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 12.70%/yr vs 3.13%/yr for GWMEX. Their -0.06 correlation means they have often moved in opposite directions in the past. 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 4.53% return, which is significantly higher than GWMEX's 0.76% return. Over the past 10 years, TMDIX has outperformed GWMEX with an annualized return of 12.70%, while GWMEX has yielded a comparatively lower 3.13% annualized return.
TMDIX
- 1D
- 2.45%
- 1M
- -3.41%
- 6M
- 5.22%
- YTD
- 4.53%
- 1Y
- -6.10%
- 3Y*
- 6.58%
- 5Y*
- 2.93%
- 10Y*
- 12.70%
- ALL TIME*
- 10.91%
GWMEX
- 1D
- -0.35%
- 1M
- -2.06%
- 6M
- 0.44%
- YTD
- 0.76%
- 1Y
- 7.04%
- 3Y*
- 3.29%
- 5Y*
- 1.18%
- 10Y*
- 3.13%
- ALL TIME*
- 3.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TMDIX vs. GWMEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMDIX AMG TimesSquare Mid Cap Growth Fund | 4.53% | -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 | 0.76% | 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 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.20 (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 | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.48 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.10 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.61 | 8.02 | -8.64 |
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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% | -8.85% | -16.60% |
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 | -12.48% | -3.56% | -8.92% |
Average DrawdownAverage peak-to-trough decline | -7.19% | -5.67% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.95% | 1.03% | +11.92% |
Volatility
TMDIX vs. GWMEX - Volatility Comparison
AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a higher volatility of 4.81% compared to AMG GW&K Municipal Enhanced Yield Fund (GWMEX) at 1.19%. 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 | 4.81% | 1.19% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 14.06% | 3.11% | +10.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.64% | 3.94% | +16.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.59% | 7.82% | +12.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 6.75% | +14.36% |
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 3.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GWMEX AMG GW&K Municipal Enhanced Yield Fund | 3.17% | 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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMDIX has higher volatility (4.81%) compared to GWMEX (1.19%). In terms of maximum drawdown, TMDIX dropped -48.73% vs GWMEX's -36.30%.
GWMEX currently has the higher Sharpe Ratio (2.11 vs -0.39), 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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