ARSVX vs. VESMX

Last updated Jul 15, 2026

ARSVX (AMG River Road Small Cap Value Fund) and VESMX (VELA Small Cap Fund) are both Small Cap Value Equities funds. Over the past 5 years, ARSVX returned 5.61%/yr vs 8.22%/yr for VESMX. Their correlation of 0.90 suggests significant overlap in exposure. ARSVX charges 1.35%/yr vs 1.20%/yr for VESMX.

Performance

ARSVX vs. VESMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG River Road Small Cap Value Fund (ARSVX) and VELA Small Cap Fund (VESMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ARSVX having a 8.37% return and VESMX slightly higher at 8.74%.

ARSVX

• 1D: 0.19%
• 1M: 4.58%
• 6M: 5.21%
• YTD: 8.37%
• 1Y: -2.08%
• 3Y*: 7.24%
• 5Y*: 5.61%
• 10Y*: 9.53%

VESMX

• 1D: 0.23%
• 1M: 2.39%
• 6M: 4.36%
• YTD: 8.74%
• 1Y: 15.70%
• 3Y*: 11.10%
• 5Y*: 8.22%
• 10Y*: —

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

ARSVX vs. VESMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ARSVX AMG River Road Small Cap Value Fund	8.37%	-7.36%	14.05%	14.86%	-6.49%	21.14%	23.51%
VESMX VELA Small Cap Fund	8.74%	8.12%	10.77%	11.22%	-5.53%	31.60%	21.26%

Correlation

The correlation between ARSVX and VESMX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 2, 2020	0.90

The correlation between ARSVX and VESMX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

ARSVX vs. VESMX — Risk / Return Rank

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

ARSVX

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

VESMX

VESMX Risk / Return Rank: 29
VESMX Sharpe Ratio Rank: 27
VESMX Sortino Ratio Rank: 29
VESMX Omega Ratio Rank: 25
VESMX Calmar Ratio Rank: 32
VESMX Martin Ratio Rank: 29

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.

ARSVX vs. VESMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG River Road Small Cap Value Fund (ARSVX) 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.

	ARSVX	VESMX	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	1.11	-1.22
Sortino ratio: Return per unit of downside risk	-0.03	1.69	-1.73
Omega ratio: Gain probability vs. loss probability	1.00	1.20	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.12	1.67	-1.79
Martin ratio: Return relative to average drawdown	-0.22	5.01	-5.24

ARSVX vs. VESMX - Sharpe Ratio Comparison

The current ARSVX Sharpe Ratio is -0.11, which is lower than the VESMX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of ARSVX 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

ARSVX vs. VESMX - Drawdown Comparison

The maximum ARSVX drawdown since its inception was -54.85%, which is greater than VESMX's maximum drawdown of -20.35%. Use the drawdown chart below to compare losses from any high point for ARSVX and VESMX.

Drawdown Indicators

	ARSVX	VESMX	Difference
Max Drawdown Largest peak-to-trough decline	-54.85%	-20.35%	-34.50%
Max Drawdown (1Y) Largest decline over 1 year	-16.62%	-9.48%	-7.14%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-20.35%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-20.35%	+1.14%
Max Drawdown (10Y) Largest decline over 10 years	-40.52%	—	—
Current Drawdown Current decline from peak	-5.67%	-0.04%	-5.63%
Average Drawdown Average peak-to-trough decline	-8.68%	-4.51%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.50%	3.15%	+5.35%

Volatility

ARSVX vs. VESMX - Volatility Comparison

The current volatility for AMG River Road Small Cap Value Fund (ARSVX) is 3.39%, while VELA Small Cap Fund (VESMX) has a volatility of 3.59%. This indicates that ARSVX experiences smaller price fluctuations and is considered to be less risky than VESMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSVX	VESMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.59%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	10.02%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	17.06%	14.27%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	17.28%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	18.13%	+1.16%

ARSVX vs. VESMX - Expense Ratio Comparison

ARSVX has a 1.35% expense ratio, which is higher than VESMX's 1.20% expense ratio.

Dividends

ARSVX vs. VESMX - Dividend Comparison

ARSVX has not paid dividends to shareholders, while VESMX's dividend yield for the trailing twelve months is around 0.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSVX AMG River Road Small Cap Value Fund	0.00%	0.00%	8.50%	4.78%	3.87%	7.75%	0.00%	12.10%	13.01%	14.96%	4.96%	6.51%
VESMX VELA Small Cap Fund	0.93%	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 ARSVX and VESMX in my portfolio?

ARSVX 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, ARSVX or VESMX?

VESMX has higher volatility (3.59%) compared to ARSVX (3.39%). In terms of maximum drawdown, ARSVX dropped -54.85% vs VESMX's -20.35%.

Which has better risk-adjusted returns?

VESMX currently has the higher Sharpe Ratio (1.11 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.