ARSMX vs. TMDIX

Last updated Jun 5, 2026

ARSMX (AMG River Road Small-Mid Cap Value Fund) and TMDIX (AMG TimesSquare Mid Cap Growth Fund) are both mutual funds - ARSMX is a Small Cap Value Equities fund managed by AMG, while TMDIX is a Mid Cap Growth Equities fund managed by AMG. Over the past 10 years, ARSMX returned 9.25%/yr vs 13.05%/yr for TMDIX. Their correlation of 0.82 suggests significant overlap in exposure. ARSMX charges 1.27%/yr vs 0.98%/yr for TMDIX.

Performance

ARSMX vs. TMDIX - 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 TimesSquare Mid Cap Growth Fund (TMDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSMX achieves a -0.73% return, which is significantly lower than TMDIX's 4.53% return. Over the past 10 years, ARSMX has underperformed TMDIX with an annualized return of 9.25%, while TMDIX has yielded a comparatively higher 13.05% annualized return.

ARSMX

• 1D: -0.11%
• 1M: -1.77%
• YTD: -0.73%
• 6M: -5.59%
• 1Y: 0.64%
• 3Y*: 8.33%
• 5Y*: 3.52%
• 10Y*: 9.25%

TMDIX

• 1D: -0.51%
• 1M: 4.28%
• YTD: 4.53%
• 6M: -7.83%
• 1Y: -3.78%
• 3Y*: 9.05%
• 5Y*: 4.40%
• 10Y*: 13.05%

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

ARSMX vs. TMDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSMX AMG River Road Small-Mid Cap Value Fund	-0.73%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%
TMDIX AMG TimesSquare Mid Cap Growth Fund	4.53%	-1.76%	10.84%	25.07%	-22.26%	16.75%	33.42%	63.26%	-4.28%	22.66%

Correlation

The correlation between ARSMX and TMDIX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.82

The correlation between ARSMX and TMDIX shifts across timeframes, from 0.66 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ARSMX vs. TMDIX — 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

TMDIX

TMDIX Risk / Return Rank: 2
TMDIX Sharpe Ratio Rank: 2
TMDIX Sortino Ratio Rank: 2
TMDIX Omega Ratio Rank: 2
TMDIX Calmar Ratio Rank: 2
TMDIX Martin Ratio Rank: 2

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. TMDIX - 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 TimesSquare Mid Cap Growth Fund (TMDIX). 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	TMDIX	Difference
Sharpe ratio: Return per unit of total volatility	0.02	-0.18	+0.20
Sortino ratio: Return per unit of downside risk	0.12	-0.11	+0.23
Omega ratio: Gain probability vs. loss probability	1.01	0.98	+0.03
Calmar ratio: Return relative to maximum drawdown	0.02	-0.14	+0.16
Martin ratio: Return relative to average drawdown	0.05	-0.29	+0.34
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. TMDIX - Sharpe Ratio Comparison

The current ARSMX Sharpe Ratio is 0.02, which is higher than the TMDIX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of ARSMX and TMDIX, 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	TMDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	-0.18	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.22	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.62	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.54	-0.18

Drawdowns

ARSMX vs. TMDIX - Drawdown Comparison

The maximum ARSMX drawdown since its inception was -51.75%, which is greater than TMDIX's maximum drawdown of -48.73%. Use the drawdown chart below to compare losses from any high point for ARSMX and TMDIX.

Drawdown Indicators

	ARSMX	TMDIX	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-48.73%	-3.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-25.45%	+15.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-25.45%	+6.11%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-30.53%	+11.19%
Max Drawdown (10Y) Largest decline over 10 years	-42.96%	-35.44%	-7.52%
Current Drawdown Current decline from peak	-8.18%	-12.48%	+4.30%
Average Drawdown Average peak-to-trough decline	-8.11%	-7.16%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	12.11%	-7.74%

Volatility

ARSMX vs. TMDIX - Volatility Comparison

The current volatility for AMG River Road Small-Mid Cap Value Fund (ARSMX) is 2.68%, while AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a volatility of 3.99%. This indicates that ARSMX experiences smaller price fluctuations and is considered to be less risky than TMDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSMX	TMDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.99%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	10.16%	17.14%	-6.98%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	19.56%	-5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	20.38%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	21.08%	-1.51%

ARSMX vs. TMDIX - Expense Ratio Comparison

ARSMX has a 1.27% expense ratio, which is higher than TMDIX's 0.98% expense ratio.

Dividends

ARSMX vs. TMDIX - Dividend Comparison

Neither ARSMX nor TMDIX has paid dividends to shareholders.

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%
TMDIX AMG TimesSquare Mid Cap Growth Fund	0.00%	0.00%	8.08%	3.98%	3.69%	29.72%	18.28%	31.06%	16.38%	14.44%	5.90%	7.73%

Frequently Asked Questions

Can I hold both ARSMX and TMDIX in my portfolio?

ARSMX and TMDIX have a correlation of 0.66, 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 TMDIX?

TMDIX has higher volatility (3.99%) compared to ARSMX (2.68%). In terms of maximum drawdown, ARSMX dropped -51.75% vs TMDIX's -48.73%.

Which has better risk-adjusted returns?

ARSMX currently has the higher Sharpe Ratio (0.01 vs -0.18), 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.