MCGFX vs. FXAIX

Last updated Jun 3, 2026

MCGFX (AMG Montrusco Bolton Large Cap Growth Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - MCGFX is a Large Cap Growth Equities fund managed by AMG, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MCGFX returned 10.14%/yr vs 15.65%/yr for FXAIX. Their correlation of 0.92 suggests significant overlap in exposure. MCGFX charges 0.91%/yr vs 0.02%/yr for FXAIX.

Performance

MCGFX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Montrusco Bolton Large Cap Growth Fund (MCGFX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MCGFX having a 11.11% return and FXAIX slightly higher at 11.56%. Over the past 10 years, MCGFX has underperformed FXAIX with an annualized return of 10.14%, while FXAIX has yielded a comparatively higher 15.65% annualized return.

MCGFX

• 1D: -0.72%
• 1M: 1.10%
• YTD: 11.11%
• 6M: -23.56%
• 1Y: -12.91%
• 3Y*: 5.72%
• 5Y*: 3.18%
• 10Y*: 10.14%

FXAIX

• 1D: 0.27%
• 1M: 5.24%
• YTD: 11.56%
• 6M: 11.94%
• 1Y: 29.57%
• 3Y*: 22.70%
• 5Y*: 14.17%
• 10Y*: 15.65%

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

MCGFX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MCGFX AMG Montrusco Bolton Large Cap Growth Fund	11.11%	-19.12%	14.37%	34.16%	-27.05%	25.78%	31.91%	32.61%	-1.47%	23.36%
FXAIX Fidelity 500 Index Fund	11.56%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Correlation

The correlation between MCGFX and FXAIX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.92

The correlation between MCGFX and FXAIX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

MCGFX vs. FXAIX — Risk / Return Rank

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

MCGFX

MCGFX Risk / Return Rank: 1
MCGFX Sharpe Ratio Rank: 1
MCGFX Sortino Ratio Rank: 2
MCGFX Omega Ratio Rank: 1
MCGFX Calmar Ratio Rank: 1
MCGFX Martin Ratio Rank: 1

FXAIX

FXAIX Risk / Return Rank: 75
FXAIX Sharpe Ratio Rank: 77
FXAIX Sortino Ratio Rank: 69
FXAIX Omega Ratio Rank: 69
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 84

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.

MCGFX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Montrusco Bolton Large Cap Growth Fund (MCGFX) and Fidelity 500 Index Fund (FXAIX). 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.

	MCGFX	FXAIX	Difference
Sharpe ratio Return per unit of total volatility	-0.35	2.55	-2.90
Sortino ratio Return per unit of downside risk	-0.17	3.46	-3.63
Omega ratio Gain probability vs. loss probability	0.95	1.46	-0.51
Calmar ratio Return relative to maximum drawdown	-0.37	3.39	-3.76
Martin ratio Return relative to average drawdown	-0.69	15.86	-16.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MCGFX vs. FXAIX - Sharpe Ratio Comparison

The current MCGFX Sharpe Ratio is -0.35, which is lower than the FXAIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of MCGFX and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MCGFX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	2.55	-2.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.84	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.87	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.82	-0.35

Drawdowns

MCGFX vs. FXAIX - Drawdown Comparison

The maximum MCGFX drawdown since its inception was -45.56%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for MCGFX and FXAIX.

Drawdown Indicators

	MCGFX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-33.79%	-11.77%
Max Drawdown (1Y) Largest decline over 1 year	-35.89%	-8.89%	-27.00%
Max Drawdown (3Y) Largest decline over 3 years	-35.89%	-18.76%	-17.13%
Max Drawdown (5Y) Largest decline over 5 years	-35.89%	-24.50%	-11.39%
Max Drawdown (10Y) Largest decline over 10 years	-35.89%	-33.79%	-2.10%
Current Drawdown Current decline from peak	-24.66%	0.00%	-24.66%
Average Drawdown Average peak-to-trough decline	-10.66%	-3.79%	-6.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.43%	1.90%	+17.53%

Volatility

MCGFX vs. FXAIX - Volatility Comparison

AMG Montrusco Bolton Large Cap Growth Fund (MCGFX) has a higher volatility of 5.89% compared to Fidelity 500 Index Fund (FXAIX) at 2.82%. This indicates that MCGFX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MCGFX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.89%	2.82%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	40.39%	8.99%	+31.40%
Volatility (1Y) Calculated over the trailing 1-year period	36.03%	11.88%	+24.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.17%	16.91%	+8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	18.07%	+4.38%

MCGFX vs. FXAIX - Expense Ratio Comparison

MCGFX has a 0.91% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

MCGFX vs. FXAIX - Dividend Comparison

MCGFX has not paid dividends to shareholders, while FXAIX's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
MCGFX AMG Montrusco Bolton Large Cap Growth Fund	0.00%	0.00%	10.27%	3.66%	10.96%	78.35%	16.87%	9.08%	25.33%	9.88%	11.33%	33.82%

Frequently Asked Questions

Can I hold both MCGFX and FXAIX in my portfolio?

MCGFX and FXAIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MCGFX or FXAIX?

MCGFX has higher volatility (5.89%) compared to FXAIX (2.82%). In terms of maximum drawdown, MCGFX dropped -45.56% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.55 vs -0.35), 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.