ARSMX vs. BLUEX

Last updated Jun 24, 2026

ARSMX (AMG River Road Small-Mid Cap Value Fund) and BLUEX (AMG Veritas Global Real Return Fund) are both mutual funds - ARSMX is a Small Cap Value Equities fund managed by AMG, while BLUEX is a Large Cap Growth Equities fund managed by AMG. Over the past 10 years, ARSMX returned 9.82%/yr vs 9.60%/yr for BLUEX. A 0.73 correlation means they provide meaningful diversification when combined. ARSMX charges 1.27%/yr vs 1.15%/yr for BLUEX.

Performance

ARSMX vs. BLUEX - Performance Comparison

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

Returns By Period

In the year-to-date period, ARSMX achieves a 2.31% return, which is significantly higher than BLUEX's -8.03% return. Both investments have delivered pretty close results over the past 10 years, with ARSMX having a 9.82% annualized return and BLUEX not far behind at 9.60%.

ARSMX

• 1D: -0.41%
• 1M: 1.99%
• YTD: 2.31%
• 6M: 0.93%
• 1Y: 1.88%
• 3Y*: 9.21%
• 5Y*: 4.70%
• 10Y*: 9.82%

BLUEX

• 1D: -0.97%
• 1M: -1.36%
• YTD: -8.03%
• 6M: -8.03%
• 1Y: -7.07%
• 3Y*: 2.66%
• 5Y*: -0.25%
• 10Y*: 9.60%

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

ARSMX vs. BLUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSMX AMG River Road Small-Mid Cap Value Fund	2.31%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%
BLUEX AMG Veritas Global Real Return Fund	-8.03%	4.45%	7.24%	14.35%	-14.30%	3.22%	34.74%	35.34%	-4.91%	27.86%

Correlation

The correlation between ARSMX and BLUEX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.73

The correlation between ARSMX and BLUEX shifts across timeframes, from 0.61 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARSMX vs. BLUEX — Risk / Return Rank

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

ARSMX

ARSMX Risk / Return Rank: 4
ARSMX Sharpe Ratio Rank: 4
ARSMX Sortino Ratio Rank: 4
ARSMX Omega Ratio Rank: 4
ARSMX Calmar Ratio Rank: 5
ARSMX Martin Ratio Rank: 4

BLUEX

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

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.

ARSMX vs. BLUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG River Road Small-Mid Cap Value Fund (ARSMX) and AMG Veritas Global Real Return Fund (BLUEX). 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.

	ARSMX	BLUEX	Difference
Sharpe ratio: Return per unit of total volatility	0.22	-0.66	+0.88
Sortino ratio: Return per unit of downside risk	0.41	-0.86	+1.28
Omega ratio: Gain probability vs. loss probability	1.05	0.90	+0.15
Calmar ratio: Return relative to maximum drawdown	0.31	-0.56	+0.87
Martin ratio: Return relative to average drawdown	0.71	-1.31	+2.02

ARSMX vs. BLUEX - Sharpe Ratio Comparison

The current ARSMX Sharpe Ratio is 0.22, which is higher than the BLUEX Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of ARSMX and BLUEX, 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

ARSMX vs. BLUEX - Drawdown Comparison

The maximum ARSMX drawdown since its inception was -51.75%, roughly equal to the maximum BLUEX drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for ARSMX and BLUEX.

Drawdown Indicators

	ARSMX	BLUEX	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-54.27%	+2.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-12.19%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-12.19%	-7.15%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-21.87%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	-42.96%	-29.06%	-13.90%
Current Drawdown Current decline from peak	-5.36%	-9.94%	+4.58%
Average Drawdown Average peak-to-trough decline	-8.10%	-13.36%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	5.20%	-0.72%

Volatility

ARSMX vs. BLUEX - Volatility Comparison

The current volatility for AMG River Road Small-Mid Cap Value Fund (ARSMX) is 3.05%, while AMG Veritas Global Real Return Fund (BLUEX) has a volatility of 3.89%. This indicates that ARSMX experiences smaller price fluctuations and is considered to be less risky than BLUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSMX	BLUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	3.89%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	8.27%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	14.45%	10.46%	+3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	10.72%	+7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	16.61%	+2.97%

ARSMX vs. BLUEX - Expense Ratio Comparison

ARSMX has a 1.27% expense ratio, which is higher than BLUEX's 1.15% expense ratio.

Dividends

ARSMX vs. BLUEX - Dividend Comparison

ARSMX has not paid dividends to shareholders, while BLUEX's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
BLUEX AMG Veritas Global Real Return Fund	0.34%	0.31%	0.29%	0.03%	11.84%	27.20%	25.43%	13.71%	13.40%	0.00%	0.00%	0.24%

Frequently Asked Questions

Can I hold both ARSMX and BLUEX in my portfolio?

ARSMX and BLUEX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARSMX or BLUEX?

BLUEX has higher volatility (3.89%) compared to ARSMX (3.05%). In terms of maximum drawdown, ARSMX dropped -51.75% vs BLUEX's -54.27%.

Which has better risk-adjusted returns?

ARSMX currently has the higher Sharpe Ratio (0.22 vs -0.66), 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.