CZMGX vs. BLUEX

Last updated Jun 23, 2026

CZMGX (Multi-Manager Growth Strategies Fund) and BLUEX (AMG Veritas Global Real Return Fund) are both Large Cap Growth Equities funds. Over the past 5 years, CZMGX returned 12.75%/yr vs -0.01%/yr for BLUEX. A 0.75 correlation means they provide meaningful diversification when combined. CZMGX charges 0.74%/yr vs 1.15%/yr for BLUEX.

Performance

CZMGX vs. BLUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Multi-Manager Growth Strategies Fund (CZMGX) 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, CZMGX achieves a 7.14% return, which is significantly higher than BLUEX's -7.13% return.

CZMGX

• 1D: 1.58%
• 1M: 0.67%
• YTD: 7.14%
• 6M: 6.38%
• 1Y: 21.99%
• 3Y*: 22.26%
• 5Y*: 12.75%
• 10Y*: —

BLUEX

• 1D: 0.05%
• 1M: -0.40%
• YTD: -7.13%
• 6M: -7.13%
• 1Y: -5.88%
• 3Y*: 2.81%
• 5Y*: -0.01%
• 10Y*: 9.46%

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

CZMGX vs. BLUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZMGX Multi-Manager Growth Strategies Fund	7.14%	15.18%	34.55%	41.78%	-29.41%	19.80%	33.39%	33.59%	-12.36%	25.10%
BLUEX AMG Veritas Global Real Return Fund	-7.13%	4.45%	7.24%	14.35%	-14.30%	3.22%	34.74%	35.34%	-4.91%	21.93%

Correlation

The correlation between CZMGX and BLUEX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017	0.75

Over the past year, the correlation between CZMGX and BLUEX has dropped to 0.37 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

CZMGX vs. BLUEX — Risk / Return Rank

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

CZMGX

CZMGX Risk / Return Rank: 20
CZMGX Sharpe Ratio Rank: 23
CZMGX Sortino Ratio Rank: 21
CZMGX Omega Ratio Rank: 22
CZMGX Calmar Ratio Rank: 15
CZMGX Martin Ratio Rank: 16

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.

CZMGX vs. BLUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Growth Strategies Fund (CZMGX) 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.

	CZMGX	BLUEX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	-0.60	+1.88
Sortino ratio: Return per unit of downside risk	1.79	-0.78	+2.57
Omega ratio: Gain probability vs. loss probability	1.23	0.91	+0.32
Calmar ratio: Return relative to maximum drawdown	1.29	-0.51	+1.80
Martin ratio: Return relative to average drawdown	4.14	-1.19	+5.34

CZMGX vs. BLUEX - Sharpe Ratio Comparison

The current CZMGX Sharpe Ratio is 1.28, which is higher than the BLUEX Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of CZMGX 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

CZMGX vs. BLUEX - Drawdown Comparison

The maximum CZMGX drawdown since its inception was -35.23%, smaller than the maximum BLUEX drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for CZMGX and BLUEX.

Drawdown Indicators

	CZMGX	BLUEX	Difference
Max Drawdown Largest peak-to-trough decline	-35.23%	-54.27%	+19.04%
Max Drawdown (1Y) Largest decline over 1 year	-16.55%	-12.19%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-22.71%	-12.19%	-10.52%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	-21.87%	-13.36%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.06%	—
Current Drawdown Current decline from peak	-2.85%	-9.06%	+6.21%
Average Drawdown Average peak-to-trough decline	-7.56%	-13.36%	+5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	5.16%	-0.02%

Volatility

CZMGX vs. BLUEX - Volatility Comparison

Multi-Manager Growth Strategies Fund (CZMGX) has a higher volatility of 6.62% compared to AMG Veritas Global Real Return Fund (BLUEX) at 3.82%. This indicates that CZMGX's price experiences larger fluctuations and is considered to be riskier than BLUEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZMGX	BLUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	3.82%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	8.22%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.65%	10.40%	+6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.67%	10.71%	+10.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	16.60%	+5.26%

CZMGX vs. BLUEX - Expense Ratio Comparison

CZMGX has a 0.74% expense ratio, which is lower than BLUEX's 1.15% expense ratio.

Dividends

CZMGX vs. BLUEX - Dividend Comparison

CZMGX 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
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%
CZMGX Multi-Manager Growth Strategies Fund	0.00%	11.02%	10.86%	5.59%	10.39%	15.19%	5.04%	5.53%	6.87%	4.66%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CZMGX and BLUEX in my portfolio?

CZMGX and BLUEX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZMGX or BLUEX?

CZMGX has higher volatility (6.62%) compared to BLUEX (3.82%). In terms of maximum drawdown, CZMGX dropped -35.23% vs BLUEX's -54.27%.

Which has better risk-adjusted returns?

CZMGX currently has the higher Sharpe Ratio (1.28 vs -0.59), 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.