TMDIX vs. GWMIX

Last updated Jun 3, 2026

TMDIX (AMG TimesSquare Mid Cap Growth Fund) and GWMIX (AMG GW&K Municipal Bond Fund) are both mutual funds - TMDIX is a Mid Cap Growth Equities fund managed by AMG, while GWMIX is a Municipal Bonds fund managed by AMG. Over the past 10 years, TMDIX returned 13.01%/yr vs 2.33%/yr for GWMIX. At a correlation of -0.08, they often move in opposite directions. TMDIX charges 0.98%/yr vs 0.39%/yr for GWMIX.

Performance

TMDIX vs. GWMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG TimesSquare Mid Cap Growth Fund (TMDIX) and AMG GW&K Municipal Bond Fund (GWMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMDIX achieves a 4.23% return, which is significantly higher than GWMIX's 0.74% return. Over the past 10 years, TMDIX has outperformed GWMIX with an annualized return of 13.01%, while GWMIX has yielded a comparatively lower 2.33% annualized return.

TMDIX

• 1D: 0.98%
• 1M: 5.30%
• YTD: 4.23%
• 6M: -6.92%
• 1Y: -2.83%
• 3Y*: 8.95%
• 5Y*: 4.36%
• 10Y*: 13.01%

GWMIX

• 1D: 0.00%
• 1M: 0.43%
• YTD: 0.74%
• 6M: 1.35%
• 1Y: 7.23%
• 3Y*: 3.52%
• 5Y*: 1.64%
• 10Y*: 2.33%

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

TMDIX vs. GWMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMDIX AMG TimesSquare Mid Cap Growth Fund	4.23%	-1.76%	10.84%	25.07%	-22.26%	16.75%	33.42%	63.26%	-4.28%	22.66%
GWMIX AMG GW&K Municipal Bond Fund	0.74%	5.52%	0.04%	6.04%	-7.45%	4.19%	4.70%	7.91%	0.87%	4.80%

Correlation

The correlation between TMDIX and GWMIX is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	-0.08

The correlation between TMDIX and GWMIX shifts across timeframes, from -0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TMDIX vs. GWMIX — Risk / Return Rank

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

TMDIX

TMDIX Risk / Return Rank: 2
TMDIX Sharpe Ratio Rank: 2
TMDIX Sortino Ratio Rank: 2
TMDIX Omega Ratio Rank: 2
TMDIX Calmar Ratio Rank: 2
TMDIX Martin Ratio Rank: 2

GWMIX

GWMIX Risk / Return Rank: 59
GWMIX Sharpe Ratio Rank: 82
GWMIX Sortino Ratio Rank: 78
GWMIX Omega Ratio Rank: 91
GWMIX Calmar Ratio Rank: 24
GWMIX Martin Ratio Rank: 22

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.

TMDIX vs. GWMIX - 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 Bond Fund (GWMIX). 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.

	TMDIX	GWMIX	Difference
Sharpe ratio Return per unit of total volatility	-0.12	2.67	-2.80
Sortino ratio Return per unit of downside risk	-0.03	3.72	-3.75
Omega ratio Gain probability vs. loss probability	1.00	1.67	-0.67
Calmar ratio Return relative to maximum drawdown	-0.12	1.84	-1.95
Martin ratio Return relative to average drawdown	-0.24	5.83	-6.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMDIX vs. GWMIX - Sharpe Ratio Comparison

The current TMDIX Sharpe Ratio is -0.12, which is lower than the GWMIX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of TMDIX and GWMIX, 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

	TMDIX	GWMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.12	2.67	-2.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.40	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.58	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.99	-0.46

Drawdowns

TMDIX vs. GWMIX - Drawdown Comparison

The maximum TMDIX drawdown since its inception was -48.73%, which is greater than GWMIX's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for TMDIX and GWMIX.

Drawdown Indicators

	TMDIX	GWMIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.73%	-12.27%	-36.46%
Max Drawdown (1Y) Largest decline over 1 year	-25.45%	-3.89%	-21.56%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-5.41%	-20.04%
Max Drawdown (5Y) Largest decline over 5 years	-30.53%	-12.27%	-18.26%
Max Drawdown (10Y) Largest decline over 10 years	-35.44%	-12.27%	-23.17%
Current Drawdown Current decline from peak	-12.72%	-1.86%	-10.86%
Average Drawdown Average peak-to-trough decline	-7.15%	-1.98%	-5.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	1.22%	+10.84%

Volatility

TMDIX vs. GWMIX - Volatility Comparison

AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a higher volatility of 3.89% compared to AMG GW&K Municipal Bond Fund (GWMIX) at 1.07%. This indicates that TMDIX's price experiences larger fluctuations and is considered to be riskier than GWMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMDIX	GWMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	1.07%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	17.21%	2.21%	+15.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	2.70%	+16.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	4.13%	+16.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	4.00%	+17.08%

TMDIX vs. GWMIX - Expense Ratio Comparison

TMDIX has a 0.98% expense ratio, which is higher than GWMIX's 0.39% expense ratio.

Dividends

TMDIX vs. GWMIX - Dividend Comparison

TMDIX has not paid dividends to shareholders, while GWMIX's dividend yield for the trailing twelve months is around 2.72%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWMIX AMG GW&K Municipal Bond Fund	2.72%	2.86%	2.60%	2.11%	1.89%	5.75%	1.82%	2.19%	1.88%	1.64%	3.38%	3.01%
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 TMDIX and GWMIX in my portfolio?

TMDIX and GWMIX have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMDIX or GWMIX?

TMDIX has higher volatility (3.89%) compared to GWMIX (1.07%). In terms of maximum drawdown, TMDIX dropped -48.73% vs GWMIX's -12.27%.

Which has better risk-adjusted returns?

GWMIX currently has the higher Sharpe Ratio (2.67 vs -0.12), 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.