MSSCX vs. TMDIX

Last updated Jun 24, 2026

MSSCX (AMG Frontier Small Cap Growth Fund) and TMDIX (AMG TimesSquare Mid Cap Growth Fund) are both mutual funds - MSSCX is a Small Cap Growth Equities fund managed by AMG, while TMDIX is a Mid Cap Growth Equities fund managed by AMG. Over the past 10 years, MSSCX returned 17.15%/yr vs 13.65%/yr for TMDIX. Their correlation of 0.90 suggests significant overlap in exposure. MSSCX charges 0.94%/yr vs 0.98%/yr for TMDIX.

Performance

MSSCX vs. TMDIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG Frontier Small Cap Growth Fund (MSSCX) 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, MSSCX achieves a 24.13% return, which is significantly higher than TMDIX's 6.38% return. Over the past 10 years, MSSCX has outperformed TMDIX with an annualized return of 17.15%, while TMDIX has yielded a comparatively lower 13.65% annualized return.

MSSCX

• 1D: 1.65%
• 1M: 3.90%
• YTD: 24.13%
• 6M: 22.06%
• 1Y: 40.65%
• 3Y*: 15.58%
• 5Y*: 7.43%
• 10Y*: 17.15%

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)

MSSCX vs. TMDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSSCX AMG Frontier Small Cap Growth Fund	24.13%	7.63%	10.88%	23.41%	-21.47%	16.33%	39.13%	46.03%	2.22%	21.23%
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 MSSCX and TMDIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.90

The correlation between MSSCX and TMDIX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

MSSCX vs. TMDIX — Risk / Return Rank

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

MSSCX

MSSCX Risk / Return Rank: 51
MSSCX Sharpe Ratio Rank: 37
MSSCX Sortino Ratio Rank: 32
MSSCX Omega Ratio Rank: 33
MSSCX Calmar Ratio Rank: 86
MSSCX Martin Ratio Rank: 64

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.

MSSCX vs. TMDIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG Frontier Small Cap Growth Fund (MSSCX) 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.

	MSSCX	TMDIX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	-0.02	+1.66
Sortino ratio: Return per unit of downside risk	2.18	0.10	+2.08
Omega ratio: Gain probability vs. loss probability	1.28	1.01	+0.27
Calmar ratio: Return relative to maximum drawdown	3.94	-0.02	+3.96
Martin ratio: Return relative to average drawdown	11.79	-0.04	+11.82

MSSCX vs. TMDIX - Sharpe Ratio Comparison

The current MSSCX Sharpe Ratio is 1.64, which is higher than the TMDIX Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of MSSCX 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

MSSCX vs. TMDIX - Drawdown Comparison

The maximum MSSCX drawdown since its inception was -78.46%, which is greater than TMDIX's maximum drawdown of -48.73%. Use the drawdown chart below to compare losses from any high point for MSSCX and TMDIX.

Drawdown Indicators

	MSSCX	TMDIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.46%	-48.73%	-29.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.80%	-25.45%	+14.65%
Max Drawdown (3Y) Largest decline over 3 years	-33.02%	-25.45%	-7.57%
Max Drawdown (5Y) Largest decline over 5 years	-33.02%	-30.53%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-46.70%	-35.44%	-11.26%
Current Drawdown Current decline from peak	0.00%	-10.93%	+10.93%
Average Drawdown Average peak-to-trough decline	-28.16%	-7.17%	-20.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	12.43%	-8.84%

Volatility

MSSCX vs. TMDIX - Volatility Comparison

AMG Frontier Small Cap Growth Fund (MSSCX) has a higher volatility of 8.53% compared to AMG TimesSquare Mid Cap Growth Fund (TMDIX) at 6.04%. This indicates that MSSCX'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

	MSSCX	TMDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.53%	6.04%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	19.76%	17.82%	+1.94%
Volatility (1Y) Calculated over the trailing 1-year period	26.04%	20.22%	+5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.50%	20.51%	+5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.55%	21.14%	+5.41%

MSSCX vs. TMDIX - Expense Ratio Comparison

MSSCX has a 0.94% expense ratio, which is lower than TMDIX's 0.98% expense ratio.

Dividends

MSSCX vs. TMDIX - Dividend Comparison

Neither MSSCX nor TMDIX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSSCX AMG Frontier Small Cap Growth Fund	0.00%	0.00%	9.23%	1.14%	0.00%	43.52%	3.34%	17.24%	59.21%	27.92%	0.43%	28.21%
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 MSSCX and TMDIX in my portfolio?

MSSCX and TMDIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSSCX or TMDIX?

MSSCX has higher volatility (8.53%) compared to TMDIX (6.04%). In terms of maximum drawdown, MSSCX dropped -78.46% vs TMDIX's -48.73%.

Which has better risk-adjusted returns?

MSSCX currently has the higher Sharpe Ratio (1.64 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.