AVALX vs. WMICX

Last updated Aug 5, 2026

AVALX (Aegis Value Fund Class I) and WMICX (Wasatch Micro Cap Fund) are both mutual funds - AVALX is a Small Cap Value Equities fund actively managed by Aegis, while WMICX is a Small Cap Growth Equities fund managed by Wasatch. Over the past 10 years, AVALX returned 19.25%/yr vs 13.93%/yr for WMICX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. AVALX charges 1.36%/yr vs 1.63%/yr for WMICX.

Performance

AVALX vs. WMICX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aegis Value Fund Class I (AVALX) and Wasatch Micro Cap Fund (WMICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVALX achieves a 17.36% return, which is significantly higher than WMICX's 16.49% return. Over the past 10 years, AVALX has outperformed WMICX with an annualized return of 19.25%, while WMICX has yielded a comparatively lower 13.93% annualized return.

AVALX

• 1D: 0.26%
• 1M: 4.92%
• 6M: 5.08%
• YTD: 17.36%
• 1Y: 49.97%
• 3Y*: 30.49%
• 5Y*: 23.11%
• 10Y*: 19.25%
• ALL TIME*: 11.30%

WMICX

• 1D: 2.75%
• 1M: -3.99%
• 6M: 9.43%
• YTD: 16.49%
• 1Y: 29.65%
• 3Y*: 14.43%
• 5Y*: 0.61%
• 10Y*: 13.93%
• ALL TIME*: 14.14%

*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)
AVALX Aegis Value Fund Class I	$0.00	$0.00	$0.00
WMICX Wasatch Micro Cap Fund	$0.00	$0.00	$0.00

AVALX vs. WMICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVALX Aegis Value Fund Class I	17.36%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%
WMICX Wasatch Micro Cap Fund	16.49%	4.84%	20.91%	22.58%	-40.64%	4.51%	64.84%	42.31%	1.73%	36.17%

Correlation

The correlation between AVALX and WMICX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since May 15, 1998	0.62

Over the past year, the correlation between AVALX and WMICX has dropped to 0.40 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

AVALX vs. WMICX — Risk / Return Rank

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

AVALX

AVALX Risk / Return Rank: 95
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 93
AVALX Omega Ratio Rank: 93
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 94

WMICX

WMICX Risk / Return Rank: 55
WMICX Sharpe Ratio Rank: 59
WMICX Sortino Ratio Rank: 63
WMICX Omega Ratio Rank: 46
WMICX Calmar Ratio Rank: 59
WMICX Martin Ratio Rank: 48

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.

AVALX vs. WMICX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aegis Value Fund Class I (AVALX) and Wasatch Micro Cap Fund (WMICX). 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.

	AVALX	WMICX	Difference
Sharpe ratio: Return per unit of total volatility	2.97	1.63	+1.34
Sortino ratio: Return per unit of downside risk	3.62	2.43	+1.19
Omega ratio: Gain probability vs. loss probability	1.51	1.27	+0.24
Calmar ratio: Return relative to maximum drawdown	5.17	2.27	+2.90
Martin ratio: Return relative to average drawdown	15.23	7.33	+7.90

AVALX vs. WMICX - Sharpe Ratio Comparison

The current AVALX Sharpe Ratio is 2.97, which is higher than the WMICX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of AVALX and WMICX, 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

AVALX vs. WMICX - Drawdown Comparison

The maximum AVALX drawdown since its inception was -73.72%, which is greater than WMICX's maximum drawdown of -65.21%. Use the drawdown chart below to compare losses from any high point for AVALX and WMICX.

Drawdown Indicators

	AVALX	WMICX	Difference
Max Drawdown Largest peak-to-trough decline	-73.72%	-65.21%	-8.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-14.32%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.59%	-29.44%	+15.85%
Max Drawdown (5Y) Largest decline over 5 years	-32.00%	-48.70%	+16.70%
Max Drawdown (10Y) Largest decline over 10 years	-48.34%	-50.96%	+2.62%
Current Drawdown Current decline from peak	-4.36%	-8.27%	+3.91%
Average Drawdown Average peak-to-trough decline	-10.92%	-13.31%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	4.43%	-1.00%

Volatility

AVALX vs. WMICX - Volatility Comparison

The current volatility for Aegis Value Fund Class I (AVALX) is 4.61%, while Wasatch Micro Cap Fund (WMICX) has a volatility of 5.69%. This indicates that AVALX experiences smaller price fluctuations and is considered to be less risky than WMICX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVALX	WMICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.69%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	14.89%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	19.97%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.17%	24.57%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.15%	24.42%	-2.27%

AVALX vs. WMICX - Expense Ratio Comparison

AVALX has a 1.36% expense ratio, which is lower than WMICX's 1.63% expense ratio.

Dividends

AVALX vs. WMICX - Dividend Comparison

AVALX's dividend yield for the trailing twelve months is around 1.99%, while WMICX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund Class I	1.99%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
WMICX Wasatch Micro Cap Fund	0.00%	0.00%	0.00%	0.00%	0.00%	30.82%	5.68%	11.40%	29.75%	15.30%	9.30%	16.58%

Frequently Asked Questions

Can I hold both AVALX and WMICX in my portfolio?

AVALX and WMICX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVALX or WMICX?

WMICX has higher volatility (5.69%) compared to AVALX (4.61%). In terms of maximum drawdown, AVALX dropped -73.72% vs WMICX's -65.21%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.97 vs 1.63), 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.