MEGMX vs. WAEMX

Last updated Aug 1, 2026

MEGMX (Matthews Emerging Markets Equity Fund) and WAEMX (Wasatch Emerging Markets Small Cap Fund) are both Emerging Markets Equities funds. Over the past 5 years, MEGMX returned 7.47%/yr vs -1.08%/yr for WAEMX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. MEGMX charges 1.08%/yr vs 1.91%/yr for WAEMX.

Performance

MEGMX vs. WAEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Emerging Markets Equity Fund (MEGMX) 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, MEGMX achieves a 21.66% return, which is significantly higher than WAEMX's 12.35% return.

MEGMX

• 1D: 4.40%
• 1M: -4.18%
• 6M: 11.77%
• YTD: 21.66%
• 1Y: 38.98%
• 3Y*: 19.70%
• 5Y*: 7.47%
• 10Y*: —
• ALL TIME*: 14.83%

WAEMX

• 1D: 2.14%
• 1M: -9.48%
• 6M: 8.52%
• YTD: 12.35%
• 1Y: 21.10%
• 3Y*: 8.36%
• 5Y*: -1.08%
• 10Y*: 6.63%
• ALL TIME*: 5.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MEGMX Matthews Emerging Markets Equity Fund	$0.00	$0.00	$0.00
WAEMX Wasatch Emerging Markets Small Cap Fund	$0.00	$0.00	$0.00

MEGMX vs. WAEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MEGMX Matthews Emerging Markets Equity Fund	21.66%	29.37%	11.11%	8.46%	-20.94%	-1.90%	61.26%
WAEMX Wasatch Emerging Markets Small Cap Fund	12.35%	5.85%	-2.21%	21.20%	-38.76%	30.16%	55.76%

Correlation

The correlation between MEGMX and WAEMX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020	0.69

The correlation between MEGMX and WAEMX has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

MEGMX vs. WAEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MEGMX

MEGMX Risk / Return Rank: 56
MEGMX Sharpe Ratio Rank: 55
MEGMX Sortino Ratio Rank: 47
MEGMX Omega Ratio Rank: 61
MEGMX Calmar Ratio Rank: 68
MEGMX Martin Ratio Rank: 49

WAEMX

WAEMX Risk / Return Rank: 35
WAEMX Sharpe Ratio Rank: 33
WAEMX Sortino Ratio Rank: 35
WAEMX Omega Ratio Rank: 32
WAEMX Calmar Ratio Rank: 35
WAEMX Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MEGMX vs. WAEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Equity Fund (MEGMX) 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.

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.

	MEGMX	WAEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.04	+0.44
Sortino ratio: Return per unit of downside risk	1.99	1.59	+0.41
Omega ratio: Gain probability vs. loss probability	1.29	1.19	+0.10
Calmar ratio: Return relative to maximum drawdown	2.32	1.50	+0.82
Martin ratio: Return relative to average drawdown	7.13	5.85	+1.28

MEGMX vs. WAEMX - Sharpe Ratio Comparison

The current MEGMX Sharpe Ratio is 1.48, which is higher than the WAEMX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of MEGMX 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.

Drawdowns

MEGMX vs. WAEMX - Drawdown Comparison

The maximum MEGMX drawdown since its inception was -37.64%, smaller than the maximum WAEMX drawdown of -66.35%. Use the drawdown chart below to compare losses from any high point for MEGMX and WAEMX.

Drawdown Indicators

	MEGMX	WAEMX	Difference
Max Drawdown Largest peak-to-trough decline	-37.64%	-66.35%	+28.71%
Max Drawdown (1Y) Largest decline over 1 year	-16.26%	-13.82%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-25.56%	+7.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.81%	-44.88%	+10.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.88%	—
Current Drawdown Current decline from peak	-12.58%	-16.88%	+4.30%
Average Drawdown Average peak-to-trough decline	-14.40%	-16.76%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.23%	3.54%	+1.69%

Volatility

MEGMX vs. WAEMX - Volatility Comparison

Matthews Emerging Markets Equity Fund (MEGMX) has a higher volatility of 9.88% compared to Wasatch Emerging Markets Small Cap Fund (WAEMX) at 7.47%. This indicates that MEGMX'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

	MEGMX	WAEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	7.47%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	23.68%	17.62%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	25.41%	19.95%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.91%	18.25%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	18.40%	+0.33%

MEGMX vs. WAEMX - Expense Ratio Comparison

MEGMX has a 1.08% expense ratio, which is lower than WAEMX's 1.91% expense ratio.

Dividends

MEGMX vs. WAEMX - Dividend Comparison

MEGMX's dividend yield for the trailing twelve months is around 2.44%, less than WAEMX's 62.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MEGMX Matthews Emerging Markets Equity Fund	2.44%	2.97%	0.92%	1.82%	1.81%	7.76%	2.26%	0.00%	0.00%	0.00%	0.00%	0.00%
WAEMX Wasatch Emerging Markets Small Cap Fund	62.66%	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 MEGMX and WAEMX in my portfolio?

MEGMX and WAEMX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEGMX or WAEMX?

MEGMX has higher volatility (9.88%) compared to WAEMX (7.47%). In terms of maximum drawdown, MEGMX dropped -37.64% vs WAEMX's -66.35%.

Which has better risk-adjusted returns?

MEGMX currently has the higher Sharpe Ratio (1.48 vs 1.04), 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.