TWMIX vs. FDG

Last updated Aug 4, 2026

TWMIX (American Century Emerging Markets Fund) and FDG (American Century Focused Dynamic Growth ETF) are both funds - TWMIX is a Emerging Markets Equities fund managed by American Century, while FDG is a Large Cap Growth Equities fund actively managed by American Century. Over the past 5 years, TWMIX returned 6.01%/yr vs 9.45%/yr for FDG. Their 0.63 correlation means they have sometimes moved together and sometimes differently. TWMIX charges 1.26%/yr vs 0.45%/yr for FDG.

Performance

TWMIX vs. FDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Emerging Markets Fund (TWMIX) and American Century Focused Dynamic Growth ETF (FDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TWMIX achieves a 23.05% return, which is significantly higher than FDG's 3.04% return.

TWMIX

• 1D: 2.18%
• 1M: -3.54%
• 6M: 11.89%
• YTD: 23.05%
• 1Y: 46.98%
• 3Y*: 22.12%
• 5Y*: 6.01%
• 10Y*: 8.86%
• ALL TIME*: 7.36%

FDG

• 1D: 2.94%
• 1M: -1.05%
• 6M: 4.01%
• YTD: 3.04%
• 1Y: 17.64%
• 3Y*: 25.36%
• 5Y*: 9.45%
• 10Y*: —
• ALL TIME*: 21.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDG American Century Focused Dynamic Growth ETF	$1.79M	$1.60M	$2.29M
TWMIX American Century Emerging Markets Fund	$0.00	$0.00	$0.00

TWMIX vs. FDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TWMIX American Century Emerging Markets Fund	23.05%	35.27%	11.44%	5.43%	-28.14%	-6.04%	69.18%
FDG American Century Focused Dynamic Growth ETF	3.04%	22.13%	45.89%	37.22%	-35.74%	8.52%	96.27%

Correlation

The correlation between TWMIX and FDG is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (All Time) Calculated using the full available price history since Apr 2, 2020	0.63

The correlation between TWMIX and FDG has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

TWMIX vs. FDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TWMIX

TWMIX Risk / Return Rank: 70
TWMIX Sharpe Ratio Rank: 71
TWMIX Sortino Ratio Rank: 56
TWMIX Omega Ratio Rank: 70
TWMIX Calmar Ratio Rank: 78
TWMIX Martin Ratio Rank: 72

FDG

FDG Risk / Return Rank: 33
FDG Sharpe Ratio Rank: 34
FDG Sortino Ratio Rank: 33
FDG Omega Ratio Rank: 32
FDG Calmar Ratio Rank: 33
FDG Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TWMIX vs. FDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Emerging Markets Fund (TWMIX) and American Century Focused Dynamic Growth ETF (FDG). 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.

	TWMIX	FDG	Difference
Sharpe ratio: Return per unit of total volatility	1.75	0.86	+0.89
Sortino ratio: Return per unit of downside risk	2.21	1.28	+0.93
Omega ratio: Gain probability vs. loss probability	1.32	1.16	+0.17
Calmar ratio: Return relative to maximum drawdown	2.69	1.13	+1.56
Martin ratio: Return relative to average drawdown	9.44	3.24	+6.21

TWMIX vs. FDG - Sharpe Ratio Comparison

The current TWMIX Sharpe Ratio is 1.75, which is higher than the FDG Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of TWMIX and FDG, 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

TWMIX vs. FDG - Drawdown Comparison

The maximum TWMIX drawdown since its inception was -68.57%, which is greater than FDG's maximum drawdown of -43.69%. Use the drawdown chart below to compare losses from any high point for TWMIX and FDG.

Drawdown Indicators

	TWMIX	FDG	Difference
Max Drawdown Largest peak-to-trough decline	-68.57%	-43.69%	-24.88%
Max Drawdown (1Y) Largest decline over 1 year	-16.75%	-15.71%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-16.75%	-26.14%	+9.39%
Max Drawdown (5Y) Largest decline over 5 years	-42.49%	-43.69%	+1.20%
Max Drawdown (10Y) Largest decline over 10 years	-47.51%	—	—
Current Drawdown Current decline from peak	-11.62%	-7.17%	-4.45%
Average Drawdown Average peak-to-trough decline	-24.35%	-13.26%	-11.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	5.46%	-0.70%

Volatility

TWMIX vs. FDG - Volatility Comparison

American Century Emerging Markets Fund (TWMIX) has a higher volatility of 10.78% compared to American Century Focused Dynamic Growth ETF (FDG) at 8.17%. This indicates that TWMIX's price experiences larger fluctuations and is considered to be riskier than FDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWMIX	FDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	8.17%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	23.62%	17.35%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	25.75%	20.63%	+5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.64%	25.13%	-5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	25.01%	-5.27%

TWMIX vs. FDG - Expense Ratio Comparison

TWMIX has a 1.26% expense ratio, which is higher than FDG's 0.45% expense ratio.

Dividends

TWMIX vs. FDG - Dividend Comparison

TWMIX's dividend yield for the trailing twelve months is around 0.93%, while FDG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDG American Century Focused Dynamic Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
TWMIX American Century Emerging Markets Fund	0.93%	1.14%	0.71%	1.30%	3.37%	0.58%	0.97%	0.48%	0.92%	0.24%	0.12%	0.08%

Frequently Asked Questions

Can I hold both TWMIX and FDG in my portfolio?

TWMIX and FDG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TWMIX or FDG?

TWMIX has higher volatility (10.78%) compared to FDG (8.17%). In terms of maximum drawdown, TWMIX dropped -68.57% vs FDG's -43.69%.

Which has better risk-adjusted returns?

TWMIX currently has the higher Sharpe Ratio (1.75 vs 0.86), 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.