GWGIX vs. FOCSX

Last updated Jun 23, 2026

GWGIX (AMG GW&K Small/Mid Cap Fund) and FOCSX (Fidelity Small Cap Growth K6 Fund) are both mutual funds - GWGIX is a Mid Cap Growth Equities fund managed by AMG, while FOCSX is a Small Cap Growth Equities fund managed by Fidelity. Over the past 5 years, GWGIX returned 6.87%/yr vs 9.27%/yr for FOCSX. Their correlation of 0.90 suggests significant overlap in exposure. GWGIX charges 0.87%/yr vs 0.60%/yr for FOCSX.

Performance

GWGIX vs. FOCSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Small/Mid Cap Fund (GWGIX) and Fidelity Small Cap Growth K6 Fund (FOCSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWGIX achieves a 17.30% return, which is significantly lower than FOCSX's 24.12% return.

GWGIX

• 1D: 1.57%
• 1M: 3.63%
• YTD: 17.30%
• 6M: 14.74%
• 1Y: 26.64%
• 3Y*: 13.27%
• 5Y*: 6.87%
• 10Y*: 11.24%

FOCSX

• 1D: 2.43%
• 1M: 6.15%
• YTD: 24.12%
• 6M: 19.78%
• 1Y: 44.51%
• 3Y*: 22.19%
• 5Y*: 9.27%
• 10Y*: —

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

GWGIX vs. FOCSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWGIX AMG GW&K Small/Mid Cap Fund	17.30%	1.53%	10.85%	14.76%	-18.09%	26.01%	23.31%	31.02%	-8.14%	7.23%
FOCSX Fidelity Small Cap Growth K6 Fund	24.12%	11.33%	21.04%	19.62%	-25.01%	10.50%	37.44%	36.25%	-4.60%	16.21%

Correlation

The correlation between GWGIX and FOCSX 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	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 25, 2017	0.90

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

Return for Risk

GWGIX vs. FOCSX — Risk / Return Rank

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

GWGIX

GWGIX Risk / Return Rank: 40
GWGIX Sharpe Ratio Rank: 33
GWGIX Sortino Ratio Rank: 33
GWGIX Omega Ratio Rank: 31
GWGIX Calmar Ratio Rank: 57
GWGIX Martin Ratio Rank: 49

FOCSX

FOCSX Risk / Return Rank: 60
FOCSX Sharpe Ratio Rank: 53
FOCSX Sortino Ratio Rank: 47
FOCSX Omega Ratio Rank: 43
FOCSX Calmar Ratio Rank: 79
FOCSX Martin Ratio Rank: 78

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.

GWGIX vs. FOCSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Small/Mid Cap Fund (GWGIX) and Fidelity Small Cap Growth K6 Fund (FOCSX). 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.

	GWGIX	FOCSX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.98	-0.44
Sortino ratio: Return per unit of downside risk	2.22	2.66	-0.44
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.76	3.42	-0.65
Martin ratio: Return relative to average drawdown	9.48	13.62	-4.14

GWGIX vs. FOCSX - Sharpe Ratio Comparison

The current GWGIX Sharpe Ratio is 1.54, which is comparable to the FOCSX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GWGIX and FOCSX, 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

GWGIX vs. FOCSX - Drawdown Comparison

The maximum GWGIX drawdown since its inception was -37.41%, roughly equal to the maximum FOCSX drawdown of -38.79%. Use the drawdown chart below to compare losses from any high point for GWGIX and FOCSX.

Drawdown Indicators

	GWGIX	FOCSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.41%	-38.79%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-12.98%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	-28.51%	+2.66%
Max Drawdown (5Y) Largest decline over 5 years	-27.18%	-38.79%	+11.61%
Max Drawdown (10Y) Largest decline over 10 years	-37.41%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.94%	-10.90%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.24%	-0.37%

Volatility

GWGIX vs. FOCSX - Volatility Comparison

The current volatility for AMG GW&K Small/Mid Cap Fund (GWGIX) is 5.61%, while Fidelity Small Cap Growth K6 Fund (FOCSX) has a volatility of 8.12%. This indicates that GWGIX experiences smaller price fluctuations and is considered to be less risky than FOCSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWGIX	FOCSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	8.12%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	17.47%	-3.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	22.34%	-4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	23.67%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	23.64%	-3.37%

GWGIX vs. FOCSX - Expense Ratio Comparison

GWGIX has a 0.87% expense ratio, which is higher than FOCSX's 0.60% expense ratio.

Dividends

GWGIX vs. FOCSX - Dividend Comparison

GWGIX has not paid dividends to shareholders, while FOCSX's dividend yield for the trailing twelve months is around 2.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FOCSX Fidelity Small Cap Growth K6 Fund	2.21%	2.74%	2.26%	0.23%	0.05%	31.03%	2.78%	0.00%	2.47%	0.09%	0.00%
GWGIX AMG GW&K Small/Mid Cap Fund	0.00%	0.00%	0.95%	0.19%	4.22%	5.45%	0.12%	0.37%	2.48%	1.46%	0.05%

Frequently Asked Questions

Can I hold both GWGIX and FOCSX in my portfolio?

GWGIX and FOCSX 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, GWGIX or FOCSX?

FOCSX has higher volatility (8.12%) compared to GWGIX (5.61%). In terms of maximum drawdown, GWGIX dropped -37.41% vs FOCSX's -38.79%.

Which has better risk-adjusted returns?

FOCSX currently has the higher Sharpe Ratio (1.98 vs 1.54), 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.