MBDFX vs. GWMEX

Last updated Jun 23, 2026

MBDFX (AMG GW&K Core Bond ESG Fund) and GWMEX (AMG GW&K Municipal Enhanced Yield Fund) are both mutual funds - MBDFX is a Intermediate Core Bond fund managed by AMG, while GWMEX is a High Yield Muni fund managed by AMG. Over the past 10 years, MBDFX returned 1.29%/yr vs 3.40%/yr for GWMEX. At a 0.48 correlation, their price movements are largely independent. MBDFX charges 0.56%/yr vs 0.64%/yr for GWMEX.

Performance

MBDFX vs. GWMEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Core Bond ESG Fund (MBDFX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBDFX achieves a 0.17% return, which is significantly lower than GWMEX's 2.65% return. Over the past 10 years, MBDFX has underperformed GWMEX with an annualized return of 1.29%, while GWMEX has yielded a comparatively higher 3.40% annualized return.

MBDFX

• 1D: 0.22%
• 1M: 0.89%
• YTD: 0.17%
• 6M: 0.28%
• 1Y: 4.42%
• 3Y*: 3.91%
• 5Y*: -0.58%
• 10Y*: 1.29%

GWMEX

• 1D: 0.11%
• 1M: 2.40%
• YTD: 2.65%
• 6M: 3.00%
• 1Y: 8.44%
• 3Y*: 4.23%
• 5Y*: 1.74%
• 10Y*: 3.40%

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

MBDFX vs. GWMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBDFX AMG GW&K Core Bond ESG Fund	0.17%	7.29%	1.24%	5.73%	-13.85%	-3.34%	7.33%	9.70%	-1.11%	3.88%
GWMEX AMG GW&K Municipal Enhanced Yield Fund	2.65%	2.50%	2.61%	10.89%	-17.86%	15.05%	6.32%	12.51%	-0.06%	9.79%

Correlation

The correlation between MBDFX and GWMEX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.48

The correlation between MBDFX and GWMEX shifts across timeframes, from 0.48 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MBDFX vs. GWMEX — Risk / Return Rank

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

MBDFX

MBDFX Risk / Return Rank: 17
MBDFX Sharpe Ratio Rank: 19
MBDFX Sortino Ratio Rank: 19
MBDFX Omega Ratio Rank: 18
MBDFX Calmar Ratio Rank: 17
MBDFX Martin Ratio Rank: 14

GWMEX

GWMEX Risk / Return Rank: 60
GWMEX Sharpe Ratio Rank: 68
GWMEX Sortino Ratio Rank: 76
GWMEX Omega Ratio Rank: 84
GWMEX Calmar Ratio Rank: 37
GWMEX Martin Ratio Rank: 37

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.

MBDFX vs. GWMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Core Bond ESG Fund (MBDFX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). 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.

	MBDFX	GWMEX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.21	-1.05
Sortino ratio: Return per unit of downside risk	1.71	3.32	-1.61
Omega ratio: Gain probability vs. loss probability	1.21	1.52	-0.31
Calmar ratio: Return relative to maximum drawdown	1.37	2.19	-0.82
Martin ratio: Return relative to average drawdown	3.73	7.78	-4.05

MBDFX vs. GWMEX - Sharpe Ratio Comparison

The current MBDFX Sharpe Ratio is 1.17, which is lower than the GWMEX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of MBDFX and GWMEX, 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

MBDFX vs. GWMEX - Drawdown Comparison

The maximum MBDFX drawdown since its inception was -20.66%, smaller than the maximum GWMEX drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for MBDFX and GWMEX.

Drawdown Indicators

	MBDFX	GWMEX	Difference
Max Drawdown Largest peak-to-trough decline	-20.66%	-36.30%	+15.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-3.95%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-6.99%	-9.08%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-24.06%	+3.52%
Max Drawdown (10Y) Largest decline over 10 years	-20.66%	-24.06%	+3.40%
Current Drawdown Current decline from peak	-4.30%	-1.75%	-2.55%
Average Drawdown Average peak-to-trough decline	-3.96%	-5.69%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	1.11%	+0.08%

Volatility

MBDFX vs. GWMEX - Volatility Comparison

AMG GW&K Core Bond ESG Fund (MBDFX) has a higher volatility of 1.19% compared to AMG GW&K Municipal Enhanced Yield Fund (GWMEX) at 0.91%. This indicates that MBDFX's price experiences larger fluctuations and is considered to be riskier than GWMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBDFX	GWMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	0.91%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.93%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.83%	3.90%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.16%	7.80%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	6.75%	-1.69%

MBDFX vs. GWMEX - Expense Ratio Comparison

MBDFX has a 0.56% expense ratio, which is lower than GWMEX's 0.64% expense ratio.

Dividends

MBDFX vs. GWMEX - Dividend Comparison

MBDFX's dividend yield for the trailing twelve months is around 3.46%, more than GWMEX's 3.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWMEX AMG GW&K Municipal Enhanced Yield Fund	3.40%	3.67%	3.38%	3.10%	3.33%	13.26%	3.63%	4.59%	5.82%	2.97%	7.96%	4.77%
MBDFX AMG GW&K Core Bond ESG Fund	3.46%	3.66%	3.50%	2.92%	2.16%	2.35%	1.84%	2.40%	2.30%	2.10%	2.06%	4.17%

Frequently Asked Questions

Can I hold both MBDFX and GWMEX in my portfolio?

MBDFX and GWMEX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBDFX or GWMEX?

MBDFX has higher volatility (1.19%) compared to GWMEX (0.91%). In terms of maximum drawdown, MBDFX dropped -20.66% vs GWMEX's -36.30%.

Which has better risk-adjusted returns?

GWMEX currently has the higher Sharpe Ratio (2.21 vs 1.17), 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.