TMDIX vs. GWMEX
TMDIX (AMG TimesSquare Mid Cap Growth Fund) and GWMEX (AMG GW&K Municipal Enhanced Yield Fund) are both mutual funds - TMDIX is a Mid Cap Growth Equities fund managed by AMG, while GWMEX is a High Yield Muni fund managed by AMG. Over the past 10 years, TMDIX returned 13.15%/yr vs 3.28%/yr for GWMEX. At a correlation of -0.06, they often move in opposite directions. TMDIX charges 0.98%/yr vs 0.64%/yr for GWMEX.
Performance
TMDIX vs. GWMEX - Performance Comparison
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Returns By Period
In the year-to-date period, TMDIX achieves a 7.57% return, which is significantly higher than GWMEX's 2.73% return. Over the past 10 years, TMDIX has outperformed GWMEX with an annualized return of 13.15%, while GWMEX has yielded a comparatively lower 3.28% annualized return.
TMDIX
- 1D
- -0.88%
- 1M
- 3.14%
- 6M
- 4.09%
- YTD
- 7.57%
- 1Y
- -2.17%
- 3Y*
- 8.14%
- 5Y*
- 3.64%
- 10Y*
- 13.15%
GWMEX
- 1D
- 0.00%
- 1M
- 0.53%
- 6M
- 2.14%
- YTD
- 2.73%
- 1Y
- 8.71%
- 3Y*
- 4.37%
- 5Y*
- 1.57%
- 10Y*
- 3.28%
TMDIX vs. GWMEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMDIX AMG TimesSquare Mid Cap Growth Fund | 7.57% | -1.76% | 10.84% | 25.07% | -22.26% | 16.75% | 33.42% | 63.26% | -4.28% | 22.66% |
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 2.73% | 2.50% | 2.61% | 10.89% | -17.86% | 15.05% | 6.32% | 12.51% | -0.06% | 9.79% |
Correlation
The correlation between TMDIX and GWMEX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006 | -0.06 |
The correlation between TMDIX and GWMEX shifts across timeframes, from -0.06 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TMDIX vs. GWMEX — Risk / Return Rank
TMDIX
GWMEX
TMDIX vs. GWMEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG TimesSquare Mid Cap Growth Fund (TMDIX) and AMG GW&K Municipal Enhanced Yield Fund (GWMEX). 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.
| TMDIX | GWMEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.51 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 2.19 | -2.32 |
| Martin ratioReturn relative to average drawdown | -0.25 | 8.45 | -8.70 |
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Drawdowns
TMDIX vs. GWMEX - Drawdown Comparison
The maximum TMDIX drawdown since its inception was -48.73%, which is greater than GWMEX's maximum drawdown of -36.30%. Use the drawdown chart below to compare losses from any high point for TMDIX and GWMEX.
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Drawdown Indicators
| TMDIX | GWMEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.73% | -36.30% | -12.43% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -3.95% | -21.50% |
Max Drawdown (3Y)Largest decline over 3 years | -25.45% | -9.08% | -16.37% |
Max Drawdown (5Y)Largest decline over 5 years | -30.53% | -24.06% | -6.47% |
Max Drawdown (10Y)Largest decline over 10 years | -35.44% | -24.06% | -11.38% |
Current DrawdownCurrent decline from peak | -9.93% | -1.67% | -8.26% |
Average DrawdownAverage peak-to-trough decline | -7.17% | -5.68% | -1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.64% | 1.05% | +11.59% |
Volatility
TMDIX vs. GWMEX - Volatility Comparison
AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a higher volatility of 5.94% compared to AMG GW&K Municipal Enhanced Yield Fund (GWMEX) at 0.68%. This indicates that TMDIX's price experiences larger fluctuations and is considered to be riskier than GWMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMDIX | GWMEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.94% | 0.68% | +5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.76% | 2.95% | +10.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.41% | 3.92% | +16.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.55% | 7.80% | +12.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.08% | 6.75% | +14.33% |
TMDIX vs. GWMEX - Expense Ratio Comparison
TMDIX has a 0.98% expense ratio, which is higher than GWMEX's 0.64% expense ratio.
Dividends
TMDIX vs. GWMEX - Dividend Comparison
TMDIX has not paid dividends to shareholders, while GWMEX's dividend yield for the trailing twelve months is around 3.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 3.41% | 3.67% | 3.38% | 3.10% | 3.33% | 13.26% | 3.63% | 4.59% | 5.82% | 2.97% | 7.96% | 4.77% |
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
TMDIX and GWMEX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMDIX has higher volatility (5.94%) compared to GWMEX (0.68%). In terms of maximum drawdown, TMDIX dropped -48.73% vs GWMEX's -36.30%.
GWMEX currently has the higher Sharpe Ratio (2.21 vs -0.15), 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.
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