AZMIX vs. WAEMX

Last updated Jun 5, 2026

AZMIX (Virtus NFJ Emerging Markets Value Fund) and WAEMX (Wasatch Emerging Markets Small Cap Fund) are both Emerging Markets Diversified funds. Over the past 10 years, AZMIX returned 9.11%/yr vs 8.47%/yr for WAEMX. A 0.71 correlation means they provide meaningful diversification when combined. AZMIX charges 0.89%/yr vs 1.91%/yr for WAEMX.

Performance

AZMIX vs. WAEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus NFJ Emerging Markets Value Fund (AZMIX) and Wasatch Emerging Markets Small Cap Fund (WAEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AZMIX achieves a 26.14% return, which is significantly higher than WAEMX's 24.12% return. Over the past 10 years, AZMIX has outperformed WAEMX with an annualized return of 9.11%, while WAEMX has yielded a comparatively lower 8.47% annualized return.

AZMIX

• 1D: 0.48%
• 1M: 8.86%
• YTD: 26.14%
• 6M: 27.94%
• 1Y: 50.96%
• 3Y*: 19.42%
• 5Y*: 4.52%
• 10Y*: 9.11%

WAEMX

• 1D: 0.00%
• 1M: -1.40%
• YTD: 24.12%
• 6M: 28.62%
• 1Y: 34.27%
• 3Y*: 12.28%
• 5Y*: 2.04%
• 10Y*: 8.47%

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

AZMIX vs. WAEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AZMIX Virtus NFJ Emerging Markets Value Fund	26.14%	33.20%	0.98%	7.15%	-27.76%	2.53%	22.61%	21.90%	-19.63%	36.72%
WAEMX Wasatch Emerging Markets Small Cap Fund	24.12%	5.85%	-2.21%	21.20%	-38.76%	30.16%	32.79%	27.45%	-18.97%	38.20%

Correlation

The correlation between AZMIX and WAEMX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 26, 2012	0.71

The correlation between AZMIX and WAEMX shifts across timeframes, from 0.52 (3 years) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AZMIX vs. WAEMX — Risk / Return Rank

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

AZMIX

AZMIX Risk / Return Rank: 81
AZMIX Sharpe Ratio Rank: 88
AZMIX Sortino Ratio Rank: 74
AZMIX Omega Ratio Rank: 80
AZMIX Calmar Ratio Rank: 87
AZMIX Martin Ratio Rank: 77

WAEMX

WAEMX Risk / Return Rank: 61
WAEMX Sharpe Ratio Rank: 48
WAEMX Sortino Ratio Rank: 51
WAEMX Omega Ratio Rank: 45
WAEMX Calmar Ratio Rank: 89
WAEMX Martin Ratio Rank: 74

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.

AZMIX vs. WAEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus NFJ Emerging Markets Value Fund (AZMIX) and Wasatch Emerging Markets Small Cap Fund (WAEMX). 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.

	AZMIX	WAEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.03	+0.82
Sortino ratio: Return per unit of downside risk	3.57	2.98	+0.59
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.16
Calmar ratio: Return relative to maximum drawdown	4.18	4.49	-0.30
Martin ratio: Return relative to average drawdown	14.14	13.87	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AZMIX vs. WAEMX - Sharpe Ratio Comparison

The current AZMIX Sharpe Ratio is 2.85, which is higher than the WAEMX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of AZMIX and WAEMX, 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

	AZMIX	WAEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	2.03	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.12	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.47	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.30	+0.07

Drawdowns

AZMIX vs. WAEMX - Drawdown Comparison

The maximum AZMIX drawdown since its inception was -44.57%, smaller than the maximum WAEMX drawdown of -66.35%. Use the drawdown chart below to compare losses from any high point for AZMIX and WAEMX.

Drawdown Indicators

	AZMIX	WAEMX	Difference
Max Drawdown Largest peak-to-trough decline	-44.57%	-66.35%	+21.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.58%	-7.89%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-25.56%	+7.65%
Max Drawdown (5Y) Largest decline over 5 years	-43.05%	-44.88%	+1.83%
Max Drawdown (10Y) Largest decline over 10 years	-44.57%	-44.88%	+0.31%
Current Drawdown Current decline from peak	0.00%	-8.18%	+8.18%
Average Drawdown Average peak-to-trough decline	-14.24%	-16.81%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	2.55%	+1.16%

Volatility

AZMIX vs. WAEMX - Volatility Comparison

Virtus NFJ Emerging Markets Value Fund (AZMIX) has a higher volatility of 6.68% compared to Wasatch Emerging Markets Small Cap Fund (WAEMX) at 5.64%. This indicates that AZMIX's price experiences larger fluctuations and is considered to be riskier than WAEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AZMIX	WAEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	5.64%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	14.59%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	17.48%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.46%	17.73%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	18.19%	+0.23%

AZMIX vs. WAEMX - Expense Ratio Comparison

AZMIX has a 0.89% expense ratio, which is lower than WAEMX's 1.91% expense ratio.

Dividends

AZMIX vs. WAEMX - Dividend Comparison

AZMIX's dividend yield for the trailing twelve months is around 2.50%, less than WAEMX's 56.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AZMIX Virtus NFJ Emerging Markets Value Fund	2.50%	3.15%	1.57%	1.80%	2.08%	0.57%	1.68%	2.96%	3.07%	1.70%	2.41%	3.62%
WAEMX Wasatch Emerging Markets Small Cap Fund	56.72%	70.40%	6.49%	0.00%	3.32%	6.03%	7.15%	5.82%	12.81%	0.00%	0.00%	0.02%

Frequently Asked Questions

Can I hold both AZMIX and WAEMX in my portfolio?

AZMIX and WAEMX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AZMIX or WAEMX?

AZMIX has higher volatility (6.68%) compared to WAEMX (5.64%). In terms of maximum drawdown, AZMIX dropped -44.57% vs WAEMX's -66.35%.

Which has better risk-adjusted returns?

AZMIX currently has the higher Sharpe Ratio (2.85 vs 2.03), 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.