MMCFX vs. ARSVX

Last updated Jun 23, 2026

MMCFX (AMG Veritas China Fund) and ARSVX (AMG River Road Small Cap Value Fund) are both mutual funds - MMCFX is a China Equities fund managed by AMG, while ARSVX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, MMCFX returned 5.59%/yr vs 9.24%/yr for ARSVX. A 0.74 correlation means they provide meaningful diversification when combined. MMCFX charges 1.14%/yr vs 1.35%/yr for ARSVX.

Performance

MMCFX vs. ARSVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas China Fund (MMCFX) 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, MMCFX achieves a 9.00% return, which is significantly higher than ARSVX's 3.28% return. Over the past 10 years, MMCFX has underperformed ARSVX with an annualized return of 5.59%, while ARSVX has yielded a comparatively higher 9.24% annualized return.

MMCFX

• 1D: 3.02%
• 1M: 3.93%
• YTD: 9.00%
• 6M: 8.69%
• 1Y: 26.72%
• 3Y*: 5.18%
• 5Y*: -6.52%
• 10Y*: 5.59%

ARSVX

• 1D: 1.23%
• 1M: 3.21%
• YTD: 3.28%
• 6M: 1.65%
• 1Y: -1.46%
• 3Y*: 6.53%
• 5Y*: 4.51%
• 10Y*: 9.24%

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

MMCFX vs. ARSVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMCFX AMG Veritas China Fund	9.00%	27.88%	-0.59%	-18.35%	-26.33%	-0.49%	17.79%	27.49%	-5.22%	24.07%
ARSVX AMG River Road Small Cap Value Fund	3.28%	-7.36%	14.05%	14.86%	-6.49%	21.14%	1.84%	38.29%	-6.96%	11.73%

Correlation

The correlation between MMCFX and ARSVX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 29, 2005	0.74

Over the past year, the correlation between MMCFX and ARSVX has dropped to 0.24 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

MMCFX vs. ARSVX — Risk / Return Rank

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

MMCFX

MMCFX Risk / Return Rank: 16
MMCFX Sharpe Ratio Rank: 18
MMCFX Sortino Ratio Rank: 17
MMCFX Omega Ratio Rank: 18
MMCFX Calmar Ratio Rank: 17
MMCFX Martin Ratio Rank: 11

ARSVX

ARSVX Risk / Return Rank: 2
ARSVX Sharpe Ratio Rank: 2
ARSVX Sortino Ratio Rank: 3
ARSVX Omega Ratio Rank: 3
ARSVX Calmar Ratio Rank: 2
ARSVX Martin Ratio Rank: 2

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.

MMCFX vs. ARSVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) 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.

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.

	MMCFX	ARSVX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	-0.05	+1.16
Sortino ratio: Return per unit of downside risk	1.58	0.05	+1.53
Omega ratio: Gain probability vs. loss probability	1.21	1.01	+0.20
Calmar ratio: Return relative to maximum drawdown	1.38	-0.05	+1.43
Martin ratio: Return relative to average drawdown	2.98	-0.10	+3.08

MMCFX vs. ARSVX - Sharpe Ratio Comparison

The current MMCFX Sharpe Ratio is 1.12, which is higher than the ARSVX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of MMCFX 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.

Drawdowns

MMCFX vs. ARSVX - Drawdown Comparison

The maximum MMCFX drawdown since its inception was -70.40%, which is greater than ARSVX's maximum drawdown of -54.85%. Use the drawdown chart below to compare losses from any high point for MMCFX and ARSVX.

Drawdown Indicators

	MMCFX	ARSVX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-54.85%	-15.55%
Max Drawdown (1Y) Largest decline over 1 year	-18.42%	-16.62%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-29.01%	-19.21%	-9.80%
Max Drawdown (5Y) Largest decline over 5 years	-57.12%	-19.21%	-37.91%
Max Drawdown (10Y) Largest decline over 10 years	-57.48%	-40.52%	-16.96%
Current Drawdown Current decline from peak	-32.96%	-10.10%	-22.86%
Average Drawdown Average peak-to-trough decline	-26.68%	-8.68%	-18.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	8.36%	+0.17%

Volatility

MMCFX vs. ARSVX - Volatility Comparison

AMG Veritas China Fund (MMCFX) has a higher volatility of 10.15% compared to AMG River Road Small Cap Value Fund (ARSVX) at 3.35%. This indicates that MMCFX'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

	MMCFX	ARSVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	3.35%	+6.80%
Volatility (6M) Calculated over the trailing 6-month period	17.37%	13.85%	+3.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.85%	17.13%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.56%	17.85%	+7.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	19.36%	+5.49%

MMCFX vs. ARSVX - Expense Ratio Comparison

MMCFX has a 1.14% expense ratio, which is lower than ARSVX's 1.35% expense ratio.

Dividends

MMCFX vs. ARSVX - Dividend Comparison

MMCFX's dividend yield for the trailing twelve months is around 0.30%, 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%
MMCFX AMG Veritas China Fund	0.30%	0.32%	1.34%	0.83%	0.00%	114.57%	4.66%	9.14%	25.03%	12.44%	0.35%	12.74%

Frequently Asked Questions

Can I hold both MMCFX and ARSVX in my portfolio?

MMCFX and ARSVX have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCFX or ARSVX?

MMCFX has higher volatility (10.15%) compared to ARSVX (3.35%). In terms of maximum drawdown, MMCFX dropped -70.40% vs ARSVX's -54.85%.

Which has better risk-adjusted returns?

MMCFX currently has the higher Sharpe Ratio (1.12 vs -0.05), 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.