GWMEX vs. RWMIX
GWMEX (AMG GW&K Municipal Enhanced Yield Fund) and RWMIX (Redwood Managed Municipal Income Fund) are both High Yield Muni funds. Over the past 5 years, GWMEX returned 1.18%/yr vs -1.65%/yr for RWMIX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. GWMEX charges 0.64%/yr vs 1.00%/yr for RWMIX.
Performance
GWMEX vs. RWMIX - 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 RWMIX's -1.00% 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%
RWMIX
- 1D
- -0.33%
- 1M
- -1.70%
- 6M
- -1.54%
- YTD
- -1.00%
- 1Y
- 1.52%
- 3Y*
- 1.30%
- 5Y*
- -1.65%
- 10Y*
- —
- ALL TIME*
- 1.14%
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. RWMIX - 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% | 4.05% |
RWMIX Redwood Managed Municipal Income Fund | -1.00% | -2.18% | 2.69% | 3.77% | -9.56% | 4.28% | 0.13% | 10.09% | 0.30% | 3.08% |
Correlation
The correlation between GWMEX and RWMIX is 0.61, 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. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2017 | 0.60 |
The correlation between GWMEX and RWMIX has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
GWMEX vs. RWMIX — Risk / Return Rank
GWMEX
RWMIX
GWMEX vs. RWMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and Redwood Managed Municipal Income Fund (RWMIX). 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 | RWMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.15 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 0.51 | +1.59 |
| Martin ratioReturn relative to average drawdown | 8.02 | 1.25 | +6.77 |
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Drawdowns
GWMEX vs. RWMIX - Drawdown Comparison
The maximum GWMEX drawdown since its inception was -36.30%, which is greater than RWMIX's maximum drawdown of -12.90%. Use the drawdown chart below to compare losses from any high point for GWMEX and RWMIX.
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Drawdown Indicators
| GWMEX | RWMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.30% | -12.90% | -23.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -3.01% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -8.85% | -8.09% | -0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -12.90% | -11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -24.06% | — | — |
Current DrawdownCurrent decline from peak | -3.56% | -8.04% | +4.48% |
Average DrawdownAverage peak-to-trough decline | -5.67% | -4.74% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.22% | -0.19% |
Volatility
GWMEX vs. RWMIX - Volatility Comparison
AMG GW&K Municipal Enhanced Yield Fund (GWMEX) has a higher volatility of 1.19% compared to Redwood Managed Municipal Income Fund (RWMIX) at 0.95%. This indicates that GWMEX's price experiences larger fluctuations and is considered to be riskier than RWMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GWMEX | RWMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.95% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 1.89% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 2.27% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.82% | 3.95% | +3.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.75% | 3.51% | +3.24% |
GWMEX vs. RWMIX - Expense Ratio Comparison
GWMEX has a 0.64% expense ratio, which is lower than RWMIX's 1.00% expense ratio.
Dividends
GWMEX vs. RWMIX - Dividend Comparison
GWMEX's dividend yield for the trailing twelve months is around 3.17%, less than RWMIX's 4.03% 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% |
RWMIX Redwood Managed Municipal Income Fund | 4.03% | 2.67% | 4.08% | 2.80% | 1.02% | 6.80% | 2.16% | 3.36% | 2.13% | 2.06% | 0.00% | 0.00% |
Frequently Asked Questions
GWMEX and RWMIX have a correlation of 0.61, 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 RWMIX (0.95%). In terms of maximum drawdown, GWMEX dropped -36.30% vs RWMIX's -12.90%.
GWMEX currently has the higher Sharpe Ratio (2.11 vs 0.68), 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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