INDEX vs. WAAEX

Last updated Jun 4, 2026

INDEX (Index Funds S&P 500 Equal Weight) and WAAEX (Wasatch Small Cap Growth Fund) are both mutual funds - INDEX is a Large Cap Blend Equities fund managed by Fidelity, while WAAEX is a Small Cap Growth Equities fund managed by Wasatch. Over the past 10 years, INDEX returned 13.13%/yr vs 8.80%/yr for WAAEX. Their correlation of 0.81 suggests significant overlap in exposure. INDEX charges 0.25%/yr vs 1.12%/yr for WAAEX.

Performance

INDEX vs. WAAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Index Funds S&P 500 Equal Weight (INDEX) and Wasatch Small Cap Growth Fund (WAAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDEX achieves a 11.54% return, which is significantly higher than WAAEX's -1.44% return. Over the past 10 years, INDEX has outperformed WAAEX with an annualized return of 13.13%, while WAAEX has yielded a comparatively lower 8.80% annualized return.

INDEX

• 1D: 0.14%
• 1M: 5.79%
• YTD: 11.54%
• 6M: 11.59%
• 1Y: 28.87%
• 3Y*: 21.01%
• 5Y*: 11.61%
• 10Y*: 13.13%

WAAEX

• 1D: 0.46%
• 1M: 1.04%
• YTD: -1.44%
• 6M: -3.77%
• 1Y: -4.91%
• 3Y*: 5.56%
• 5Y*: -5.09%
• 10Y*: 8.80%

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

INDEX vs. WAAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDEX Index Funds S&P 500 Equal Weight	11.54%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%
WAAEX Wasatch Small Cap Growth Fund	-1.44%	-8.78%	15.50%	21.24%	-40.26%	7.68%	54.65%	40.29%	2.42%	21.72%

Correlation

The correlation between INDEX and WAAEX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 12, 2015	0.81

The correlation between INDEX and WAAEX has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

Return for Risk

INDEX vs. WAAEX — Risk / Return Rank

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

INDEX

INDEX Risk / Return Rank: 73
INDEX Sharpe Ratio Rank: 76
INDEX Sortino Ratio Rank: 68
INDEX Omega Ratio Rank: 67
INDEX Calmar Ratio Rank: 73
INDEX Martin Ratio Rank: 83

WAAEX

WAAEX Risk / Return Rank: 2
WAAEX Sharpe Ratio Rank: 2
WAAEX Sortino Ratio Rank: 2
WAAEX Omega Ratio Rank: 2
WAAEX Calmar Ratio Rank: 2
WAAEX 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.

INDEX vs. WAAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Index Funds S&P 500 Equal Weight (INDEX) and Wasatch Small Cap Growth Fund (WAAEX). 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.

	INDEX	WAAEX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	-0.19	+2.71
Sortino ratio: Return per unit of downside risk	3.43	-0.14	+3.57
Omega ratio: Gain probability vs. loss probability	1.46	0.98	+0.47
Calmar ratio: Return relative to maximum drawdown	3.33	-0.22	+3.55
Martin ratio: Return relative to average drawdown	15.62	-0.54	+16.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDEX vs. WAAEX - Sharpe Ratio Comparison

The current INDEX Sharpe Ratio is 2.52, which is higher than the WAAEX Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of INDEX and WAAEX, 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

	INDEX	WAAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	-0.19	+2.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	-0.20	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.35	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.49	+0.14

Drawdowns

INDEX vs. WAAEX - Drawdown Comparison

The maximum INDEX drawdown since its inception was -38.82%, smaller than the maximum WAAEX drawdown of -56.48%. Use the drawdown chart below to compare losses from any high point for INDEX and WAAEX.

Drawdown Indicators

	INDEX	WAAEX	Difference
Max Drawdown Largest peak-to-trough decline	-38.82%	-56.48%	+17.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-16.76%	+7.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-27.68%	+8.93%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-50.51%	+28.99%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	-50.51%	+11.69%
Current Drawdown Current decline from peak	0.00%	-33.32%	+33.32%
Average Drawdown Average peak-to-trough decline	-4.63%	-12.13%	+7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	6.76%	-4.86%

Volatility

INDEX vs. WAAEX - Volatility Comparison

The current volatility for Index Funds S&P 500 Equal Weight (INDEX) is 2.83%, while Wasatch Small Cap Growth Fund (WAAEX) has a volatility of 4.99%. This indicates that INDEX experiences smaller price fluctuations and is considered to be less risky than WAAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDEX	WAAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	4.99%	-2.16%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	13.94%	-4.98%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	19.02%	-7.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	25.41%	-8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	25.09%	-6.44%

INDEX vs. WAAEX - Expense Ratio Comparison

INDEX has a 0.25% expense ratio, which is lower than WAAEX's 1.12% expense ratio.

Dividends

INDEX vs. WAAEX - Dividend Comparison

INDEX's dividend yield for the trailing twelve months is around 0.93%, less than WAAEX's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDEX Index Funds S&P 500 Equal Weight	0.93%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%
WAAEX Wasatch Small Cap Growth Fund	2.00%	1.97%	0.00%	0.00%	0.00%	21.65%	6.25%	14.78%	38.79%	11.70%	8.83%	18.47%

Frequently Asked Questions

Can I hold both INDEX and WAAEX in my portfolio?

INDEX and WAAEX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDEX or WAAEX?

WAAEX has higher volatility (4.99%) compared to INDEX (2.83%). In terms of maximum drawdown, INDEX dropped -38.82% vs WAAEX's -56.48%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (2.52 vs -0.19), 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.