TSCIX vs. ARSMX

Last updated Jun 23, 2026

TSCIX (AMG TimesSquare Small Cap Growth Fund) and ARSMX (AMG River Road Small-Mid Cap Value Fund) are both mutual funds - TSCIX is a Small Cap Growth Equities fund managed by AMG, while ARSMX is a Small Cap Value Equities fund managed by AMG. Over the past 10 years, TSCIX returned 10.65%/yr vs 9.67%/yr for ARSMX. Their correlation of 0.86 suggests significant overlap in exposure. TSCIX charges 0.99%/yr vs 1.27%/yr for ARSMX.

Performance

TSCIX vs. ARSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG TimesSquare Small Cap Growth Fund (TSCIX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSCIX achieves a 11.74% return, which is significantly higher than ARSMX's 2.73% return. Over the past 10 years, TSCIX has outperformed ARSMX with an annualized return of 10.65%, while ARSMX has yielded a comparatively lower 9.67% annualized return.

TSCIX

• 1D: 2.50%
• 1M: 3.58%
• YTD: 11.74%
• 6M: 8.38%
• 1Y: 14.96%
• 3Y*: 9.39%
• 5Y*: 1.68%
• 10Y*: 10.65%

ARSMX

• 1D: 0.93%
• 1M: 2.41%
• YTD: 2.73%
• 6M: 1.03%
• 1Y: 3.60%
• 3Y*: 8.77%
• 5Y*: 5.11%
• 10Y*: 9.67%

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

TSCIX vs. ARSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSCIX AMG TimesSquare Small Cap Growth Fund	11.74%	0.84%	8.50%	16.73%	-26.42%	7.34%	35.36%	44.90%	-4.05%	21.17%
ARSMX AMG River Road Small-Mid Cap Value Fund	2.73%	-0.83%	12.42%	14.48%	-8.62%	23.41%	1.71%	34.82%	-6.44%	15.26%

Correlation

The correlation between TSCIX and ARSMX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 30, 2007	0.86

The correlation between TSCIX and ARSMX shifts across timeframes, from 0.69 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSCIX vs. ARSMX — Risk / Return Rank

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

TSCIX

TSCIX Risk / Return Rank: 9
TSCIX Sharpe Ratio Rank: 9
TSCIX Sortino Ratio Rank: 9
TSCIX Omega Ratio Rank: 9
TSCIX Calmar Ratio Rank: 8
TSCIX Martin Ratio Rank: 9

ARSMX

ARSMX Risk / Return Rank: 5
ARSMX Sharpe Ratio Rank: 5
ARSMX Sortino Ratio Rank: 5
ARSMX Omega Ratio Rank: 5
ARSMX Calmar Ratio Rank: 5
ARSMX Martin Ratio Rank: 5

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.

TSCIX vs. ARSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG TimesSquare Small Cap Growth Fund (TSCIX) and AMG River Road Small-Mid Cap Value Fund (ARSMX). 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.

	TSCIX	ARSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	0.30	+0.40
Sortino ratio: Return per unit of downside risk	1.07	0.51	+0.55
Omega ratio: Gain probability vs. loss probability	1.14	1.06	+0.07
Calmar ratio: Return relative to maximum drawdown	0.78	0.42	+0.37
Martin ratio: Return relative to average drawdown	2.56	0.96	+1.60

TSCIX vs. ARSMX - Sharpe Ratio Comparison

The current TSCIX Sharpe Ratio is 0.70, which is higher than the ARSMX Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of TSCIX and ARSMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSCIX vs. ARSMX - Drawdown Comparison

The maximum TSCIX drawdown since its inception was -49.74%, roughly equal to the maximum ARSMX drawdown of -51.75%. Use the drawdown chart below to compare losses from any high point for TSCIX and ARSMX.

Drawdown Indicators

	TSCIX	ARSMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.74%	-51.75%	+2.01%
Max Drawdown (1Y) Largest decline over 1 year	-18.91%	-10.37%	-8.54%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-19.34%	-10.14%
Max Drawdown (5Y) Largest decline over 5 years	-40.51%	-19.34%	-21.17%
Max Drawdown (10Y) Largest decline over 10 years	-40.51%	-42.96%	+2.45%
Current Drawdown Current decline from peak	-2.50%	-4.97%	+2.47%
Average Drawdown Average peak-to-trough decline	-11.63%	-8.10%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	4.47%	+1.28%

Volatility

TSCIX vs. ARSMX - Volatility Comparison

AMG TimesSquare Small Cap Growth Fund (TSCIX) has a higher volatility of 7.15% compared to AMG River Road Small-Mid Cap Value Fund (ARSMX) at 3.17%. This indicates that TSCIX's price experiences larger fluctuations and is considered to be riskier than ARSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSCIX	ARSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	3.17%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	17.38%	10.27%	+7.11%
Volatility (1Y) Calculated over the trailing 1-year period	21.09%	14.44%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.76%	17.77%	+5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	19.57%	+4.11%

TSCIX vs. ARSMX - Expense Ratio Comparison

TSCIX has a 0.99% expense ratio, which is lower than ARSMX's 1.27% expense ratio.

Dividends

TSCIX vs. ARSMX - Dividend Comparison

Neither TSCIX nor ARSMX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSMX AMG River Road Small-Mid Cap Value Fund	0.00%	0.00%	9.27%	3.89%	4.85%	5.86%	0.00%	3.60%	8.60%	15.66%	8.03%	17.82%
TSCIX AMG TimesSquare Small Cap Growth Fund	0.00%	0.00%	0.69%	0.00%	6.63%	22.45%	13.38%	22.41%	30.72%	10.75%	3.70%	11.91%

Frequently Asked Questions

Can I hold both TSCIX and ARSMX in my portfolio?

TSCIX and ARSMX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSCIX or ARSMX?

TSCIX has higher volatility (7.15%) compared to ARSMX (3.17%). In terms of maximum drawdown, TSCIX dropped -49.74% vs ARSMX's -51.75%.

Which has better risk-adjusted returns?

TSCIX currently has the higher Sharpe Ratio (0.70 vs 0.30), 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.