ARSMX vs. VESMX

Last updated Aug 1, 2026

ARSMX (AMG River Road Small-Mid Cap Value Fund) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, ARSMX returned 6.50%/yr vs 8.22%/yr for VESMX. Their correlation of 0.90 means they have usually moved in the same direction. ARSMX charges 1.27%/yr vs 1.20%/yr for VESMX.

Performance

ARSMX vs. VESMX - 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 VELA Small Cap Fund (VESMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSMX achieves a 10.49% return, which is significantly higher than VESMX's 9.23% return.

ARSMX

• 1D: -1.31%
• 1M: 2.53%
• 6M: 8.11%
• YTD: 10.49%
• 1Y: 9.57%
• 3Y*: 9.29%
• 5Y*: 6.50%
• 10Y*: 10.18%
• ALL TIME*: 7.70%

VESMX

• 1D: -0.45%
• 1M: 1.36%
• 6M: 4.98%
• YTD: 9.23%
• 1Y: 22.00%
• 3Y*: 10.08%
• 5Y*: 8.22%
• 10Y*: —
• ALL TIME*: 14.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARSMX AMG River Road Small-Mid Cap Value Fund	$0.00	$0.00	$0.00
VESMX VELA Small Cap Fund	$0.00	$0.00	$0.00

ARSMX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ARSMX AMG River Road Small-Mid Cap Value Fund	10.49%	-0.83%	12.42%	14.48%	-8.62%	23.41%	22.65%
VESMX VELA Small Cap Fund	9.23%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between ARSMX and VESMX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020	0.90

The correlation between ARSMX and VESMX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

ARSMX vs. VESMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARSMX

ARSMX Risk / Return Rank: 13
ARSMX Sharpe Ratio Rank: 13
ARSMX Sortino Ratio Rank: 13
ARSMX Omega Ratio Rank: 14
ARSMX Calmar Ratio Rank: 15
ARSMX Martin Ratio Rank: 12

VESMX

VESMX Risk / Return Rank: 41
VESMX Sharpe Ratio Rank: 40
VESMX Sortino Ratio Rank: 44
VESMX Omega Ratio Rank: 36
VESMX Calmar Ratio Rank: 47
VESMX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARSMX vs. VESMX - 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 VELA Small Cap Fund (VESMX). 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	VESMX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.22	-0.71
Sortino ratio: Return per unit of downside risk	0.81	1.86	-1.04
Omega ratio: Gain probability vs. loss probability	1.10	1.21	-0.11
Calmar ratio: Return relative to maximum drawdown	0.71	1.83	-1.13
Martin ratio: Return relative to average drawdown	1.64	5.65	-4.01

ARSMX vs. VESMX - Sharpe Ratio Comparison

The current ARSMX Sharpe Ratio is 0.51, which is lower than the VESMX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ARSMX and VESMX, 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. VESMX - Drawdown Comparison

The maximum ARSMX drawdown since its inception was -51.75%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for ARSMX and VESMX.

Drawdown Indicators

	ARSMX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-20.35%	-31.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-9.48%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-20.35%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-19.34%	-20.35%	+1.01%
Max Drawdown (10Y) Largest decline over 10 years	-42.96%	—	—
Current Drawdown Current decline from peak	-1.59%	-1.63%	+0.04%
Average Drawdown Average peak-to-trough decline	-8.06%	-4.48%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	3.11%	+1.36%

Volatility

ARSMX vs. VESMX - Volatility Comparison

AMG River Road Small-Mid Cap Value Fund (ARSMX) and VELA Small Cap Fund (VESMX) have volatilities of 4.05% and 4.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSMX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.06%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	10.19%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	14.28%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	17.24%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	18.10%	+1.41%

ARSMX vs. VESMX - Expense Ratio Comparison

ARSMX has a 1.27% expense ratio, which is higher than VESMX's 1.20% expense ratio.

Dividends

ARSMX vs. VESMX - Dividend Comparison

ARSMX has not paid dividends to shareholders, while VESMX's dividend yield for the trailing twelve months is around 0.92%.

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%
VESMX VELA Small Cap Fund	0.92%	1.01%	0.22%	0.66%	0.69%	0.98%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARSMX and VESMX in my portfolio?

ARSMX and VESMX have a correlation of 0.86, 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 VESMX?

VESMX has higher volatility (4.06%) compared to ARSMX (4.05%). In terms of maximum drawdown, ARSMX dropped -51.75% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

VESMX currently has the higher Sharpe Ratio (1.22 vs 0.51), 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.