%	2.04%	58.27%	4.00%	0.00%	0.00%	0.00%	0.00%	0.02%
HSPGX Emerald Growth Fund	10.11%	12.74%	21.85%	6.43%	8.77%	19.11%	8.48%	1.45%	11.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWDX and HSPGX in my portfolio?

ACWDX and HSPGX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWDX or HSPGX?

HSPGX has higher volatility (7.62%) compared to ACWDX (5.94%). In terms of maximum drawdown, ACWDX dropped -38.86% vs HSPGX's -60.28%.

Which has better risk-adjusted returns?

HSPGX currently has the higher Sharpe Ratio (2.89 vs 1.07), 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.