MGSEX vs. ARSVX

Last updated Jun 3, 2026

MGSEX (AMG Veritas Asia Pacific Fund) and ARSVX (AMG River Road Small Cap Value Fund) are both mutual funds - MGSEX is a Asia Pacific Equities fund managed by AMG, while ARSVX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, MGSEX returned 18.01%/yr vs 8.83%/yr for ARSVX. A 0.77 correlation means they provide meaningful diversification when combined. MGSEX charges 1.18%/yr vs 1.35%/yr for ARSVX.

Performance

MGSEX vs. ARSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas Asia Pacific Fund (MGSEX) and AMG River Road Small Cap Value Fund (ARSVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGSEX achieves a 53.02% return, which is significantly higher than ARSVX's -0.77% return. Over the past 10 years, MGSEX has outperformed ARSVX with an annualized return of 18.01%, while ARSVX has yielded a comparatively lower 8.83% annualized return.

MGSEX

• 1D: 2.27%
• 1M: 13.64%
• YTD: 53.02%
• 6M: 57.41%
• 1Y: 96.80%
• 3Y*: 30.97%
• 5Y*: 8.21%
• 10Y*: 18.01%

ARSVX

• 1D: 0.14%
• 1M: -2.53%
• YTD: -0.77%
• 6M: -9.54%
• 1Y: -4.56%
• 3Y*: 5.63%
• 5Y*: 2.93%
• 10Y*: 8.83%

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

MGSEX vs. ARSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	53.02%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
ARSVX AMG River Road Small Cap Value Fund	-0.77%	-7.36%	14.05%	14.86%	-6.49%	21.14%	1.84%	38.29%	-6.96%	11.73%

Correlation

The correlation between MGSEX and ARSVX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jun 30, 2005	0.77

Over the past year, the correlation between MGSEX and ARSVX has dropped to 0.28 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

MGSEX vs. ARSVX — Risk / Return Rank

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

MGSEX

MGSEX Risk / Return Rank: 95
MGSEX Sharpe Ratio Rank: 99
MGSEX Sortino Ratio Rank: 92
MGSEX Omega Ratio Rank: 92
MGSEX Calmar Ratio Rank: 97
MGSEX Martin Ratio Rank: 95

ARSVX

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

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.

MGSEX vs. ARSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Asia Pacific Fund (MGSEX) and AMG River Road Small Cap Value Fund (ARSVX). 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.

	MGSEX	ARSVX	Difference
Sharpe ratio Return per unit of total volatility	4.19	-0.30	+4.49
Sortino ratio Return per unit of downside risk	4.63	-0.28	+4.90
Omega ratio Gain probability vs. loss probability	1.70	0.96	+0.74
Calmar ratio Return relative to maximum drawdown	6.84	-0.36	+7.20
Martin ratio Return relative to average drawdown	23.15	-0.74	+23.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MGSEX vs. ARSVX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 4.19, which is higher than the ARSVX Sharpe Ratio of -0.30. The chart below compares the historical Sharpe Ratios of MGSEX and ARSVX, 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

	MGSEX	ARSVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.19	-0.30	+4.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.17	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.46	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.40	+0.12

Drawdowns

MGSEX vs. ARSVX - Drawdown Comparison

The maximum MGSEX drawdown since its inception was -62.06%, which is greater than ARSVX's maximum drawdown of -54.85%. Use the drawdown chart below to compare losses from any high point for MGSEX and ARSVX.

Drawdown Indicators

	MGSEX	ARSVX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-54.85%	-7.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-16.62%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-19.21%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-43.13%	-19.21%	-23.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-40.52%	-4.80%
Current Drawdown Current decline from peak	0.00%	-13.62%	+13.62%
Average Drawdown Average peak-to-trough decline	-13.88%	-8.68%	-5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	8.04%	-3.80%

Volatility

MGSEX vs. ARSVX - Volatility Comparison

AMG Veritas Asia Pacific Fund (MGSEX) has a higher volatility of 11.11% compared to AMG River Road Small Cap Value Fund (ARSVX) at 3.60%. This indicates that MGSEX's price experiences larger fluctuations and is considered to be riskier than ARSVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSEX	ARSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.11%	3.60%	+7.51%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	13.91%	+5.75%
Volatility (1Y) Calculated over the trailing 1-year period	24.12%	17.14%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	17.86%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.96%	19.36%	+6.60%

MGSEX vs. ARSVX - Expense Ratio Comparison

MGSEX has a 1.18% expense ratio, which is lower than ARSVX's 1.35% expense ratio.

Dividends

MGSEX vs. ARSVX - Dividend Comparison

MGSEX's dividend yield for the trailing twelve months is around 0.09%, while ARSVX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSVX AMG River Road Small Cap Value Fund	0.00%	0.00%	8.50%	4.78%	3.87%	7.75%	0.00%	12.10%	13.01%	14.96%	4.96%	6.51%
MGSEX AMG Veritas Asia Pacific Fund	0.09%	0.14%	0.47%	0.11%	0.00%	83.77%	4.35%	59.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MGSEX and ARSVX in my portfolio?

MGSEX and ARSVX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGSEX or ARSVX?

MGSEX has higher volatility (11.11%) compared to ARSVX (3.60%). In terms of maximum drawdown, MGSEX dropped -62.06% vs ARSVX's -54.85%.

Which has better risk-adjusted returns?

MGSEX currently has the higher Sharpe Ratio (4.19 vs -0.30), 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.