GWETX vs. VSCPX

Last updated Jun 23, 2026

GWETX (AMG GW&K Small Cap Core Fund) and VSCPX (Vanguard Small-Cap Index Fund Institutional Plus Shares) are both Small Cap Blend Equities funds. Over the past 10 years, GWETX returned 10.11%/yr vs 11.49%/yr for VSCPX. With a 0.96 correlation, they move nearly in lockstep. GWETX charges 1.30%/yr vs 0.03%/yr for VSCPX.

Performance

GWETX vs. VSCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Small Cap Core Fund (GWETX) and Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWETX achieves a 14.63% return, which is significantly lower than VSCPX's 15.44% return. Over the past 10 years, GWETX has underperformed VSCPX with an annualized return of 10.11%, while VSCPX has yielded a comparatively higher 11.49% annualized return.

GWETX

• 1D: 1.81%
• 1M: 4.09%
• YTD: 14.63%
• 6M: 11.77%
• 1Y: 20.12%
• 3Y*: 11.00%
• 5Y*: 4.54%
• 10Y*: 10.11%

VSCPX

• 1D: 1.27%
• 1M: 2.62%
• YTD: 15.44%
• 6M: 12.72%
• 1Y: 29.91%
• 3Y*: 16.31%
• 5Y*: 7.89%
• 10Y*: 11.49%

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

GWETX vs. VSCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWETX AMG GW&K Small Cap Core Fund	14.63%	-0.62%	13.60%	8.03%	-16.60%	21.09%	17.72%	38.10%	-14.03%	20.32%
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	15.44%	8.86%	12.98%	19.52%	-17.59%	17.75%	19.09%	27.40%	-9.31%	16.27%

Correlation

The correlation between GWETX and VSCPX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010	0.96

The correlation between GWETX and VSCPX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

GWETX vs. VSCPX — Risk / Return Rank

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

GWETX

GWETX Risk / Return Rank: 17
GWETX Sharpe Ratio Rank: 15
GWETX Sortino Ratio Rank: 14
GWETX Omega Ratio Rank: 16
GWETX Calmar Ratio Rank: 20
GWETX Martin Ratio Rank: 17

VSCPX

VSCPX Risk / Return Rank: 55
VSCPX Sharpe Ratio Rank: 45
VSCPX Sortino Ratio Rank: 44
VSCPX Omega Ratio Rank: 40
VSCPX Calmar Ratio Rank: 78
VSCPX Martin Ratio Rank: 68

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. VSCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Small Cap Core Fund (GWETX) and Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX). 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.

	GWETX	VSCPX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.81	-0.78
Sortino ratio: Return per unit of downside risk	1.45	2.57	-1.12
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.53	3.36	-1.83
Martin ratio: Return relative to average drawdown	4.32	12.36	-8.04

GWETX vs. VSCPX - Sharpe Ratio Comparison

The current GWETX Sharpe Ratio is 1.03, which is lower than the VSCPX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of GWETX and VSCPX, 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

GWETX vs. VSCPX - Drawdown Comparison

The maximum GWETX drawdown since its inception was -67.27%, which is greater than VSCPX's maximum drawdown of -41.81%. Use the drawdown chart below to compare losses from any high point for GWETX and VSCPX.

Drawdown Indicators

	GWETX	VSCPX	Difference
Max Drawdown Largest peak-to-trough decline	-67.27%	-41.81%	-25.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.26%	-8.97%	-4.29%
Max Drawdown (3Y) Largest decline over 3 years	-24.48%	-25.25%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-30.50%	-28.13%	-2.37%
Max Drawdown (10Y) Largest decline over 10 years	-41.37%	-41.81%	+0.44%
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-19.27%	-6.48%	-12.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	2.43%	+2.24%

Volatility

GWETX vs. VSCPX - Volatility Comparison

AMG GW&K Small Cap Core Fund (GWETX) has a higher volatility of 5.60% compared to Vanguard Small-Cap Index Fund Institutional Plus Shares (VSCPX) at 5.30%. This indicates that GWETX's price experiences larger fluctuations and is considered to be riskier than VSCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWETX	VSCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	5.30%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	12.24%	+3.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.71%	16.65%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	20.77%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	21.60%	+0.64%

GWETX vs. VSCPX - Expense Ratio Comparison

GWETX has a 1.30% expense ratio, which is higher than VSCPX's 0.03% expense ratio.

Dividends

GWETX vs. VSCPX - Dividend Comparison

GWETX has not paid dividends to shareholders, while VSCPX's dividend yield for the trailing twelve months is around 1.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VSCPX Vanguard Small-Cap Index Fund Institutional Plus Shares	1.20%	1.35%	1.32%	1.56%	1.56%	1.26%	1.16%	1.41%	1.69%	1.37%	1.52%	1.51%

Frequently Asked Questions

Can I hold both GWETX and VSCPX in my portfolio?

With a correlation of 0.93, GWETX and VSCPX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GWETX or VSCPX?

GWETX has higher volatility (5.60%) compared to VSCPX (5.30%). In terms of maximum drawdown, GWETX dropped -67.27% vs VSCPX's -41.81%.

Which has better risk-adjusted returns?

VSCPX currently has the higher Sharpe Ratio (1.81 vs 1.03), 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.