MECIX vs. AIOIX

Last updated Jun 23, 2026

MECIX (AMG GW&K International Small Cap Fund) and AIOIX (American Century International Opportunities Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, MECIX returned 5.43%/yr vs 8.26%/yr for AIOIX. A 0.62 correlation means they provide meaningful diversification when combined. MECIX charges 0.99%/yr vs 1.48%/yr for AIOIX.

Performance

MECIX vs. AIOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K International Small Cap Fund (MECIX) and American Century International Opportunities Fund (AIOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MECIX achieves a 6.89% return, which is significantly lower than AIOIX's 15.29% return. Over the past 10 years, MECIX has underperformed AIOIX with an annualized return of 5.43%, while AIOIX has yielded a comparatively higher 8.26% annualized return.

MECIX

• 1D: 0.72%
• 1M: -1.28%
• YTD: 6.89%
• 6M: 7.81%
• 1Y: 13.17%
• 3Y*: 8.25%
• 5Y*: 1.40%
• 10Y*: 5.43%

AIOIX

• 1D: 1.56%
• 1M: 0.52%
• YTD: 15.29%
• 6M: 15.00%
• 1Y: 30.98%
• 3Y*: 13.99%
• 5Y*: 3.36%
• 10Y*: 8.26%

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

MECIX vs. AIOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MECIX AMG GW&K International Small Cap Fund	6.89%	16.57%	2.15%	6.23%	-20.34%	2.33%	1.72%	9.90%	-6.00%	22.41%
AIOIX American Century International Opportunities Fund	15.29%	29.62%	1.31%	8.63%	-30.19%	5.79%	31.07%	28.95%	-22.19%	45.09%

Correlation

The correlation between MECIX and AIOIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 2, 2002	0.62

The correlation between MECIX and AIOIX shifts across timeframes, from 0.62 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MECIX vs. AIOIX — Risk / Return Rank

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

MECIX

MECIX Risk / Return Rank: 14
MECIX Sharpe Ratio Rank: 13
MECIX Sortino Ratio Rank: 13
MECIX Omega Ratio Rank: 13
MECIX Calmar Ratio Rank: 14
MECIX Martin Ratio Rank: 16

AIOIX

AIOIX Risk / Return Rank: 33
AIOIX Sharpe Ratio Rank: 31
AIOIX Sortino Ratio Rank: 28
AIOIX Omega Ratio Rank: 30
AIOIX Calmar Ratio Rank: 35
AIOIX 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.

MECIX vs. AIOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K International Small Cap Fund (MECIX) and American Century International Opportunities Fund (AIOIX). 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.

	MECIX	AIOIX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.49	-0.55
Sortino ratio: Return per unit of downside risk	1.37	2.07	-0.70
Omega ratio: Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.21	2.13	-0.92
Martin ratio: Return relative to average drawdown	4.01	8.19	-4.18

MECIX vs. AIOIX - Sharpe Ratio Comparison

The current MECIX Sharpe Ratio is 0.94, which is lower than the AIOIX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MECIX and AIOIX, 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

MECIX vs. AIOIX - Drawdown Comparison

The maximum MECIX drawdown since its inception was -68.42%, roughly equal to the maximum AIOIX drawdown of -66.16%. Use the drawdown chart below to compare losses from any high point for MECIX and AIOIX.

Drawdown Indicators

	MECIX	AIOIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.42%	-66.16%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-14.00%	+3.40%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-18.46%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	-37.38%	-41.19%	+3.81%
Max Drawdown (10Y) Largest decline over 10 years	-51.20%	-41.19%	-10.01%
Current Drawdown Current decline from peak	-3.21%	-2.36%	-0.85%
Average Drawdown Average peak-to-trough decline	-14.19%	-16.00%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	3.64%	-0.46%

Volatility

MECIX vs. AIOIX - Volatility Comparison

The current volatility for AMG GW&K International Small Cap Fund (MECIX) is 3.22%, while American Century International Opportunities Fund (AIOIX) has a volatility of 8.50%. This indicates that MECIX experiences smaller price fluctuations and is considered to be less risky than AIOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MECIX	AIOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	8.50%	-5.28%
Volatility (6M) Calculated over the trailing 6-month period	11.29%	17.59%	-6.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	20.10%	-6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	19.17%	-4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	19.05%	+0.26%

MECIX vs. AIOIX - Expense Ratio Comparison

MECIX has a 0.99% expense ratio, which is lower than AIOIX's 1.48% expense ratio.

Dividends

MECIX vs. AIOIX - Dividend Comparison

MECIX has not paid dividends to shareholders, while AIOIX's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIOIX American Century International Opportunities Fund	0.24%	0.27%	0.32%	0.23%	0.00%	17.80%	3.18%	0.92%	5.28%	9.09%	0.04%	7.15%
MECIX AMG GW&K International Small Cap Fund	0.00%	0.00%	2.06%	1.51%	1.34%	0.68%	0.00%	0.02%	9.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MECIX and AIOIX in my portfolio?

MECIX and AIOIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MECIX or AIOIX?

AIOIX has higher volatility (8.50%) compared to MECIX (3.22%). In terms of maximum drawdown, MECIX dropped -68.42% vs AIOIX's -66.16%.

Which has better risk-adjusted returns?

AIOIX currently has the higher Sharpe Ratio (1.49 vs 0.94), 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.