FMIEX vs. WAFMX

Last updated Jul 15, 2026

FMIEX (Wasatch Global Value Fund Investor Class Shares) and WAFMX (Wasatch Frontier Emerging Small Countries Fund) are both mutual funds - FMIEX is a Global Equities fund managed by Wasatch, while WAFMX is a Emerging Markets Diversified fund managed by Wasatch. Over the past 10 years, FMIEX returned 11.15%/yr vs 3.55%/yr for WAFMX. At a 0.43 correlation, their price movements are largely independent. FMIEX charges 1.10%/yr vs 2.15%/yr for WAFMX.

Performance

FMIEX vs. WAFMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Global Value Fund Investor Class Shares (FMIEX) and Wasatch Frontier Emerging Small Countries Fund (WAFMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMIEX achieves a 13.85% return, which is significantly higher than WAFMX's 2.78% return. Over the past 10 years, FMIEX has outperformed WAFMX with an annualized return of 11.15%, while WAFMX has yielded a comparatively lower 3.55% annualized return.

FMIEX

• 1D: 0.24%
• 1M: -0.35%
• 6M: 11.25%
• YTD: 13.85%
• 1Y: 26.68%
• 3Y*: 18.84%
• 5Y*: 12.42%
• 10Y*: 11.15%

WAFMX

• 1D: -1.33%
• 1M: -1.86%
• 6M: 0.27%
• YTD: 2.78%
• 1Y: -2.89%
• 3Y*: 8.10%
• 5Y*: -2.40%
• 10Y*: 3.55%

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

FMIEX vs. WAFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMIEX Wasatch Global Value Fund Investor Class Shares	13.85%	30.93%	8.66%	5.67%	-0.12%	25.11%	2.04%	17.27%	-5.67%	11.21%
WAFMX Wasatch Frontier Emerging Small Countries Fund	2.78%	4.35%	10.67%	28.16%	-41.11%	8.60%	28.24%	26.47%	-18.49%	21.16%

Correlation

The correlation between FMIEX and WAFMX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 31, 2012	0.43

The correlation between FMIEX and WAFMX shifts across timeframes, from 0.39 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FMIEX vs. WAFMX — Risk / Return Rank

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

FMIEX

FMIEX Risk / Return Rank: 92
FMIEX Sharpe Ratio Rank: 96
FMIEX Sortino Ratio Rank: 94
FMIEX Omega Ratio Rank: 88
FMIEX Calmar Ratio Rank: 92
FMIEX Martin Ratio Rank: 93

WAFMX

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

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.

FMIEX vs. WAFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Global Value Fund Investor Class Shares (FMIEX) and Wasatch Frontier Emerging Small Countries Fund (WAFMX). 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.

	FMIEX	WAFMX	Difference
Sharpe ratio: Return per unit of total volatility	2.82	-0.18	+3.00
Sortino ratio: Return per unit of downside risk	4.12	-0.15	+4.27
Omega ratio: Gain probability vs. loss probability	1.50	0.98	+0.51
Calmar ratio: Return relative to maximum drawdown	3.84	-0.21	+4.05
Martin ratio: Return relative to average drawdown	14.69	-0.51	+15.20

FMIEX vs. WAFMX - Sharpe Ratio Comparison

The current FMIEX Sharpe Ratio is 2.82, which is higher than the WAFMX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of FMIEX and WAFMX, 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

FMIEX vs. WAFMX - Drawdown Comparison

The maximum FMIEX drawdown since its inception was -49.85%, roughly equal to the maximum WAFMX drawdown of -49.51%. Use the drawdown chart below to compare losses from any high point for FMIEX and WAFMX.

Drawdown Indicators

	FMIEX	WAFMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.85%	-49.51%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-12.85%	+5.81%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	-15.26%	+5.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.63%	-49.51%	+30.88%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-49.51%	+10.18%
Current Drawdown Current decline from peak	-0.67%	-19.58%	+18.91%
Average Drawdown Average peak-to-trough decline	-6.56%	-16.80%	+10.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	5.21%	-3.37%

Volatility

FMIEX vs. WAFMX - Volatility Comparison

The current volatility for Wasatch Global Value Fund Investor Class Shares (FMIEX) is 3.00%, while Wasatch Frontier Emerging Small Countries Fund (WAFMX) has a volatility of 5.31%. This indicates that FMIEX experiences smaller price fluctuations and is considered to be less risky than WAFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIEX	WAFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	5.31%	-2.31%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	12.64%	-5.09%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	14.93%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	17.65%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	16.92%	-1.27%

FMIEX vs. WAFMX - Expense Ratio Comparison

FMIEX has a 1.10% expense ratio, which is lower than WAFMX's 2.15% expense ratio.

Dividends

FMIEX vs. WAFMX - Dividend Comparison

FMIEX's dividend yield for the trailing twelve months is around 5.03%, while WAFMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMIEX Wasatch Global Value Fund Investor Class Shares	5.03%	5.76%	9.02%	3.27%	8.54%	4.34%	1.74%	3.82%	18.46%	16.45%	5.16%	11.75%
WAFMX Wasatch Frontier Emerging Small Countries Fund	0.00%	0.00%	0.76%	0.00%	0.00%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%

Frequently Asked Questions

Can I hold both FMIEX and WAFMX in my portfolio?

FMIEX and WAFMX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIEX or WAFMX?

WAFMX has higher volatility (5.31%) compared to FMIEX (3.00%). In terms of maximum drawdown, FMIEX dropped -49.85% vs WAFMX's -49.51%.

Which has better risk-adjusted returns?

FMIEX currently has the higher Sharpe Ratio (2.82 vs -0.18), 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.