ACWDX vs. RFIMX

Last updated Jun 24, 2026

ACWDX (AMG GW&K Small/Mid Cap Growth Fund) and RFIMX (Ranger Micro Cap Fund) are both Small Cap Growth Equities funds. Over the past 5 years, ACWDX returned 5.59%/yr vs 3.01%/yr for RFIMX. Their correlation of 0.84 suggests significant overlap in exposure. ACWDX charges 1.00%/yr vs 1.51%/yr for RFIMX.

Performance

ACWDX vs. RFIMX - 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 Ranger Micro Cap Fund (RFIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ACWDX having a 18.69% return and RFIMX slightly lower at 18.60%.

ACWDX

• 1D: 1.33%
• 1M: 5.45%
• YTD: 18.69%
• 6M: 16.40%
• 1Y: 22.52%
• 3Y*: 13.98%
• 5Y*: 5.59%
• 10Y*: 11.62%

RFIMX

• 1D: -1.59%
• 1M: 4.58%
• YTD: 18.60%
• 6M: 15.10%
• 1Y: 26.00%
• 3Y*: 8.64%
• 5Y*: 3.01%
• 10Y*: —

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

ACWDX vs. RFIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ACWDX AMG GW&K Small/Mid Cap Growth Fund	18.69%	0.29%	9.27%	21.13%	-22.32%	12.52%	45.63%	20.24%	-0.85%
RFIMX Ranger Micro Cap Fund	18.60%	1.99%	11.52%	9.14%	-24.26%	30.58%	44.44%	24.94%	-0.56%

Correlation

The correlation between ACWDX and RFIMX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 18, 2018	0.84

The correlation between ACWDX and RFIMX has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

ACWDX vs. RFIMX — Risk / Return Rank

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

ACWDX

ACWDX Risk / Return Rank: 18
ACWDX Sharpe Ratio Rank: 17
ACWDX Sortino Ratio Rank: 14
ACWDX Omega Ratio Rank: 20
ACWDX Calmar Ratio Rank: 22
ACWDX Martin Ratio Rank: 17

RFIMX

RFIMX Risk / Return Rank: 42
RFIMX Sharpe Ratio Rank: 32
RFIMX Sortino Ratio Rank: 33
RFIMX Omega Ratio Rank: 28
RFIMX Calmar Ratio Rank: 74
RFIMX Martin Ratio Rank: 45

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. RFIMX - 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 Ranger Micro Cap Fund (RFIMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ACWDX	RFIMX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.44	-0.37
Sortino ratio: Return per unit of downside risk	1.44	2.14	-0.70
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.58	3.09	-1.51
Martin ratio: Return relative to average drawdown	4.26	8.72	-4.46

ACWDX vs. RFIMX - Sharpe Ratio Comparison

The current ACWDX Sharpe Ratio is 1.08, which is comparable to the RFIMX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of ACWDX and RFIMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACWDX vs. RFIMX - Drawdown Comparison

The maximum ACWDX drawdown since its inception was -38.86%, smaller than the maximum RFIMX drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for ACWDX and RFIMX.

Drawdown Indicators

	ACWDX	RFIMX	Difference
Max Drawdown Largest peak-to-trough decline	-38.86%	-99.41%	+60.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-9.11%	-5.88%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-99.41%	+72.77%
Max Drawdown (5Y) Largest decline over 5 years	-32.74%	-99.41%	+66.67%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	—	—
Current Drawdown Current decline from peak	0.00%	-99.10%	+99.10%
Average Drawdown Average peak-to-trough decline	-10.02%	-29.79%	+19.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	3.22%	+2.31%

Volatility

ACWDX vs. RFIMX - Volatility Comparison

AMG GW&K Small/Mid Cap Growth Fund (ACWDX) and Ranger Micro Cap Fund (RFIMX) have volatilities of 6.57% and 6.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWDX	RFIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	6.36%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	18.81%	14.30%	+4.51%
Volatility (1Y) Calculated over the trailing 1-year period	22.08%	19.54%	+2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.08%	5,378.52%	-5,356.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	4,388.64%	-4,365.20%

ACWDX vs. RFIMX - Expense Ratio Comparison

ACWDX has a 1.00% expense ratio, which is lower than RFIMX's 1.51% expense ratio.

Dividends

ACWDX vs. RFIMX - Dividend Comparison

ACWDX has not paid dividends to shareholders, while RFIMX's dividend yield for the trailing twelve months is around 1.12%.

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%
RFIMX Ranger Micro Cap Fund	1.12%	1.33%	0.00%	0.77%	47.82%	71.79%	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWDX and RFIMX in my portfolio?

ACWDX and RFIMX have a correlation of 0.84, 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 RFIMX?

ACWDX has higher volatility (6.57%) compared to RFIMX (6.36%). In terms of maximum drawdown, ACWDX dropped -38.86% vs RFIMX's -99.41%.

Which has better risk-adjusted returns?

RFIMX currently has the higher Sharpe Ratio (1.44 vs 1.08), 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.