GWETX vs. BLUEX

Last updated Jun 6, 2026

GWETX (AMG GW&K Small Cap Core Fund) and BLUEX (AMG Veritas Global Real Return Fund) are both mutual funds - GWETX is a Small Cap Blend Equities fund managed by AMG, while BLUEX is a Large Cap Growth Equities fund managed by AMG. Over the past 10 years, GWETX returned 9.67%/yr vs 9.46%/yr for BLUEX. A 0.77 correlation means they provide meaningful diversification when combined. GWETX charges 1.30%/yr vs 1.15%/yr for BLUEX.

Performance

GWETX vs. BLUEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Small Cap Core Fund (GWETX) 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, GWETX achieves a 12.10% return, which is significantly higher than BLUEX's -5.71% return. Both investments have delivered pretty close results over the past 10 years, with GWETX having a 9.67% annualized return and BLUEX not far behind at 9.46%.

GWETX

• 1D: 1.33%
• 1M: -0.31%
• YTD: 12.10%
• 6M: 1.64%
• 1Y: 17.50%
• 3Y*: 11.66%
• 5Y*: 3.63%
• 10Y*: 9.67%

BLUEX

• 1D: 1.91%
• 1M: -0.76%
• YTD: -5.71%
• 6M: -4.77%
• 1Y: -5.46%
• 3Y*: 3.75%
• 5Y*: 0.41%
• 10Y*: 9.46%

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

GWETX vs. BLUEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWETX AMG GW&K Small Cap Core Fund	12.10%	-0.62%	13.60%	8.03%	-16.60%	21.09%	17.72%	38.10%	-14.03%	20.32%
BLUEX AMG Veritas Global Real Return Fund	-5.71%	4.45%	7.24%	14.35%	-14.30%	3.22%	34.74%	35.34%	-4.91%	27.86%

Correlation

The correlation between GWETX and BLUEX is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 1997	0.77

Over the past year, the correlation between GWETX and BLUEX has dropped to 0.50 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

GWETX vs. BLUEX — Risk / Return Rank

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

GWETX

GWETX Risk / Return Rank: 13
GWETX Sharpe Ratio Rank: 12
GWETX Sortino Ratio Rank: 12
GWETX Omega Ratio Rank: 13
GWETX Calmar Ratio Rank: 16
GWETX Martin Ratio Rank: 14

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.

GWETX vs. BLUEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Small Cap Core Fund (GWETX) 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.

	GWETX	BLUEX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-0.56	+1.46
Sortino ratio: Return per unit of downside risk	1.29	-0.74	+2.02
Omega ratio: Gain probability vs. loss probability	1.18	0.92	+0.26
Calmar ratio: Return relative to maximum drawdown	1.31	-0.47	+1.78
Martin ratio: Return relative to average drawdown	3.71	-1.16	+4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWETX vs. BLUEX - Sharpe Ratio Comparison

The current GWETX Sharpe Ratio is 0.90, which is higher than the BLUEX Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of GWETX 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.

Sharpe Ratios by Period

	GWETX	BLUEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	-0.56	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.04	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.57	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.50	-0.26

Drawdowns

GWETX vs. BLUEX - Drawdown Comparison

The maximum GWETX drawdown since its inception was -67.27%, which is greater than BLUEX's maximum drawdown of -54.27%. Use the drawdown chart below to compare losses from any high point for GWETX and BLUEX.

Drawdown Indicators

	GWETX	BLUEX	Difference
Max Drawdown Largest peak-to-trough decline	-67.27%	-54.27%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-12.19%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-24.48%	-12.19%	-12.29%
Max Drawdown (5Y) Largest decline over 5 years	-30.50%	-21.87%	-8.63%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-29.06%	-12.31%
Current Drawdown Current decline from peak	-0.31%	-7.67%	+7.36%
Average Drawdown Average peak-to-trough decline	-19.30%	-13.36%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	4.91%	-0.24%

Volatility

GWETX vs. BLUEX - Volatility Comparison

AMG GW&K Small Cap Core Fund (GWETX) has a higher volatility of 4.87% compared to AMG Veritas Global Real Return Fund (BLUEX) at 4.02%. This indicates that GWETX'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

	GWETX	BLUEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.02%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	8.01%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	10.21%	+9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	10.66%	+10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	16.60%	+5.61%

GWETX vs. BLUEX - Expense Ratio Comparison

GWETX has a 1.30% expense ratio, which is higher than BLUEX's 1.15% expense ratio.

Dividends

GWETX vs. BLUEX - Dividend Comparison

GWETX has not paid dividends to shareholders, while BLUEX's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLUEX AMG Veritas Global Real Return Fund	0.33%	0.31%	0.29%	0.03%	11.84%	27.20%	25.43%	13.71%	13.40%	0.00%	0.00%	0.24%
GWETX AMG GW&K Small Cap Core Fund	0.00%	0.00%	4.04%	0.70%	0.75%	9.16%	2.43%	10.50%	14.38%	5.46%	4.24%	4.10%

Frequently Asked Questions

Can I hold both GWETX and BLUEX in my portfolio?

GWETX and BLUEX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWETX or BLUEX?

GWETX has higher volatility (4.87%) compared to BLUEX (4.02%). In terms of maximum drawdown, GWETX dropped -67.27% vs BLUEX's -54.27%.

Which has better risk-adjusted returns?

GWETX currently has the higher Sharpe Ratio (0.90 vs -0.56), 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.