TMDIX vs. MDYG
TMDIX (AMG TimesSquare Mid Cap Growth Fund) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. Over the past 10 years, TMDIX returned 12.70%/yr vs 10.93%/yr for MDYG. Their correlation of 0.89 means they have usually moved in the same direction. TMDIX charges 0.98%/yr vs 0.15%/yr for MDYG.
Performance
TMDIX vs. MDYG - Performance Comparison
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Returns By Period
In the year-to-date period, TMDIX achieves a 4.53% return, which is significantly lower than MDYG's 15.86% return. Over the past 10 years, TMDIX has outperformed MDYG with an annualized return of 12.70%, while MDYG has yielded a comparatively lower 10.93% 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%
MDYG
- 1D
- -0.08%
- 1M
- -2.79%
- 6M
- 11.45%
- YTD
- 15.86%
- 1Y
- 22.86%
- 3Y*
- 13.90%
- 5Y*
- 7.45%
- 10Y*
- 10.93%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.81M | $8.69M | $9.37M | |
| $0.00 | $0.00 | $0.00 |
TMDIX vs. MDYG - 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% |
MDYG SPDR S&P 400 Mid Cap Growth ETF | 15.86% | 7.22% | 15.84% | 17.30% | -18.92% | 18.46% | 22.57% | 26.10% | -10.46% | 19.61% |
Correlation
The correlation between TMDIX and MDYG is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.89 |
The correlation between TMDIX and MDYG has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
TMDIX vs. MDYG — Risk / Return Rank
TMDIX
MDYG
TMDIX vs. MDYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AMG TimesSquare Mid Cap Growth Fund (TMDIX) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). 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 | MDYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.21 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.31 | 2.14 | -2.45 |
| Martin ratioReturn relative to average drawdown | -0.61 | 7.90 | -8.51 |
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Drawdowns
TMDIX vs. MDYG - Drawdown Comparison
The maximum TMDIX drawdown since its inception was -48.73%, smaller than the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for TMDIX and MDYG.
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Drawdown Indicators
| TMDIX | MDYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.73% | -58.44% | +9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -9.91% | -15.54% |
Max Drawdown (3Y)Largest decline over 3 years | -25.45% | -25.45% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -30.53% | -29.26% | -1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -35.44% | -39.27% | +3.83% |
Current DrawdownCurrent decline from peak | -12.48% | -4.72% | -7.76% |
Average DrawdownAverage peak-to-trough decline | -7.19% | -7.98% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.95% | 2.68% | +10.27% |
Volatility
TMDIX vs. MDYG - Volatility Comparison
AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a higher volatility of 4.81% compared to SPDR S&P 400 Mid Cap Growth ETF (MDYG) at 4.53%. This indicates that TMDIX's price experiences larger fluctuations and is considered to be riskier than MDYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMDIX | MDYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | 4.53% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 14.06% | 14.11% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.64% | 17.88% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.59% | 20.72% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.11% | 21.08% | +0.03% |
TMDIX vs. MDYG - Expense Ratio Comparison
TMDIX has a 0.98% expense ratio, which is higher than MDYG's 0.15% expense ratio.
Dividends
TMDIX vs. MDYG - Dividend Comparison
TMDIX has not paid dividends to shareholders, while MDYG's dividend yield for the trailing twelve months is around 0.59%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.59% | 0.75% | 0.87% | 1.20% | 1.16% | 0.69% | 0.71% | 1.21% | 1.36% | 2.23% | 1.25% | 2.51% |
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 MDYG have a correlation of 0.89, 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 MDYG (4.53%). In terms of maximum drawdown, TMDIX dropped -48.73% vs MDYG's -58.44%.
MDYG currently has the higher Sharpe Ratio (1.19 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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