ARSMX vs. GWMEX

Last updated Jun 4, 2026

ARSMX (AMG River Road Small-Mid Cap Value Fund) and GWMEX (AMG GW&K Municipal Enhanced Yield Fund) are both mutual funds - ARSMX is a Small Cap Value Equities fund managed by AMG, while GWMEX is a High Yield Muni fund managed by AMG. Over the past 10 years, ARSMX returned 9.26%/yr vs 3.50%/yr for GWMEX. At a correlation of -0.10, they often move in opposite directions. ARSMX charges 1.27%/yr vs 0.64%/yr for GWMEX.

Performance

ARSMX vs. GWMEX - 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 GW&K Municipal Enhanced Yield Fund (GWMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSMX achieves a -0.63% return, which is significantly lower than GWMEX's 2.18% return. Over the past 10 years, ARSMX has outperformed GWMEX with an annualized return of 9.26%, while GWMEX has yielded a comparatively lower 3.50% annualized return.

ARSMX

• 1D: 0.00%
• 1M: -1.56%
• YTD: -0.63%
• 6M: -5.58%
• 1Y: 0.32%
• 3Y*: 8.37%
• 5Y*: 3.61%
• 10Y*: 9.26%

GWMEX

• 1D: 0.23%
• 1M: 1.24%
• YTD: 2.18%
• 6M: 2.51%
• 1Y: 8.86%
• 3Y*: 4.27%
• 5Y*: 1.78%
• 10Y*: 3.50%

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

ARSMX vs. GWMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSMX AMG River Road Small-Mid Cap Value Fund	-0.63%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	2.18%	2.50%	2.61%	10.89%	-17.86%	15.05%	6.32%	12.51%	-0.06%	9.79%

Correlation

The correlation between ARSMX and GWMEX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	-0.10

The correlation between ARSMX and GWMEX shifts across timeframes, from -0.10 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ARSMX vs. GWMEX — Risk / Return Rank

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

ARSMX

ARSMX Risk / Return Rank: 3
ARSMX Sharpe Ratio Rank: 3
ARSMX Sortino Ratio Rank: 3
ARSMX Omega Ratio Rank: 3
ARSMX Calmar Ratio Rank: 3
ARSMX Martin Ratio Rank: 3

GWMEX

GWMEX Risk / Return Rank: 54
GWMEX Sharpe Ratio Rank: 57
GWMEX Sortino Ratio Rank: 64
GWMEX Omega Ratio Rank: 79
GWMEX Calmar Ratio Rank: 35
GWMEX Martin Ratio Rank: 36

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. GWMEX - 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 GW&K Municipal Enhanced Yield Fund (GWMEX). 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.

	ARSMX	GWMEX	Difference
Sharpe ratio: Return per unit of total volatility	0.11	2.22	-2.12
Sortino ratio: Return per unit of downside risk	0.25	3.36	-3.11
Omega ratio: Gain probability vs. loss probability	1.03	1.52	-0.49
Calmar ratio: Return relative to maximum drawdown	0.15	2.23	-2.08
Martin ratio: Return relative to average drawdown	0.35	7.92	-7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARSMX vs. GWMEX - Sharpe Ratio Comparison

The current ARSMX Sharpe Ratio is 0.11, which is lower than the GWMEX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ARSMX and GWMEX, 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

	ARSMX	GWMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	2.22	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.23	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.52	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.65	-0.30

Drawdowns

ARSMX vs. GWMEX - Drawdown Comparison

The maximum ARSMX drawdown since its inception was -51.75%, which is greater than GWMEX's maximum drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for ARSMX and GWMEX.

Drawdown Indicators

	ARSMX	GWMEX	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-36.30%	-15.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-3.95%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-9.08%	-10.26%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-24.06%	+4.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.96%	-24.06%	-18.90%
Current Drawdown Current decline from peak	-8.08%	-2.20%	-5.88%
Average Drawdown Average peak-to-trough decline	-8.11%	-5.70%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	1.11%	+3.23%

Volatility

ARSMX vs. GWMEX - Volatility Comparison

AMG River Road Small-Mid Cap Value Fund (ARSMX) has a higher volatility of 2.96% compared to AMG GW&K Municipal Enhanced Yield Fund (GWMEX) at 1.48%. This indicates that ARSMX's price experiences larger fluctuations and is considered to be riskier than GWMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSMX	GWMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	1.48%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	2.95%	+7.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	3.98%	+10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	7.80%	+9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	6.76%	+12.82%

ARSMX vs. GWMEX - Expense Ratio Comparison

ARSMX has a 1.27% expense ratio, which is higher than GWMEX's 0.64% expense ratio.

Dividends

ARSMX vs. GWMEX - Dividend Comparison

ARSMX has not paid dividends to shareholders, while GWMEX's dividend yield for the trailing twelve months is around 3.41%.

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%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	3.41%	3.67%	3.38%	3.10%	3.33%	13.26%	3.63%	4.59%	5.82%	2.97%	7.96%	4.77%

Frequently Asked Questions

Can I hold both ARSMX and GWMEX in my portfolio?

ARSMX and GWMEX have a correlation of 0.12, 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 GWMEX?

ARSMX has higher volatility (2.96%) compared to GWMEX (1.48%). In terms of maximum drawdown, ARSMX dropped -51.75% vs GWMEX's -36.30%.

Which has better risk-adjusted returns?

GWMEX currently has the higher Sharpe Ratio (2.22 vs 0.11), 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.