GWMEX vs. MBDFX
GWMEX (AMG GW&K Municipal Enhanced Yield Fund) and MBDFX (AMG GW&K Core Bond ESG Fund) are both mutual funds - GWMEX is a High Yield Muni fund managed by AMG, while MBDFX is a Intermediate Core Bond fund managed by AMG. Over the past 10 years, GWMEX returned 3.13%/yr vs 0.99%/yr for MBDFX. Their 0.48 correlation means their historical movements had little consistent relationship. GWMEX charges 0.64%/yr vs 0.56%/yr for MBDFX.
Performance
GWMEX vs. MBDFX - Performance Comparison
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Returns By Period
In the year-to-date period, GWMEX achieves a 0.76% return, which is significantly higher than MBDFX's -1.16% return. Over the past 10 years, GWMEX has outperformed MBDFX with an annualized return of 3.13%, while MBDFX has yielded a comparatively lower 0.99% annualized return.
GWMEX
- 1D
- -0.35%
- 1M
- -2.06%
- 6M
- 0.44%
- YTD
- 0.76%
- 1Y
- 7.04%
- 3Y*
- 3.29%
- 5Y*
- 1.18%
- 10Y*
- 3.13%
- ALL TIME*
- 3.65%
MBDFX
- 1D
- 0.11%
- 1M
- -1.00%
- 6M
- -1.47%
- YTD
- -1.16%
- 1Y
- 1.27%
- 3Y*
- 3.52%
- 5Y*
- -1.04%
- 10Y*
- 0.99%
- ALL TIME*
- 2.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
GWMEX vs. MBDFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 0.76% | 2.50% | 2.61% | 10.89% | -17.86% | 15.05% | 6.32% | 12.51% | -0.06% | 9.79% |
MBDFX AMG GW&K Core Bond ESG Fund | -1.16% | 7.29% | 1.24% | 5.73% | -13.85% | -3.34% | 7.33% | 9.70% | -1.11% | 3.88% |
Correlation
The correlation between GWMEX and MBDFX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006 | 0.48 |
The correlation between GWMEX and MBDFX shifts across timeframes, from 0.48 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GWMEX vs. MBDFX — Risk / Return Rank
GWMEX
MBDFX
GWMEX vs. MBDFX - 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 GW&K Core Bond ESG Fund (MBDFX). 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.
| GWMEX | MBDFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.09 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 0.64 | +1.46 |
| Martin ratioReturn relative to average drawdown | 8.02 | 1.45 | +6.57 |
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Drawdowns
GWMEX vs. MBDFX - Drawdown Comparison
The maximum GWMEX drawdown since its inception was -36.30%, which is greater than MBDFX's maximum drawdown of -20.66%. Use the drawdown chart below to compare losses from any high point for GWMEX and MBDFX.
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Drawdown Indicators
| GWMEX | MBDFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.30% | -20.66% | -15.64% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.25% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -8.85% | -5.74% | -3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -20.47% | -3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -24.06% | -20.66% | -3.40% |
Current DrawdownCurrent decline from peak | -3.56% | -5.57% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -5.67% | -3.97% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.42% | -0.39% |
Volatility
GWMEX vs. MBDFX - Volatility Comparison
AMG GW&K Municipal Enhanced Yield Fund (GWMEX) has a higher volatility of 1.19% compared to AMG GW&K Core Bond ESG Fund (MBDFX) at 1.11%. This indicates that GWMEX's price experiences larger fluctuations and is considered to be riskier than MBDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GWMEX | MBDFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.11% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 3.01% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 3.85% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.82% | 6.17% | +1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.75% | 5.06% | +1.69% |
GWMEX vs. MBDFX - Expense Ratio Comparison
GWMEX has a 0.64% expense ratio, which is higher than MBDFX's 0.56% expense ratio.
Dividends
GWMEX vs. MBDFX - Dividend Comparison
GWMEX's dividend yield for the trailing twelve months is around 3.17%, less than MBDFX's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 3.17% | 3.67% | 3.38% | 3.10% | 3.33% | 13.26% | 3.63% | 4.59% | 5.82% | 2.97% | 7.96% | 4.77% |
MBDFX AMG GW&K Core Bond ESG Fund | 3.24% | 3.66% | 3.50% | 2.92% | 2.16% | 2.35% | 1.84% | 2.40% | 2.30% | 2.10% | 2.06% | 4.17% |
Frequently Asked Questions
GWMEX and MBDFX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GWMEX has higher volatility (1.19%) compared to MBDFX (1.11%). In terms of maximum drawdown, GWMEX dropped -36.30% vs MBDFX's -20.66%.
GWMEX currently has the higher Sharpe Ratio (2.11 vs 0.54), 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.
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