LCGFX vs. WBELX

Last updated Jun 5, 2026

LCGFX (William Blair Large Cap Growth Fund) and WBELX (William Blair Emerging Markets Leaders Fund) are both mutual funds - LCGFX is a Large Cap Growth Equities fund managed by William Blair, while WBELX is a Emerging Markets Diversified fund managed by William Blair. Over the past 10 years, LCGFX returned 16.62%/yr vs 8.20%/yr for WBELX. A 0.59 correlation means they provide meaningful diversification when combined. LCGFX charges 0.65%/yr vs 1.05%/yr for WBELX.

Performance

LCGFX vs. WBELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Large Cap Growth Fund (LCGFX) and William Blair Emerging Markets Leaders Fund (WBELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LCGFX achieves a 4.25% return, which is significantly lower than WBELX's 17.95% return. Over the past 10 years, LCGFX has outperformed WBELX with an annualized return of 16.62%, while WBELX has yielded a comparatively lower 8.20% annualized return.

LCGFX

• 1D: -1.29%
• 1M: 4.87%
• YTD: 4.25%
• 6M: 2.76%
• 1Y: 15.75%
• 3Y*: 19.19%
• 5Y*: 10.35%
• 10Y*: 16.62%

WBELX

• 1D: -0.73%
• 1M: 6.71%
• YTD: 17.95%
• 6M: 19.33%
• 1Y: 38.22%
• 3Y*: 17.61%
• 5Y*: 2.02%
• 10Y*: 8.20%

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

LCGFX vs. WBELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LCGFX William Blair Large Cap Growth Fund	4.25%	11.79%	26.09%	40.48%	-32.48%	28.29%	36.64%	36.44%	5.18%	31.29%
WBELX William Blair Emerging Markets Leaders Fund	17.95%	26.44%	5.86%	6.14%	-25.85%	-7.51%	27.53%	28.37%	-17.41%	41.89%

Correlation

The correlation between LCGFX and WBELX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.59

The correlation between LCGFX and WBELX shifts across timeframes, from 0.40 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LCGFX vs. WBELX — Risk / Return Rank

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

LCGFX

LCGFX Risk / Return Rank: 12
LCGFX Sharpe Ratio Rank: 15
LCGFX Sortino Ratio Rank: 14
LCGFX Omega Ratio Rank: 15
LCGFX Calmar Ratio Rank: 9
LCGFX Martin Ratio Rank: 8

WBELX

WBELX Risk / Return Rank: 52
WBELX Sharpe Ratio Rank: 57
WBELX Sortino Ratio Rank: 51
WBELX Omega Ratio Rank: 54
WBELX Calmar Ratio Rank: 52
WBELX Martin Ratio Rank: 49

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.

LCGFX vs. WBELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Large Cap Growth Fund (LCGFX) and William Blair Emerging Markets Leaders Fund (WBELX). 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.

	LCGFX	WBELX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	2.18	-1.10
Sortino ratio: Return per unit of downside risk	1.52	2.92	-1.41
Omega ratio: Gain probability vs. loss probability	1.19	1.40	-0.20
Calmar ratio: Return relative to maximum drawdown	0.81	2.69	-1.88
Martin ratio: Return relative to average drawdown	2.26	9.84	-7.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LCGFX vs. WBELX - Sharpe Ratio Comparison

The current LCGFX Sharpe Ratio is 1.08, which is lower than the WBELX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of LCGFX and WBELX, 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

	LCGFX	WBELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	2.18	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.12	+0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.47	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.19	+0.16

Drawdowns

LCGFX vs. WBELX - Drawdown Comparison

The maximum LCGFX drawdown since its inception was -62.95%, roughly equal to the maximum WBELX drawdown of -64.98%. Use the drawdown chart below to compare losses from any high point for LCGFX and WBELX.

Drawdown Indicators

	LCGFX	WBELX	Difference
Max Drawdown Largest peak-to-trough decline	-62.95%	-64.98%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-20.59%	-14.72%	-5.87%
Max Drawdown (3Y) Largest decline over 3 years	-23.83%	-16.98%	-6.85%
Max Drawdown (5Y) Largest decline over 5 years	-37.25%	-39.63%	+2.38%
Max Drawdown (10Y) Largest decline over 10 years	-37.25%	-45.26%	+8.01%
Current Drawdown Current decline from peak	-2.15%	-0.73%	-1.42%
Average Drawdown Average peak-to-trough decline	-21.48%	-18.78%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.34%	4.01%	+3.33%

Volatility

LCGFX vs. WBELX - Volatility Comparison

The current volatility for William Blair Large Cap Growth Fund (LCGFX) is 3.91%, while William Blair Emerging Markets Leaders Fund (WBELX) has a volatility of 7.08%. This indicates that LCGFX experiences smaller price fluctuations and is considered to be less risky than WBELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCGFX	WBELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	7.08%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	14.89%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	18.15%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.77%	16.72%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.29%	17.53%	+3.76%

LCGFX vs. WBELX - Expense Ratio Comparison

LCGFX has a 0.65% expense ratio, which is lower than WBELX's 1.05% expense ratio.

Dividends

LCGFX vs. WBELX - Dividend Comparison

LCGFX's dividend yield for the trailing twelve months is around 8.21%, more than WBELX's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCGFX William Blair Large Cap Growth Fund	8.21%	8.56%	5.97%	0.00%	0.82%	4.29%	3.83%	6.46%	17.08%	0.56%	1.10%	9.86%
WBELX William Blair Emerging Markets Leaders Fund	0.75%	0.88%	0.25%	0.78%	0.99%	8.25%	1.00%	0.88%	10.92%	0.67%	0.13%	0.46%

Frequently Asked Questions

Can I hold both LCGFX and WBELX in my portfolio?

LCGFX and WBELX 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, LCGFX or WBELX?

WBELX has higher volatility (7.08%) compared to LCGFX (3.91%). In terms of maximum drawdown, LCGFX dropped -62.95% vs WBELX's -64.98%.

Which has better risk-adjusted returns?

WBELX currently has the higher Sharpe Ratio (2.18 vs 1.08), 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.