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 4.40%/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
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Returns By Period
In the year-to-date period, GWMIX achieves a 1.09% return, which is significantly lower than ARDEX's 10.23% return. Over the past 10 years, GWMIX has underperformed ARDEX with an annualized return of 2.22%, while ARDEX has yielded a comparatively higher 4.40% annualized return.
GWMIX
- 1D
- -0.09%
- 1M
- 1.49%
- YTD
- 1.09%
- 6M
- 1.36%
- 1Y
- 6.93%
- 3Y*
- 3.46%
- 5Y*
- 1.69%
- 10Y*
- 2.22%
ARDEX
- 1D
- 0.18%
- 1M
- -0.18%
- YTD
- 10.23%
- 6M
- 9.79%
- 1Y
- -7.86%
- 3Y*
- 5.12%
- 5Y*
- -0.23%
- 10Y*
- 4.40%
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 | 10.23% | -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 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
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 0.28 (1 year), reflecting how their relationship changes across market environments.
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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 | +2.94 | ||
| Sortino ratioReturn per unit of downside risk | +3.87 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 0.93 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | -0.35 | +2.17 |
| Martin ratioReturn relative to average drawdown | 5.50 | -0.65 | +6.15 |
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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.
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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% | -47.06% | +45.54% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -10.56% | +8.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 10.99% | -9.71% |
Volatility
GWMIX vs. ARDEX - Volatility Comparison
The current volatility for AMG GW&K Municipal Bond Fund (GWMIX) is 0.74%, while AMG River Road Dividend All Cap Value Fund (ARDEX) has a volatility of 2.66%. 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.
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Volatility by Period
| GWMIX | ARDEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 2.66% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 23.60% | -21.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 22.45% | -19.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 41.87% | -37.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 32.42% | -28.42% |
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 2.71%, less than ARDEX's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARDEX AMG River Road Dividend All Cap Value Fund | 4.67% | 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 | 2.71% | 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 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARDEX has higher volatility (2.66%) compared to GWMIX (0.74%). In terms of maximum drawdown, GWMIX dropped -12.27% vs ARDEX's -52.16%.
GWMIX currently has the higher Sharpe Ratio (2.62 vs -0.32), 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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