MXLSX vs. ARSMX

Last updated Jul 14, 2026

MXLSX (Great-West Small Cap Value Fund) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both Small Cap Value Equities funds. Over the past 10 years, MXLSX returned 9.27%/yr vs 9.92%/yr for ARSMX. Their correlation of 0.91 suggests significant overlap in exposure. MXLSX charges 1.09%/yr vs 1.27%/yr for ARSMX.

Performance

MXLSX vs. ARSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Small Cap Value Fund (MXLSX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXLSX achieves a 20.17% return, which is significantly higher than ARSMX's 7.66% return. Over the past 10 years, MXLSX has underperformed ARSMX with an annualized return of 9.27%, while ARSMX has yielded a comparatively higher 9.92% annualized return.

MXLSX

• 1D: 0.42%
• 1M: 0.84%
• 6M: 14.83%
• YTD: 20.17%
• 1Y: 23.68%
• 3Y*: 13.64%
• 5Y*: 8.66%
• 10Y*: 9.27%

ARSMX

• 1D: 0.69%
• 1M: 3.64%
• 6M: 3.74%
• YTD: 7.66%
• 1Y: 3.53%
• 3Y*: 9.15%
• 5Y*: 5.84%
• 10Y*: 9.92%

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

MXLSX vs. ARSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXLSX Great-West Small Cap Value Fund	20.17%	4.08%	8.20%	17.81%	-10.07%	31.12%	2.84%	24.67%	-16.64%	8.44%
ARSMX AMG River Road Small-Mid Cap Value Fund	7.66%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%

Correlation

The correlation between MXLSX and ARSMX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.91

The correlation between MXLSX and ARSMX shifts across timeframes, from 0.78 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MXLSX vs. ARSMX — Risk / Return Rank

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

MXLSX

MXLSX Risk / Return Rank: 50
MXLSX Sharpe Ratio Rank: 45
MXLSX Sortino Ratio Rank: 50
MXLSX Omega Ratio Rank: 43
MXLSX Calmar Ratio Rank: 66
MXLSX Martin Ratio Rank: 48

ARSMX

ARSMX Risk / Return Rank: 5
ARSMX Sharpe Ratio Rank: 5
ARSMX Sortino Ratio Rank: 5
ARSMX Omega Ratio Rank: 5
ARSMX Calmar Ratio Rank: 5
ARSMX Martin Ratio Rank: 5

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.

MXLSX vs. ARSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Small Cap Value Fund (MXLSX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.

	MXLSX	ARSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.18	+1.32
Sortino ratio: Return per unit of downside risk	2.26	0.36	+1.91
Omega ratio: Gain probability vs. loss probability	1.27	1.04	+0.22
Calmar ratio: Return relative to maximum drawdown	2.48	0.25	+2.23
Martin ratio: Return relative to average drawdown	7.87	0.58	+7.28

MXLSX vs. ARSMX - Sharpe Ratio Comparison

The current MXLSX Sharpe Ratio is 1.50, which is higher than the ARSMX Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of MXLSX and ARSMX, 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

MXLSX vs. ARSMX - Drawdown Comparison

The maximum MXLSX drawdown since its inception was -60.41%, which is greater than ARSMX's maximum drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for MXLSX and ARSMX.

Drawdown Indicators

	MXLSX	ARSMX	Difference
Max Drawdown Largest peak-to-trough decline	-60.41%	-51.75%	-8.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-10.37%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-26.04%	-19.34%	-6.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-19.34%	-6.70%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-42.96%	-0.56%
Current Drawdown Current decline from peak	-1.32%	-0.41%	-0.91%
Average Drawdown Average peak-to-trough decline	-12.10%	-8.08%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	4.49%	-1.42%

Volatility

MXLSX vs. ARSMX - Volatility Comparison

Great-West Small Cap Value Fund (MXLSX) and AMG River Road Small-Mid Cap Value Fund (ARSMX) have volatilities of 3.76% and 3.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXLSX	ARSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	3.70%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	9.13%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	14.45%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.73%	17.74%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	19.49%	+2.72%

MXLSX vs. ARSMX - Expense Ratio Comparison

MXLSX has a 1.09% expense ratio, which is lower than ARSMX's 1.27% expense ratio.

Dividends

MXLSX vs. ARSMX - Dividend Comparison

MXLSX's dividend yield for the trailing twelve months is around 0.40%, while ARSMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSMX AMG River Road Small-Mid Cap Value Fund	0.00%	0.00%	9.27%	3.89%	4.85%	5.86%	0.00%	3.60%	8.60%	15.66%	8.03%	17.82%
MXLSX Great-West Small Cap Value Fund	0.40%	0.48%	1.07%	2.24%	2.93%	6.23%	0.23%	0.47%	2.92%	5.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MXLSX and ARSMX in my portfolio?

MXLSX and ARSMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXLSX or ARSMX?

MXLSX has higher volatility (3.76%) compared to ARSMX (3.70%). In terms of maximum drawdown, MXLSX dropped -60.41% vs ARSMX's -51.75%.

Which has better risk-adjusted returns?

MXLSX currently has the higher Sharpe Ratio (1.50 vs 0.18), 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.