BTPIX vs. WALSX

Last updated Apr 2, 2026

Compare and contrast key facts about Salient Tactical Plus Fund (BTPIX) and Wasatch Long/Short Alpha Fund (WALSX).

BTPIX is managed by Salient Funds. It was launched on Dec 30, 2012. WALSX is managed by Wasatch. It was launched on Sep 30, 2021.

Performance

BTPIX vs. WALSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Salient Tactical Plus Fund (BTPIX) and Wasatch Long/Short Alpha Fund (WALSX). The values are adjusted to include any dividend payments, if applicable.

BTPIX vs. WALSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BTPIX Salient Tactical Plus Fund	-0.83%	-2.44%	3.17%	4.22%	-1.65%	3.69%
WALSX Wasatch Long/Short Alpha Fund	4.16%	-12.79%	7.24%	27.75%	-8.38%	12.20%

Returns By Period

In the year-to-date period, BTPIX achieves a -0.83% return, which is significantly lower than WALSX's 4.16% return.

BTPIX

• 1D: 0.94%
• 1M: -4.03%
• YTD: -0.83%
• 6M: 0.08%
• 1Y: -0.10%
• 3Y*: 1.45%
• 5Y*: 1.46%
• 10Y*: 3.36%

WALSX

• 1D: 2.57%
• 1M: -6.72%
• YTD: 4.16%
• 6M: 2.73%
• 1Y: -4.98%
• 3Y*: 6.03%
• 5Y*: —
• 10Y*: —

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

BTPIX vs. WALSX - Expense Ratio Comparison

BTPIX has a 1.08% expense ratio, which is lower than WALSX's 1.75% expense ratio.

WALSX

Wasatch Long/Short Alpha Fund

BTPIX

Salient Tactical Plus Fund

Return for Risk

BTPIX vs. WALSX — Risk / Return Rank

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

BTPIX

BTPIX Risk / Return Rank: 4
BTPIX Sharpe Ratio Rank: 4
BTPIX Sortino Ratio Rank: 4
BTPIX Omega Ratio Rank: 4
BTPIX Calmar Ratio Rank: 5
BTPIX Martin Ratio Rank: 5

WALSX

WALSX Risk / Return Rank: 2
WALSX Sharpe Ratio Rank: 2
WALSX Sortino Ratio Rank: 2
WALSX Omega Ratio Rank: 2
WALSX Calmar Ratio Rank: 2
WALSX Martin Ratio Rank: 3

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.

BTPIX vs. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) and Wasatch Long/Short Alpha Fund (WALSX). 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.

	BTPIX	WALSX	Difference
Sharpe ratio Return per unit of total volatility	-0.01	-0.28	+0.27
Sortino ratio Return per unit of downside risk	0.04	-0.29	+0.33
Omega ratio Gain probability vs. loss probability	1.01	0.97	+0.04
Calmar ratio Return relative to maximum drawdown	0.03	-0.32	+0.35
Martin ratio Return relative to average drawdown	0.07	-0.60	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTPIX vs. WALSX - Sharpe Ratio Comparison

The current BTPIX Sharpe Ratio is -0.01, which is higher than the WALSX Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of BTPIX and WALSX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTPIX	WALSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	-0.28	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.35	+0.09

Correlation

The correlation between BTPIX and WALSX is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BTPIX vs. WALSX - Dividend Comparison

BTPIX's dividend yield for the trailing twelve months is around 2.83%, while WALSX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BTPIX Salient Tactical Plus Fund	2.83%	2.81%	3.80%	4.93%	7.72%	0.00%	6.10%	6.16%	3.08%	0.00%	4.14%
WALSX Wasatch Long/Short Alpha Fund	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BTPIX vs. WALSX - Drawdown Comparison

The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum WALSX drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for BTPIX and WALSX.

Drawdown Indicators

	BTPIX	WALSX	Difference
Max Drawdown Largest peak-to-trough decline	-13.30%	-25.28%	+11.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-14.71%	+7.87%
Max Drawdown (5Y) Largest decline over 5 years	-8.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.04%	—	—
Current Drawdown Current decline from peak	-5.88%	-20.03%	+14.15%
Average Drawdown Average peak-to-trough decline	-3.90%	-9.17%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	7.98%	-5.35%

Volatility

BTPIX vs. WALSX - Volatility Comparison

The current volatility for Salient Tactical Plus Fund (BTPIX) is 2.59%, while Wasatch Long/Short Alpha Fund (WALSX) has a volatility of 5.90%. This indicates that BTPIX experiences smaller price fluctuations and is considered to be less risky than WALSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTPIX	WALSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	5.90%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	11.34%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	17.93%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.11%	16.34%	-10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	16.34%	-7.72%