MECIX vs. OAKEX

Last updated Jun 24, 2026

MECIX (AMG GW&K International Small Cap Fund) and OAKEX (Oakmark International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, MECIX returned 5.61%/yr vs 7.98%/yr for OAKEX. At a 0.48 correlation, their price movements are largely independent. MECIX charges 0.99%/yr vs 1.34%/yr for OAKEX.

Performance

MECIX vs. OAKEX - Performance Comparison

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

Returns By Period

In the year-to-date period, MECIX achieves a 6.18% return, which is significantly higher than OAKEX's -2.37% return. Over the past 10 years, MECIX has underperformed OAKEX with an annualized return of 5.61%, while OAKEX has yielded a comparatively higher 7.98% annualized return.

MECIX

• 1D: -0.67%
• 1M: -1.94%
• YTD: 6.18%
• 6M: 6.10%
• 1Y: 11.64%
• 3Y*: 9.10%
• 5Y*: 1.24%
• 10Y*: 5.61%

OAKEX

• 1D: 0.00%
• 1M: -1.38%
• YTD: -2.37%
• 6M: -2.28%
• 1Y: 4.87%
• 3Y*: 10.60%
• 5Y*: 4.17%
• 10Y*: 7.98%

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

MECIX vs. OAKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MECIX AMG GW&K International Small Cap Fund	6.18%	16.57%	2.15%	6.23%	-20.34%	2.33%	1.72%	9.90%	-6.00%	22.41%
OAKEX Oakmark International Small Cap Fund	-2.37%	29.51%	-3.00%	19.59%	-14.50%	17.90%	5.00%	31.91%	-23.71%	26.03%

Correlation

The correlation between MECIX and OAKEX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 31, 1995	0.48

Over the past year, MECIX and OAKEX have become more correlated (0.71) than their long-term average of 0.48, meaning their price movements have been converging.

Return for Risk

MECIX vs. OAKEX — 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: 12
MECIX Omega Ratio Rank: 13
MECIX Calmar Ratio Rank: 14
MECIX Martin Ratio Rank: 15

OAKEX

OAKEX Risk / Return Rank: 5
OAKEX Sharpe Ratio Rank: 5
OAKEX Sortino Ratio Rank: 5
OAKEX Omega Ratio Rank: 5
OAKEX Calmar Ratio Rank: 4
OAKEX Martin Ratio Rank: 5

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. OAKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K International Small Cap Fund (MECIX) and Oakmark International Small Cap Fund (OAKEX). 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	OAKEX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.31	+0.60
Sortino ratio: Return per unit of downside risk	1.34	0.55	+0.79
Omega ratio: Gain probability vs. loss probability	1.17	1.07	+0.10
Calmar ratio: Return relative to maximum drawdown	1.19	0.27	+0.91
Martin ratio: Return relative to average drawdown	3.92	0.79	+3.13

MECIX vs. OAKEX - Sharpe Ratio Comparison

The current MECIX Sharpe Ratio is 0.92, which is higher than the OAKEX Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of MECIX and OAKEX, 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. OAKEX - Drawdown Comparison

The maximum MECIX drawdown since its inception was -68.42%, roughly equal to the maximum OAKEX drawdown of -70.12%. Use the drawdown chart below to compare losses from any high point for MECIX and OAKEX.

Drawdown Indicators

	MECIX	OAKEX	Difference
Max Drawdown Largest peak-to-trough decline	-68.42%	-70.12%	+1.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-17.18%	+6.58%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-17.18%	-0.54%
Max Drawdown (5Y) Largest decline over 5 years	-37.38%	-38.40%	+1.02%
Max Drawdown (10Y) Largest decline over 10 years	-51.20%	-49.61%	-1.59%
Current Drawdown Current decline from peak	-3.86%	-7.40%	+3.54%
Average Drawdown Average peak-to-trough decline	-14.19%	-13.48%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	5.96%	-2.77%

Volatility

MECIX vs. OAKEX - Volatility Comparison

The current volatility for AMG GW&K International Small Cap Fund (MECIX) is 3.22%, while Oakmark International Small Cap Fund (OAKEX) has a volatility of 3.93%. This indicates that MECIX experiences smaller price fluctuations and is considered to be less risky than OAKEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MECIX	OAKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	3.93%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	11.75%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	15.01%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.85%	17.73%	-2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.31%	18.62%	+0.69%

MECIX vs. OAKEX - Expense Ratio Comparison

MECIX has a 0.99% expense ratio, which is lower than OAKEX's 1.34% expense ratio.

Dividends

MECIX vs. OAKEX - Dividend Comparison

MECIX has not paid dividends to shareholders, while OAKEX's dividend yield for the trailing twelve months is around 5.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
OAKEX Oakmark International Small Cap Fund	5.37%	5.24%	6.38%	1.83%	1.89%	0.61%	1.87%	0.21%	8.93%	3.64%	3.09%	5.06%

Frequently Asked Questions

Can I hold both MECIX and OAKEX in my portfolio?

MECIX and OAKEX have a correlation of 0.71, 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 OAKEX?

OAKEX has higher volatility (3.93%) compared to MECIX (3.22%). In terms of maximum drawdown, MECIX dropped -68.42% vs OAKEX's -70.12%.

Which has better risk-adjusted returns?

MECIX currently has the higher Sharpe Ratio (0.92 vs 0.31), 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.