GWMEX vs. WHYIX
GWMEX (AMG GW&K Municipal Enhanced Yield Fund) and WHYIX (Allspring High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, GWMEX returned 3.28%/yr vs 2.80%/yr for WHYIX. A 0.77 correlation means they provide meaningful diversification when combined. GWMEX charges 0.64%/yr vs 0.55%/yr for WHYIX.
Performance
GWMEX vs. WHYIX - Performance Comparison
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Returns By Period
In the year-to-date period, GWMEX achieves a 2.73% return, which is significantly lower than WHYIX's 3.59% return. Over the past 10 years, GWMEX has outperformed WHYIX with an annualized return of 3.28%, while WHYIX has yielded a comparatively lower 2.80% annualized return.
GWMEX
- 1D
- 0.00%
- 1M
- 0.53%
- 6M
- 2.14%
- YTD
- 2.73%
- 1Y
- 8.71%
- 3Y*
- 4.37%
- 5Y*
- 1.57%
- 10Y*
- 3.28%
WHYIX
- 1D
- 0.00%
- 1M
- 0.91%
- 6M
- 3.26%
- YTD
- 3.59%
- 1Y
- 9.28%
- 3Y*
- 5.00%
- 5Y*
- 0.93%
- 10Y*
- 2.80%
GWMEX vs. WHYIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 2.73% | 2.50% | 2.61% | 10.89% | -17.86% | 15.05% | 6.32% | 12.51% | -0.06% | 9.79% |
WHYIX Allspring High Yield Municipal Bond Fund | 3.59% | 2.76% | 5.61% | 5.78% | -12.07% | 5.02% | 2.19% | 9.18% | 3.76% | 9.00% |
Correlation
The correlation between GWMEX and WHYIX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2013 | 0.77 |
The correlation between GWMEX and WHYIX has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.
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Return for Risk
GWMEX vs. WHYIX — Risk / Return Rank
GWMEX
WHYIX
GWMEX vs. WHYIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) and Allspring High Yield Municipal Bond Fund (WHYIX). 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 | WHYIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.67 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 3.44 | -1.25 |
| Martin ratioReturn relative to average drawdown | 8.45 | 13.19 | -4.74 |
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Drawdowns
GWMEX vs. WHYIX - Drawdown Comparison
The maximum GWMEX drawdown since its inception was -36.30%, which is greater than WHYIX's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for GWMEX and WHYIX.
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Drawdown Indicators
| GWMEX | WHYIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.30% | -16.88% | -19.42% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.64% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -9.08% | -7.18% | -1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -24.06% | -16.88% | -7.18% |
Max Drawdown (10Y)Largest decline over 10 years | -24.06% | -16.88% | -7.18% |
Current DrawdownCurrent decline from peak | -1.67% | -0.53% | -1.14% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -3.02% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.71% | +0.34% |
Volatility
GWMEX vs. WHYIX - Volatility Comparison
The current volatility for AMG GW&K Municipal Enhanced Yield Fund (GWMEX) is 0.68%, while Allspring High Yield Municipal Bond Fund (WHYIX) has a volatility of 0.73%. This indicates that GWMEX experiences smaller price fluctuations and is considered to be less risky than WHYIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GWMEX | WHYIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.73% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 2.47% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 3.32% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.80% | 4.87% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.75% | 4.53% | +2.22% |
GWMEX vs. WHYIX - Expense Ratio Comparison
GWMEX has a 0.64% expense ratio, which is higher than WHYIX's 0.55% expense ratio.
Dividends
GWMEX vs. WHYIX - Dividend Comparison
GWMEX's dividend yield for the trailing twelve months is around 3.41%, less than WHYIX's 4.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WHYIX Allspring High Yield Municipal Bond Fund | 4.68% | 4.69% | 4.71% | 3.74% | 4.04% | 3.81% | 4.24% | 3.73% | 3.96% | 3.89% | 4.41% | 3.96% |
Frequently Asked Questions
GWMEX and WHYIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WHYIX has higher volatility (0.73%) compared to GWMEX (0.68%). In terms of maximum drawdown, GWMEX dropped -36.30% vs WHYIX's -16.88%.
WHYIX currently has the higher Sharpe Ratio (2.74 vs 2.21), 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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