MECIX vs. ARSMX

Last updated Jun 4, 2026

MECIX (AMG GW&K International Small Cap Fund) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both mutual funds - MECIX is a Foreign Small & Mid Cap Equities fund managed by AMG, while ARSMX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, MECIX returned 5.62%/yr vs 9.26%/yr for ARSMX. Their correlation of 0.81 suggests significant overlap in exposure. MECIX charges 0.99%/yr vs 1.27%/yr for ARSMX.

Performance

MECIX vs. ARSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K International Small Cap Fund (MECIX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MECIX achieves a 7.56% return, which is significantly higher than ARSMX's -0.63% return. Over the past 10 years, MECIX has underperformed ARSMX with an annualized return of 5.62%, while ARSMX has yielded a comparatively higher 9.26% annualized return.

MECIX

• 1D: -0.37%
• 1M: 1.10%
• YTD: 7.56%
• 6M: 7.66%
• 1Y: 13.17%
• 3Y*: 9.28%
• 5Y*: 1.14%
• 10Y*: 5.62%

ARSMX

• 1D: 0.00%
• 1M: -1.56%
• YTD: -0.63%
• 6M: -5.58%
• 1Y: 0.32%
• 3Y*: 8.37%
• 5Y*: 3.61%
• 10Y*: 9.26%

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

MECIX vs. ARSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MECIX AMG GW&K International Small Cap Fund	7.56%	16.57%	2.15%	6.23%	-20.34%	2.33%	1.72%	9.90%	-6.00%	22.41%
ARSMX AMG River Road Small-Mid Cap Value Fund	-0.63%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%

Correlation

The correlation between MECIX and ARSMX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	0.81

Over the past year, the correlation between MECIX and ARSMX has dropped to 0.51 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

Return for Risk

MECIX vs. ARSMX — Risk / Return Rank

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

MECIX

MECIX Risk / Return Rank: 12
MECIX Sharpe Ratio Rank: 12
MECIX Sortino Ratio Rank: 11
MECIX Omega Ratio Rank: 12
MECIX Calmar Ratio Rank: 12
MECIX Martin Ratio Rank: 14

ARSMX

ARSMX Risk / Return Rank: 3
ARSMX Sharpe Ratio Rank: 3
ARSMX Sortino Ratio Rank: 3
ARSMX Omega Ratio Rank: 3
ARSMX Calmar Ratio Rank: 3
ARSMX Martin Ratio Rank: 3

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. ARSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K International Small Cap Fund (MECIX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.

	MECIX	ARSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.11	+0.81
Sortino ratio: Return per unit of downside risk	1.32	0.25	+1.07
Omega ratio: Gain probability vs. loss probability	1.17	1.03	+0.14
Calmar ratio: Return relative to maximum drawdown	1.18	0.15	+1.03
Martin ratio: Return relative to average drawdown	3.97	0.35	+3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MECIX vs. ARSMX - Sharpe Ratio Comparison

The current MECIX Sharpe Ratio is 0.91, which is higher than the ARSMX Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of MECIX and ARSMX, 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

	MECIX	ARSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.11	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.20	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.48	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.35	+0.07

Drawdowns

MECIX vs. ARSMX - Drawdown Comparison

The maximum MECIX drawdown since its inception was -68.42%, which is greater than ARSMX's maximum drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for MECIX and ARSMX.

Drawdown Indicators

	MECIX	ARSMX	Difference
Max Drawdown Largest peak-to-trough decline	-68.42%	-51.75%	-16.67%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-10.37%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-19.34%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-37.38%	-19.34%	-18.04%
Max Drawdown (10Y) Largest decline over 10 years	-51.20%	-42.96%	-8.24%
Current Drawdown Current decline from peak	-2.60%	-8.08%	+5.48%
Average Drawdown Average peak-to-trough decline	-14.21%	-8.11%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	4.34%	-1.22%

Volatility

MECIX vs. ARSMX - Volatility Comparison

AMG GW&K International Small Cap Fund (MECIX) has a higher volatility of 3.12% compared to AMG River Road Small-Mid Cap Value Fund (ARSMX) at 2.96%. This indicates that MECIX's price experiences larger fluctuations and is considered to be riskier than ARSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MECIX	ARSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	2.96%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	10.18%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	14.38%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	17.78%	-2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	19.58%	-0.27%

MECIX vs. ARSMX - Expense Ratio Comparison

MECIX has a 0.99% expense ratio, which is lower than ARSMX's 1.27% expense ratio.

Dividends

MECIX vs. ARSMX - Dividend Comparison

Neither MECIX nor ARSMX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSMX AMG River Road Small-Mid Cap Value Fund	0.00%	0.00%	9.27%	3.89%	4.85%	5.86%	0.00%	3.60%	8.60%	15.66%	8.03%	17.82%
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 ARSMX in my portfolio?

MECIX and ARSMX have a correlation of 0.51, 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 ARSMX?

MECIX has higher volatility (3.12%) compared to ARSMX (2.96%). In terms of maximum drawdown, MECIX dropped -68.42% vs ARSMX's -51.75%.

Which has better risk-adjusted returns?

MECIX currently has the higher Sharpe Ratio (0.91 vs 0.11), 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.