MGSEX vs. TMDIX

Last updated Jun 24, 2026

MGSEX (AMG Veritas Asia Pacific Fund) and TMDIX (AMG TimesSquare Mid Cap Growth Fund) are both mutual funds - MGSEX is a Asia Pacific Equities fund managed by AMG, while TMDIX is a Mid Cap Growth Equities fund managed by AMG. Over the past 10 years, MGSEX returned 18.64%/yr vs 13.65%/yr for TMDIX. Their correlation of 0.83 suggests significant overlap in exposure. MGSEX charges 1.18%/yr vs 0.98%/yr for TMDIX.

Performance

MGSEX vs. TMDIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MGSEX achieves a 55.31% return, which is significantly higher than TMDIX's 6.38% return. Over the past 10 years, MGSEX has outperformed TMDIX with an annualized return of 18.64%, while TMDIX has yielded a comparatively lower 13.65% annualized return.

MGSEX

• 1D: 0.92%
• 1M: 9.01%
• YTD: 55.31%
• 6M: 57.70%
• 1Y: 92.20%
• 3Y*: 32.41%
• 5Y*: 8.64%
• 10Y*: 18.64%

TMDIX

• 1D: 0.28%
• 1M: 5.50%
• YTD: 6.38%
• 6M: 4.32%
• 1Y: -1.27%
• 3Y*: 9.21%
• 5Y*: 3.96%
• 10Y*: 13.65%

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

MGSEX vs. TMDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGSEX AMG Veritas Asia Pacific Fund	55.31%	41.56%	7.23%	-4.82%	-27.91%	0.83%	38.74%	80.58%	-3.77%	20.26%
TMDIX AMG TimesSquare Mid Cap Growth Fund	6.38%	-1.76%	10.84%	25.07%	-22.26%	16.75%	33.42%	63.26%	-4.28%	22.66%

Correlation

The correlation between MGSEX and TMDIX 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	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.83

Over the past year, the correlation between MGSEX and TMDIX has dropped to 0.51 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

MGSEX vs. TMDIX — Risk / Return Rank

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

MGSEX

MGSEX Risk / Return Rank: 92
MGSEX Sharpe Ratio Rank: 97
MGSEX Sortino Ratio Rank: 84
MGSEX Omega Ratio Rank: 89
MGSEX Calmar Ratio Rank: 97
MGSEX Martin Ratio Rank: 95

TMDIX

TMDIX Risk / Return Rank: 3
TMDIX Sharpe Ratio Rank: 3
TMDIX Sortino Ratio Rank: 3
TMDIX Omega Ratio Rank: 3
TMDIX Calmar Ratio Rank: 3
TMDIX 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.

MGSEX vs. TMDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas Asia Pacific Fund (MGSEX) and AMG TimesSquare Mid Cap Growth Fund (TMDIX). 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.

	MGSEX	TMDIX	Difference
Sharpe ratio: Return per unit of total volatility	3.39	-0.02	+3.42
Sortino ratio: Return per unit of downside risk	3.67	0.10	+3.57
Omega ratio: Gain probability vs. loss probability	1.60	1.01	+0.58
Calmar ratio: Return relative to maximum drawdown	6.54	-0.02	+6.56
Martin ratio: Return relative to average drawdown	20.76	-0.04	+20.79

MGSEX vs. TMDIX - Sharpe Ratio Comparison

The current MGSEX Sharpe Ratio is 3.39, which is higher than the TMDIX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of MGSEX and TMDIX, 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

MGSEX vs. TMDIX - Drawdown Comparison

The maximum MGSEX drawdown since its inception was -62.06%, which is greater than TMDIX's maximum drawdown of -48.73%. Use the drawdown chart below to compare losses from any high point for MGSEX and TMDIX.

Drawdown Indicators

	MGSEX	TMDIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.06%	-48.73%	-13.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.34%	-25.45%	+11.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.30%	-25.45%	+6.15%
Max Drawdown (5Y) Largest decline over 5 years	-43.13%	-30.53%	-12.60%
Max Drawdown (10Y) Largest decline over 10 years	-45.32%	-35.44%	-9.88%
Current Drawdown Current decline from peak	0.00%	-10.93%	+10.93%
Average Drawdown Average peak-to-trough decline	-13.86%	-7.17%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	12.43%	-7.93%

Volatility

MGSEX vs. TMDIX - Volatility Comparison

AMG Veritas Asia Pacific Fund (MGSEX) has a higher volatility of 15.81% compared to AMG TimesSquare Mid Cap Growth Fund (TMDIX) at 6.04%. This indicates that MGSEX's price experiences larger fluctuations and is considered to be riskier than TMDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGSEX	TMDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.81%	6.04%	+9.77%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	17.82%	+6.38%
Volatility (1Y) Calculated over the trailing 1-year period	27.69%	20.22%	+7.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	20.51%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.32%	21.14%	+5.18%

MGSEX vs. TMDIX - Expense Ratio Comparison

MGSEX has a 1.18% expense ratio, which is higher than TMDIX's 0.98% expense ratio.

Dividends

MGSEX vs. TMDIX - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TMDIX AMG TimesSquare Mid Cap Growth Fund	0.00%	0.00%	8.08%	3.98%	3.69%	29.72%	18.28%	31.06%	16.38%	14.44%	5.90%	7.73%

Frequently Asked Questions

Can I hold both MGSEX and TMDIX in my portfolio?

MGSEX and TMDIX 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, MGSEX or TMDIX?

MGSEX has higher volatility (15.81%) compared to TMDIX (6.04%). In terms of maximum drawdown, MGSEX dropped -62.06% vs TMDIX's -48.73%.

Which has better risk-adjusted returns?

MGSEX currently has the higher Sharpe Ratio (3.39 vs -0.02), 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.