GWMIX vs. SKSEX

Last updated Jun 24, 2026

GWMIX (AMG GW&K Municipal Bond Fund) and SKSEX (AMG GW&K Small Cap Value Fund) are both mutual funds - GWMIX is a Municipal Bonds fund managed by AMG, while SKSEX is a Small Cap Blend Equities fund managed by AMG. Over the past 10 years, GWMIX returned 2.22%/yr vs 10.40%/yr for SKSEX. At a correlation of -0.12, they often move in opposite directions. GWMIX charges 0.39%/yr vs 1.15%/yr for SKSEX.

Performance

GWMIX vs. SKSEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Municipal Bond Fund (GWMIX) and AMG GW&K Small Cap Value Fund (SKSEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWMIX achieves a 1.09% return, which is significantly lower than SKSEX's 24.85% return. Over the past 10 years, GWMIX has underperformed SKSEX with an annualized return of 2.22%, while SKSEX has yielded a comparatively higher 10.40% 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%

SKSEX

• 1D: 0.81%
• 1M: 5.62%
• YTD: 24.85%
• 6M: 22.78%
• 1Y: 29.67%
• 3Y*: 15.05%
• 5Y*: 7.21%
• 10Y*: 10.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GWMIX vs. SKSEX - 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%
SKSEX AMG GW&K Small Cap Value Fund	24.85%	-4.50%	10.60%	17.49%	-15.36%	33.22%	3.30%	38.26%	-18.98%	8.39%

Correlation

The correlation between GWMIX and SKSEX is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.09
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	-0.12

The correlation between GWMIX and SKSEX shifts across timeframes, from -0.12 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GWMIX vs. SKSEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GWMIX

GWMIX Risk / Return Rank: 63
GWMIX Sharpe Ratio Rank: 87
GWMIX Sortino Ratio Rank: 84
GWMIX Omega Ratio Rank: 92
GWMIX Calmar Ratio Rank: 27
GWMIX Martin Ratio Rank: 25

SKSEX

SKSEX Risk / Return Rank: 42
SKSEX Sharpe Ratio Rank: 36
SKSEX Sortino Ratio Rank: 30
SKSEX Omega Ratio Rank: 37
SKSEX Calmar Ratio Rank: 64
SKSEX Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GWMIX vs. SKSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Municipal Bond Fund (GWMIX) and AMG GW&K Small Cap Value Fund (SKSEX). 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	SKSEX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.61	+1.01
Sortino ratio: Return per unit of downside risk	3.65	2.13	+1.53
Omega ratio: Gain probability vs. loss probability	1.65	1.30	+0.35
Calmar ratio: Return relative to maximum drawdown	1.82	2.94	-1.12
Martin ratio: Return relative to average drawdown	5.50	8.19	-2.69

GWMIX vs. SKSEX - Sharpe Ratio Comparison

The current GWMIX Sharpe Ratio is 2.62, which is higher than the SKSEX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of GWMIX and SKSEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GWMIX vs. SKSEX - Drawdown Comparison

The maximum GWMIX drawdown since its inception was -12.27%, smaller than the maximum SKSEX drawdown of -65.26%. Use the drawdown chart below to compare losses from any high point for GWMIX and SKSEX.

Drawdown Indicators

	GWMIX	SKSEX	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-65.26%	+52.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-10.83%	+6.94%
Max Drawdown (3Y) Largest decline over 3 years	-5.41%	-26.39%	+20.98%
Max Drawdown (5Y) Largest decline over 5 years	-12.27%	-26.39%	+14.12%
Max Drawdown (10Y) Largest decline over 10 years	-12.27%	-49.36%	+37.09%
Current Drawdown Current decline from peak	-1.52%	0.00%	-1.52%
Average Drawdown Average peak-to-trough decline	-1.97%	-9.22%	+7.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	3.87%	-2.59%

Volatility

GWMIX vs. SKSEX - Volatility Comparison

The current volatility for AMG GW&K Municipal Bond Fund (GWMIX) is 0.74%, while AMG GW&K Small Cap Value Fund (SKSEX) has a volatility of 5.28%. This indicates that GWMIX experiences smaller price fluctuations and is considered to be less risky than SKSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWMIX	SKSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	5.28%	-4.54%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	12.95%	-10.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	19.76%	-17.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	21.43%	-17.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	24.52%	-20.52%

GWMIX vs. SKSEX - Expense Ratio Comparison

GWMIX has a 0.39% expense ratio, which is lower than SKSEX's 1.15% expense ratio.

Dividends

GWMIX vs. SKSEX - Dividend Comparison

GWMIX's dividend yield for the trailing twelve months is around 2.71%, while SKSEX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SKSEX AMG GW&K Small Cap Value Fund	0.00%	0.00%	8.62%	1.51%	1.69%	13.94%	43.15%	13.91%	14.98%	6.75%	0.02%	4.98%

Frequently Asked Questions

Can I hold both GWMIX and SKSEX in my portfolio?

GWMIX and SKSEX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWMIX or SKSEX?

SKSEX has higher volatility (5.28%) compared to GWMIX (0.74%). In terms of maximum drawdown, GWMIX dropped -12.27% vs SKSEX's -65.26%.

Which has better risk-adjusted returns?

GWMIX currently has the higher Sharpe Ratio (2.62 vs 1.61), 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.