GWMEX vs. ARSMX

Last updated Jun 4, 2026

GWMEX (AMG GW&K Municipal Enhanced Yield Fund) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both mutual funds - GWMEX is a High Yield Muni fund managed by AMG, while ARSMX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, GWMEX returned 3.50%/yr vs 9.26%/yr for ARSMX. At a correlation of -0.10, they often move in opposite directions. GWMEX charges 0.64%/yr vs 1.27%/yr for ARSMX.

Performance

GWMEX vs. ARSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWMEX achieves a 2.18% return, which is significantly higher than ARSMX's -0.63% return. Over the past 10 years, GWMEX has underperformed ARSMX with an annualized return of 3.50%, while ARSMX has yielded a comparatively higher 9.26% annualized return.

GWMEX

• 1D: 0.23%
• 1M: 1.24%
• YTD: 2.18%
• 6M: 2.51%
• 1Y: 8.86%
• 3Y*: 4.27%
• 5Y*: 1.78%
• 10Y*: 3.50%

ARSMX

• 1D: 0.00%
• 1M: -1.56%
• YTD: -0.63%
• 6M: -5.58%
• 1Y: 0.32%
• 3Y*: 8.37%
• 5Y*: 3.61%
• 10Y*: 9.26%

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

GWMEX vs. ARSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWMEX AMG GW&K Municipal Enhanced Yield Fund	2.18%	2.50%	2.61%	10.89%	-17.86%	15.05%	6.32%	12.51%	-0.06%	9.79%
ARSMX AMG River Road Small-Mid Cap Value Fund	-0.63%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%

Correlation

The correlation between GWMEX and ARSMX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	-0.10

The correlation between GWMEX and ARSMX shifts across timeframes, from -0.10 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GWMEX vs. ARSMX — Risk / Return Rank

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

GWMEX

GWMEX Risk / Return Rank: 54
GWMEX Sharpe Ratio Rank: 57
GWMEX Sortino Ratio Rank: 64
GWMEX Omega Ratio Rank: 79
GWMEX Calmar Ratio Rank: 35
GWMEX Martin Ratio Rank: 36

ARSMX

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

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.

GWMEX vs. ARSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.

	GWMEX	ARSMX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	0.11	+2.12
Sortino ratio: Return per unit of downside risk	3.36	0.25	+3.11
Omega ratio: Gain probability vs. loss probability	1.52	1.03	+0.49
Calmar ratio: Return relative to maximum drawdown	2.23	0.15	+2.08
Martin ratio: Return relative to average drawdown	7.92	0.35	+7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWMEX vs. ARSMX - Sharpe Ratio Comparison

The current GWMEX Sharpe Ratio is 2.22, which is higher than the ARSMX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of GWMEX and ARSMX, 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

	GWMEX	ARSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	0.11	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.20	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.48	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.35	+0.30

Drawdowns

GWMEX vs. ARSMX - Drawdown Comparison

The maximum GWMEX drawdown since its inception was -36.30%, smaller than the maximum ARSMX drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for GWMEX and ARSMX.

Drawdown Indicators

	GWMEX	ARSMX	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-51.75%	+15.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.95%	-10.37%	+6.42%
Max Drawdown (3Y) Largest decline over 3 years	-9.08%	-19.34%	+10.26%
Max Drawdown (5Y) Largest decline over 5 years	-24.06%	-19.34%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	-24.06%	-42.96%	+18.90%
Current Drawdown Current decline from peak	-2.20%	-8.08%	+5.88%
Average Drawdown Average peak-to-trough decline	-5.70%	-8.11%	+2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	4.34%	-3.23%

Volatility

GWMEX vs. ARSMX - Volatility Comparison

The current volatility for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) is 1.48%, while AMG River Road Small-Mid Cap Value Fund (ARSMX) has a volatility of 2.96%. This indicates that GWMEX experiences smaller price fluctuations and is considered to be less risky than ARSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWMEX	ARSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	2.96%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	10.18%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	3.98%	14.38%	-10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	17.78%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.76%	19.58%	-12.82%

GWMEX vs. ARSMX - Expense Ratio Comparison

GWMEX has a 0.64% expense ratio, which is lower than ARSMX's 1.27% expense ratio.

Dividends

GWMEX vs. ARSMX - Dividend Comparison

GWMEX's dividend yield for the trailing twelve months is around 3.41%, while ARSMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSMX AMG River Road Small-Mid Cap Value Fund	0.00%	0.00%	9.27%	3.89%	4.85%	5.86%	0.00%	3.60%	8.60%	15.66%	8.03%	17.82%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	3.41%	3.67%	3.38%	3.10%	3.33%	13.26%	3.63%	4.59%	5.82%	2.97%	7.96%	4.77%

Frequently Asked Questions

Can I hold both GWMEX and ARSMX in my portfolio?

GWMEX and ARSMX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWMEX or ARSMX?

ARSMX has higher volatility (2.96%) compared to GWMEX (1.48%). In terms of maximum drawdown, GWMEX dropped -36.30% vs ARSMX's -51.75%.

Which has better risk-adjusted returns?

GWMEX currently has the higher Sharpe Ratio (2.22 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.