MMCFX vs. BGCBX

Last updated Jul 14, 2026

MMCFX (AMG Veritas China Fund) and BGCBX (Baillie Gifford China Equities Fund) are both China Equities funds. Over the past 5 years, MMCFX returned -7.55%/yr vs -7.03%/yr for BGCBX. Their correlation of 0.88 suggests significant overlap in exposure. MMCFX charges 1.14%/yr vs 0.96%/yr for BGCBX.

Performance

MMCFX vs. BGCBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Veritas China Fund (MMCFX) and Baillie Gifford China Equities Fund (BGCBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMCFX achieves a 3.43% return, which is significantly higher than BGCBX's -4.20% return.

MMCFX

• 1D: -2.14%
• 1M: 1.42%
• 6M: -2.46%
• YTD: 3.43%
• 1Y: 17.86%
• 3Y*: 5.07%
• 5Y*: -7.55%
• 10Y*: 4.52%

BGCBX

• 1D: -1.64%
• 1M: -1.20%
• 6M: -10.07%
• YTD: -4.20%
• 1Y: 12.85%
• 3Y*: 9.17%
• 5Y*: -7.03%
• 10Y*: —

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

MMCFX vs. BGCBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMCFX AMG Veritas China Fund	3.43%	27.88%	-0.59%	-18.35%	-26.33%	-12.77%
BGCBX Baillie Gifford China Equities Fund	-4.20%	36.51%	9.74%	-18.00%	-28.56%	-17.30%

Correlation

The correlation between MMCFX and BGCBX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.88

The correlation between MMCFX and BGCBX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

MMCFX vs. BGCBX — Risk / Return Rank

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

MMCFX

MMCFX Risk / Return Rank: 13
MMCFX Sharpe Ratio Rank: 14
MMCFX Sortino Ratio Rank: 13
MMCFX Omega Ratio Rank: 15
MMCFX Calmar Ratio Rank: 15
MMCFX Martin Ratio Rank: 11

BGCBX

BGCBX Risk / Return Rank: 12
BGCBX Sharpe Ratio Rank: 12
BGCBX Sortino Ratio Rank: 13
BGCBX Omega Ratio Rank: 12
BGCBX Calmar Ratio Rank: 15
BGCBX Martin Ratio Rank: 10

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. BGCBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Veritas China Fund (MMCFX) and Baillie Gifford China Equities Fund (BGCBX). 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	BGCBX	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.68	+0.05
Sortino ratio: Return per unit of downside risk	1.10	1.06	+0.04
Omega ratio: Gain probability vs. loss probability	1.14	1.13	+0.02
Calmar ratio: Return relative to maximum drawdown	0.98	0.94	+0.04
Martin ratio: Return relative to average drawdown	2.07	2.02	+0.05

MMCFX vs. BGCBX - Sharpe Ratio Comparison

The current MMCFX Sharpe Ratio is 0.74, which is comparable to the BGCBX Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of MMCFX and BGCBX, 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. BGCBX - Drawdown Comparison

The maximum MMCFX drawdown since its inception was -70.40%, which is greater than BGCBX's maximum drawdown of -59.07%. Use the drawdown chart below to compare losses from any high point for MMCFX and BGCBX.

Drawdown Indicators

	MMCFX	BGCBX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-59.07%	-11.33%
Max Drawdown (1Y) Largest decline over 1 year	-18.42%	-13.48%	-4.94%
Max Drawdown (3Y) Largest decline over 3 years	-29.01%	-28.54%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	-56.07%	-59.07%	+3.00%
Max Drawdown (10Y) Largest decline over 10 years	-57.48%	—	—
Current Drawdown Current decline from peak	-36.38%	-31.43%	-4.95%
Average Drawdown Average peak-to-trough decline	-26.70%	-38.11%	+11.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.67%	6.27%	+2.40%

Volatility

MMCFX vs. BGCBX - Volatility Comparison

AMG Veritas China Fund (MMCFX) has a higher volatility of 11.50% compared to Baillie Gifford China Equities Fund (BGCBX) at 5.32%. This indicates that MMCFX's price experiences larger fluctuations and is considered to be riskier than BGCBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMCFX	BGCBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.50%	5.32%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	19.36%	13.10%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	24.51%	18.65%	+5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.74%	26.88%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	26.89%	-1.95%

MMCFX vs. BGCBX - Expense Ratio Comparison

MMCFX has a 1.14% expense ratio, which is higher than BGCBX's 0.96% expense ratio.

Dividends

MMCFX vs. BGCBX - Dividend Comparison

MMCFX's dividend yield for the trailing twelve months is around 0.31%, less than BGCBX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGCBX Baillie Gifford China Equities Fund	0.95%	0.91%	2.03%	1.50%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MMCFX AMG Veritas China Fund	0.31%	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 BGCBX in my portfolio?

MMCFX and BGCBX have a correlation of 0.89, 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 BGCBX?

MMCFX has higher volatility (11.50%) compared to BGCBX (5.32%). In terms of maximum drawdown, MMCFX dropped -70.40% vs BGCBX's -59.07%.

Which has better risk-adjusted returns?

MMCFX currently has the higher Sharpe Ratio (0.74 vs 0.68), 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.