AFAVX vs. ARSMX

Last updated Jun 23, 2026

AFAVX (AMG River Road Focused Absolute Value Fund) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both mutual funds - AFAVX is a Mid Cap Blend Equities fund managed by AMG, while ARSMX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, AFAVX returned 6.77%/yr vs 9.67%/yr for ARSMX. Their correlation of 0.90 suggests significant overlap in exposure. AFAVX charges 0.82%/yr vs 1.27%/yr for ARSMX.

Performance

AFAVX vs. ARSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG River Road Focused Absolute Value Fund (AFAVX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFAVX achieves a -5.89% return, which is significantly lower than ARSMX's 2.73% return. Over the past 10 years, AFAVX has underperformed ARSMX with an annualized return of 6.77%, while ARSMX has yielded a comparatively higher 9.67% annualized return.

AFAVX

• 1D: 0.24%
• 1M: -1.44%
• YTD: -5.89%
• 6M: -6.95%
• 1Y: -9.49%
• 3Y*: 6.62%
• 5Y*: 0.35%
• 10Y*: 6.77%

ARSMX

• 1D: 0.93%
• 1M: 2.41%
• YTD: 2.73%
• 6M: 1.03%
• 1Y: 3.60%
• 3Y*: 8.77%
• 5Y*: 5.11%
• 10Y*: 9.67%

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

AFAVX vs. ARSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AFAVX AMG River Road Focused Absolute Value Fund	-5.89%	0.46%	17.62%	12.52%	-16.21%	7.79%	-0.85%	37.09%	-3.81%	10.96%
ARSMX AMG River Road Small-Mid Cap Value Fund	2.73%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%

Correlation

The correlation between AFAVX and ARSMX is 0.88, 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	0.88
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	0.90
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.90

The correlation between AFAVX and ARSMX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

AFAVX vs. ARSMX — Risk / Return Rank

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

AFAVX

AFAVX Risk / Return Rank: 1
AFAVX Sharpe Ratio Rank: 1
AFAVX Sortino Ratio Rank: 1
AFAVX Omega Ratio Rank: 1
AFAVX Calmar Ratio Rank: 1
AFAVX Martin Ratio Rank: 1

ARSMX

ARSMX Risk / Return Rank: 5
ARSMX Sharpe Ratio Rank: 5
ARSMX Sortino Ratio Rank: 5
ARSMX Omega Ratio Rank: 5
ARSMX Calmar Ratio Rank: 5
ARSMX Martin Ratio Rank: 5

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.

AFAVX vs. ARSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG River Road Focused Absolute Value Fund (AFAVX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.

	AFAVX	ARSMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.30	-0.82
Sortino ratio: Return per unit of downside risk	-0.54	0.51	-1.05
Omega ratio: Gain probability vs. loss probability	0.91	1.06	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.45	0.42	-0.86
Martin ratio: Return relative to average drawdown	-0.86	0.96	-1.82

AFAVX vs. ARSMX - Sharpe Ratio Comparison

The current AFAVX Sharpe Ratio is -0.52, which is lower than the ARSMX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of AFAVX and ARSMX, 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

AFAVX vs. ARSMX - Drawdown Comparison

The maximum AFAVX drawdown since its inception was -40.83%, smaller than the maximum ARSMX drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for AFAVX and ARSMX.

Drawdown Indicators

	AFAVX	ARSMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.83%	-51.75%	+10.92%
Max Drawdown (1Y) Largest decline over 1 year	-20.21%	-10.37%	-9.84%
Max Drawdown (3Y) Largest decline over 3 years	-22.03%	-19.34%	-2.69%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-19.34%	-11.49%
Max Drawdown (10Y) Largest decline over 10 years	-40.83%	-42.96%	+2.13%
Current Drawdown Current decline from peak	-20.01%	-4.97%	-15.04%
Average Drawdown Average peak-to-trough decline	-8.77%	-8.10%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	4.47%	+6.00%

Volatility

AFAVX vs. ARSMX - Volatility Comparison

AMG River Road Focused Absolute Value Fund (AFAVX) has a higher volatility of 4.05% compared to AMG River Road Small-Mid Cap Value Fund (ARSMX) at 3.17%. This indicates that AFAVX's price experiences larger fluctuations and is considered to be riskier than ARSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFAVX	ARSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	3.17%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	15.65%	10.27%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	14.44%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	17.77%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	19.57%	-0.32%

AFAVX vs. ARSMX - Expense Ratio Comparison

AFAVX has a 0.82% expense ratio, which is lower than ARSMX's 1.27% expense ratio.

Dividends

AFAVX vs. ARSMX - Dividend Comparison

Neither AFAVX nor ARSMX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFAVX AMG River Road Focused Absolute Value Fund	0.00%	0.00%	16.13%	2.79%	1.00%	0.39%	0.58%	3.72%	7.83%	8.37%	7.53%	0.00%
ARSMX AMG River Road Small-Mid Cap Value Fund	0.00%	0.00%	9.27%	3.89%	4.85%	5.86%	0.00%	3.60%	8.60%	15.66%	8.03%	17.82%

Frequently Asked Questions

Can I hold both AFAVX and ARSMX in my portfolio?

AFAVX and ARSMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFAVX or ARSMX?

AFAVX has higher volatility (4.05%) compared to ARSMX (3.17%). In terms of maximum drawdown, AFAVX dropped -40.83% vs ARSMX's -51.75%.

Which has better risk-adjusted returns?

ARSMX currently has the higher Sharpe Ratio (0.30 vs -0.52), 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.