QTELX vs. WAEMX

Last updated Aug 1, 2026

QTELX (AQR Emerging Multi-Style II Fund) and WAEMX (Wasatch Emerging Markets Small Cap Fund) are both Emerging Markets Equities funds. Over the past 10 years, QTELX returned 8.81%/yr vs 6.63%/yr for WAEMX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. QTELX charges 0.70%/yr vs 1.91%/yr for WAEMX.

Performance

QTELX vs. WAEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Emerging Multi-Style II Fund (QTELX) 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, QTELX achieves a 16.53% return, which is significantly higher than WAEMX's 12.35% return. Over the past 10 years, QTELX has outperformed WAEMX with an annualized return of 8.81%, while WAEMX has yielded a comparatively lower 6.63% annualized return.

QTELX

• 1D: 4.19%
• 1M: -3.99%
• 6M: 6.24%
• YTD: 16.53%
• 1Y: 34.92%
• 3Y*: 20.24%
• 5Y*: 8.36%
• 10Y*: 8.81%
• ALL TIME*: 9.52%

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)
QTELX AQR Emerging Multi-Style II Fund	$0.00	$0.00	$0.00
WAEMX Wasatch Emerging Markets Small Cap Fund	$0.00	$0.00	$0.00

QTELX vs. WAEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTELX AQR Emerging Multi-Style II Fund	16.53%	32.89%	11.82%	12.66%	-21.29%	0.92%	16.90%	14.27%	-16.22%	37.15%
WAEMX Wasatch Emerging Markets Small Cap Fund	12.35%	5.85%	-2.21%	21.20%	-38.76%	30.16%	32.79%	27.45%	-18.97%	38.20%

Correlation

The correlation between QTELX and WAEMX is 0.72, 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.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.72

The correlation between QTELX and WAEMX has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

QTELX vs. WAEMX — Risk / Return Rank

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

QTELX

QTELX Risk / Return Rank: 53
QTELX Sharpe Ratio Rank: 51
QTELX Sortino Ratio Rank: 45
QTELX Omega Ratio Rank: 56
QTELX Calmar Ratio Rank: 63
QTELX Martin Ratio Rank: 51

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.

QTELX vs. WAEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Emerging Multi-Style II Fund (QTELX) 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.

	QTELX	WAEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.04	+0.35
Sortino ratio: Return per unit of downside risk	1.87	1.59	+0.28
Omega ratio: Gain probability vs. loss probability	1.27	1.19	+0.08
Calmar ratio: Return relative to maximum drawdown	2.18	1.50	+0.68
Martin ratio: Return relative to average drawdown	7.15	5.85	+1.30

QTELX vs. WAEMX - Sharpe Ratio Comparison

The current QTELX Sharpe Ratio is 1.39, which is higher than the WAEMX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of QTELX 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

QTELX vs. WAEMX - Drawdown Comparison

The maximum QTELX drawdown since its inception was -40.55%, smaller than the maximum WAEMX drawdown of -66.35%. Use the drawdown chart below to compare losses from any high point for QTELX and WAEMX.

Drawdown Indicators

	QTELX	WAEMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.55%	-66.35%	+25.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.71%	-13.82%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-25.56%	+8.62%
Max Drawdown (5Y) Largest decline over 5 years	-34.86%	-44.88%	+10.02%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	-44.88%	+4.33%
Current Drawdown Current decline from peak	-11.14%	-16.88%	+5.74%
Average Drawdown Average peak-to-trough decline	-12.35%	-16.76%	+4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	3.54%	+0.93%

Volatility

QTELX vs. WAEMX - Volatility Comparison

AQR Emerging Multi-Style II Fund (QTELX) has a higher volatility of 10.16% compared to Wasatch Emerging Markets Small Cap Fund (WAEMX) at 7.47%. This indicates that QTELX'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

	QTELX	WAEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.16%	7.47%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	21.02%	17.62%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	19.95%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	18.25%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	18.40%	-0.09%

QTELX vs. WAEMX - Expense Ratio Comparison

QTELX has a 0.70% expense ratio, which is lower than WAEMX's 1.91% expense ratio.

Dividends

QTELX vs. WAEMX - Dividend Comparison

QTELX's dividend yield for the trailing twelve months is around 3.62%, less than WAEMX's 62.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QTELX AQR Emerging Multi-Style II Fund	3.62%	4.21%	4.84%	5.65%	4.60%	2.42%	1.53%	2.32%	2.32%	1.55%	2.51%	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 QTELX and WAEMX in my portfolio?

QTELX and WAEMX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTELX or WAEMX?

QTELX has higher volatility (10.16%) compared to WAEMX (7.47%). In terms of maximum drawdown, QTELX dropped -40.55% vs WAEMX's -66.35%.

Which has better risk-adjusted returns?

QTELX currently has the higher Sharpe Ratio (1.39 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.