NMKBX vs. MBDFX

Last updated Jun 4, 2026

NMKBX (North Square McKee Bond Fund) and MBDFX (AMG GW&K Core Bond ESG Fund) are both Intermediate Core Bond funds. Over the past 5 years, NMKBX returned 0.94%/yr vs -0.46%/yr for MBDFX. Their correlation of 0.94 suggests significant overlap in exposure. NMKBX charges 0.28%/yr vs 0.56%/yr for MBDFX.

Performance

NMKBX vs. MBDFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square McKee Bond Fund (NMKBX) and AMG GW&K Core Bond ESG Fund (MBDFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMKBX achieves a 0.49% return, which is significantly higher than MBDFX's -0.05% return.

NMKBX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 0.49%
• 6M: 0.33%
• 1Y: 5.55%
• 3Y*: 4.50%
• 5Y*: 0.94%
• 10Y*: —

MBDFX

• 1D: 0.00%
• 1M: 0.56%
• YTD: -0.05%
• 6M: -0.28%
• 1Y: 5.01%
• 3Y*: 3.84%
• 5Y*: -0.46%
• 10Y*: 1.27%

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

NMKBX vs. MBDFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NMKBX North Square McKee Bond Fund	0.49%	7.26%	1.78%	5.96%	-9.46%	-1.24%	0.10%
MBDFX AMG GW&K Core Bond ESG Fund	-0.05%	7.29%	1.24%	5.73%	-13.85%	-3.34%	0.18%

Correlation

The correlation between NMKBX and MBDFX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 30, 2020	0.94

The correlation between NMKBX and MBDFX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

NMKBX vs. MBDFX — Risk / Return Rank

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

NMKBX

NMKBX Risk / Return Rank: 27
NMKBX Sharpe Ratio Rank: 27
NMKBX Sortino Ratio Rank: 28
NMKBX Omega Ratio Rank: 25
NMKBX Calmar Ratio Rank: 31
NMKBX Martin Ratio Rank: 26

MBDFX

MBDFX Risk / Return Rank: 19
MBDFX Sharpe Ratio Rank: 21
MBDFX Sortino Ratio Rank: 21
MBDFX Omega Ratio Rank: 20
MBDFX Calmar Ratio Rank: 18
MBDFX Martin Ratio Rank: 16

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.

NMKBX vs. MBDFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square McKee Bond Fund (NMKBX) and AMG GW&K Core Bond ESG Fund (MBDFX). 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.

	NMKBX	MBDFX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.31	+0.18
Sortino ratio: Return per unit of downside risk	2.21	1.92	+0.29
Omega ratio: Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	2.07	1.56	+0.52
Martin ratio: Return relative to average drawdown	6.39	4.52	+1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMKBX vs. MBDFX - Sharpe Ratio Comparison

The current NMKBX Sharpe Ratio is 1.48, which is comparable to the MBDFX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of NMKBX and MBDFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMKBX	MBDFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	1.31	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.07	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.48	-0.34

Drawdowns

NMKBX vs. MBDFX - Drawdown Comparison

The maximum NMKBX drawdown since its inception was -14.25%, smaller than the maximum MBDFX drawdown of -20.66%. Use the drawdown chart below to compare losses from any high point for NMKBX and MBDFX.

Drawdown Indicators

	NMKBX	MBDFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.25%	-20.66%	+6.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-3.25%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-6.84%	-6.99%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-14.25%	-20.54%	+6.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.66%	—
Current Drawdown Current decline from peak	-1.34%	-4.51%	+3.17%
Average Drawdown Average peak-to-trough decline	-4.53%	-3.96%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.11%	-0.24%

Volatility

NMKBX vs. MBDFX - Volatility Comparison

The current volatility for North Square McKee Bond Fund (NMKBX) is 1.25%, while AMG GW&K Core Bond ESG Fund (MBDFX) has a volatility of 1.35%. This indicates that NMKBX experiences smaller price fluctuations and is considered to be less risky than MBDFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMKBX	MBDFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.35%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.79%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	3.87%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	6.15%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	5.06%	+0.18%

NMKBX vs. MBDFX - Expense Ratio Comparison

NMKBX has a 0.28% expense ratio, which is lower than MBDFX's 0.56% expense ratio.

Dividends

NMKBX vs. MBDFX - Dividend Comparison

NMKBX's dividend yield for the trailing twelve months is around 4.19%, more than MBDFX's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBDFX AMG GW&K Core Bond ESG Fund	3.47%	3.66%	3.50%	2.92%	2.16%	2.35%	1.84%	2.40%	2.30%	2.10%	2.06%	4.17%
NMKBX North Square McKee Bond Fund	4.19%	4.25%	4.19%	3.54%	2.12%	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NMKBX and MBDFX in my portfolio?

With a correlation of 0.95, NMKBX and MBDFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NMKBX or MBDFX?

MBDFX has higher volatility (1.35%) compared to NMKBX (1.25%). In terms of maximum drawdown, NMKBX dropped -14.25% vs MBDFX's -20.66%.

Which has better risk-adjusted returns?

NMKBX currently has the higher Sharpe Ratio (1.48 vs 1.31), 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.