ANOIX vs. TWEIX

Last updated Jul 18, 2026

ANOIX (American Century Small Cap Growth Fund) and TWEIX (American Century Equity Income Fund) are both mutual funds - ANOIX is a Small Cap Growth Equities fund managed by American Century, while TWEIX is a Large Cap Value Equities fund managed by American Century. Over the past 10 years, ANOIX returned 13.76%/yr vs 8.73%/yr for TWEIX. A 0.74 correlation means they provide meaningful diversification when combined. ANOIX charges 1.17%/yr vs 0.94%/yr for TWEIX.

Performance

ANOIX vs. TWEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Small Cap Growth Fund (ANOIX) and American Century Equity Income Fund (TWEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANOIX achieves a 16.11% return, which is significantly higher than TWEIX's 11.86% return. Over the past 10 years, ANOIX has outperformed TWEIX with an annualized return of 13.76%, while TWEIX has yielded a comparatively lower 8.73% annualized return.

ANOIX

• 1D: -1.14%
• 1M: 2.02%
• 6M: 10.37%
• YTD: 16.11%
• 1Y: 21.24%
• 3Y*: 13.80%
• 5Y*: 5.90%
• 10Y*: 13.76%

TWEIX

• 1D: 1.19%
• 1M: 4.24%
• 6M: 9.03%
• YTD: 11.86%
• 1Y: 17.44%
• 3Y*: 12.01%
• 5Y*: 7.92%
• 10Y*: 8.73%

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

ANOIX vs. TWEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ANOIX American Century Small Cap Growth Fund	16.11%	9.00%	14.90%	17.13%	-26.41%	7.80%	51.07%	36.75%	-4.84%	25.83%
TWEIX American Century Equity Income Fund	11.86%	11.84%	10.51%	3.92%	-3.06%	16.83%	1.10%	24.14%	-3.77%	13.35%

Correlation

The correlation between ANOIX and TWEIX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 31, 2001	0.74

Over the past year, the correlation between ANOIX and TWEIX has dropped to 0.48 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

ANOIX vs. TWEIX — Risk / Return Rank

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

ANOIX

ANOIX Risk / Return Rank: 28
ANOIX Sharpe Ratio Rank: 23
ANOIX Sortino Ratio Rank: 25
ANOIX Omega Ratio Rank: 22
ANOIX Calmar Ratio Rank: 34
ANOIX Martin Ratio Rank: 37

TWEIX

TWEIX Risk / Return Rank: 73
TWEIX Sharpe Ratio Rank: 79
TWEIX Sortino Ratio Rank: 82
TWEIX Omega Ratio Rank: 73
TWEIX Calmar Ratio Rank: 75
TWEIX Martin Ratio Rank: 55

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.

ANOIX vs. TWEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Small Cap Growth Fund (ANOIX) and American Century Equity Income Fund (TWEIX). 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.

	ANOIX	TWEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.13	-1.02
Sortino ratio: Return per unit of downside risk	1.71	3.24	-1.53
Omega ratio: Gain probability vs. loss probability	1.20	1.37	-0.18
Calmar ratio: Return relative to maximum drawdown	1.85	2.83	-0.98
Martin ratio: Return relative to average drawdown	6.86	9.23	-2.37

ANOIX vs. TWEIX - Sharpe Ratio Comparison

The current ANOIX Sharpe Ratio is 1.11, which is lower than the TWEIX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of ANOIX and TWEIX, 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

ANOIX vs. TWEIX - Drawdown Comparison

The maximum ANOIX drawdown since its inception was -59.47%, which is greater than TWEIX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for ANOIX and TWEIX.

Drawdown Indicators

	ANOIX	TWEIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-39.30%	-20.17%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-6.43%	-6.06%
Max Drawdown (3Y) Largest decline over 3 years	-25.57%	-10.16%	-15.41%
Max Drawdown (5Y) Largest decline over 5 years	-37.15%	-13.69%	-23.46%
Max Drawdown (10Y) Largest decline over 10 years	-39.07%	-32.82%	-6.25%
Current Drawdown Current decline from peak	-3.78%	0.00%	-3.78%
Average Drawdown Average peak-to-trough decline	-11.94%	-4.15%	-7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	1.97%	+1.39%

Volatility

ANOIX vs. TWEIX - Volatility Comparison

American Century Small Cap Growth Fund (ANOIX) has a higher volatility of 5.30% compared to American Century Equity Income Fund (TWEIX) at 2.74%. This indicates that ANOIX's price experiences larger fluctuations and is considered to be riskier than TWEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANOIX	TWEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	2.74%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	16.14%	6.52%	+9.62%
Volatility (1Y) Calculated over the trailing 1-year period	20.75%	8.54%	+12.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.09%	10.76%	+12.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.29%	13.31%	+9.98%

ANOIX vs. TWEIX - Expense Ratio Comparison

ANOIX has a 1.17% expense ratio, which is higher than TWEIX's 0.94% expense ratio.

Dividends

ANOIX vs. TWEIX - Dividend Comparison

ANOIX's dividend yield for the trailing twelve months is around 6.55%, less than TWEIX's 9.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANOIX American Century Small Cap Growth Fund	6.55%	7.60%	0.11%	0.00%	0.00%	21.29%	11.07%	5.50%	16.59%	3.93%	0.00%	0.00%
TWEIX American Century Equity Income Fund	9.42%	10.35%	11.51%	8.02%	8.76%	6.83%	2.00%	7.38%	8.79%	11.95%	7.88%	10.49%

Frequently Asked Questions

Can I hold both ANOIX and TWEIX in my portfolio?

ANOIX and TWEIX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANOIX or TWEIX?

ANOIX has higher volatility (5.30%) compared to TWEIX (2.74%). In terms of maximum drawdown, ANOIX dropped -59.47% vs TWEIX's -39.30%.

Which has better risk-adjusted returns?

TWEIX currently has the higher Sharpe Ratio (2.13 vs 1.11), 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.