GWMIX vs. ARDEX
GWMIX (AMG GW&K Municipal Bond Fund) and ARDEX (AMG River Road Dividend All Cap Value Fund) are both mutual funds - GWMIX is a Municipal Bonds fund managed by AMG, while ARDEX is a Large Cap Value Equities fund managed by AMG. Over the past 10 years, GWMIX returned 2.22%/yr vs 4.20%/yr for ARDEX. At a correlation of -0.09, they often move in opposite directions. GWMIX charges 0.39%/yr vs 0.97%/yr for ARDEX.
Performance
GWMIX vs. ARDEX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GWMIX achieves a 1.09% return, which is significantly lower than ARDEX's 13.34% return. Over the past 10 years, GWMIX has underperformed ARDEX with an annualized return of 2.22%, while ARDEX has yielded a comparatively higher 4.20% annualized return.
GWMIX
- 1D
- 0.00%
- 1M
- 0.26%
- 6M
- 0.14%
- YTD
- 1.09%
- 1Y
- 6.56%
- 3Y*
- 3.58%
- 5Y*
- 1.54%
- 10Y*
- 2.22%
ARDEX
- 1D
- 0.36%
- 1M
- 1.70%
- 6M
- 11.34%
- YTD
- 13.34%
- 1Y
- -6.46%
- 3Y*
- 5.28%
- 5Y*
- -0.07%
- 10Y*
- 4.20%
GWMIX vs. ARDEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GWMIX AMG GW&K Municipal Bond Fund | 1.09% | 5.52% | 0.04% | 6.04% | -7.45% | 4.19% | 4.70% | 7.91% | 0.87% | 4.80% |
ARDEX AMG River Road Dividend All Cap Value Fund | 13.34% | -14.13% | 16.20% | 2.04% | -3.64% | 4.16% | -2.18% | 23.20% | -7.61% | 8.78% |
Correlation
The correlation between GWMIX and ARDEX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010 | -0.09 |
The correlation between GWMIX and ARDEX shifts across timeframes, from -0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GWMIX vs. ARDEX — Risk / Return Rank
GWMIX
ARDEX
GWMIX vs. ARDEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Bond Fund (GWMIX) and AMG River Road Dividend All Cap Value Fund (ARDEX). 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.
| GWMIX | ARDEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.51 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 0.93 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | -0.36 | +2.01 |
| Martin ratioReturn relative to average drawdown | 4.87 | -0.64 | +5.52 |
Loading charts...
Drawdowns
GWMIX vs. ARDEX - Drawdown Comparison
The maximum GWMIX drawdown since its inception was -12.27%, smaller than the maximum ARDEX drawdown of -52.16%. Use the drawdown chart below to compare losses from any high point for GWMIX and ARDEX.
Loading charts...
Drawdown Indicators
| GWMIX | ARDEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.27% | -52.16% | +39.89% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -20.51% | +16.62% |
Max Drawdown (3Y)Largest decline over 3 years | -5.41% | -52.16% | +46.75% |
Max Drawdown (5Y)Largest decline over 5 years | -12.27% | -52.16% | +39.89% |
Max Drawdown (10Y)Largest decline over 10 years | -12.27% | -52.16% | +39.89% |
Current DrawdownCurrent decline from peak | -1.52% | -45.57% | +44.05% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -10.65% | +8.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.32% | 11.25% | -9.93% |
Volatility
GWMIX vs. ARDEX - Volatility Comparison
The current volatility for AMG GW&K Municipal Bond Fund (GWMIX) is 0.51%, while AMG River Road Dividend All Cap Value Fund (ARDEX) has a volatility of 2.85%. This indicates that GWMIX experiences smaller price fluctuations and is considered to be less risky than ARDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GWMIX | ARDEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 2.85% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 6.67% | -4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 22.38% | -19.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 41.85% | -37.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 32.38% | -28.39% |
GWMIX vs. ARDEX - Expense Ratio Comparison
GWMIX has a 0.39% expense ratio, which is lower than ARDEX's 0.97% expense ratio.
Dividends
GWMIX vs. ARDEX - Dividend Comparison
GWMIX's dividend yield for the trailing twelve months is around 2.74%, less than ARDEX's 3.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARDEX AMG River Road Dividend All Cap Value Fund | 3.79% | 5.85% | 79.78% | 4.42% | 14.36% | 5.37% | 2.12% | 8.71% | 9.10% | 6.83% | 9.31% | 11.69% |
GWMIX AMG GW&K Municipal Bond Fund | 2.74% | 2.86% | 2.60% | 2.11% | 1.89% | 5.75% | 1.82% | 2.19% | 1.88% | 1.64% | 3.38% | 3.01% |
Frequently Asked Questions
GWMIX and ARDEX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARDEX has higher volatility (2.85%) compared to GWMIX (0.51%). In terms of maximum drawdown, GWMIX dropped -12.27% vs ARDEX's -52.16%.
GWMIX currently has the higher Sharpe Ratio (2.36 vs -0.33), 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.
Find the right allocation for GWMIX and ARDEX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer