WAAEX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Wasatch Small Cap Growth Fund (WAAEX) and S&P 500 Index (^GSPC).

WAAEX is managed by Wasatch. It was launched on Dec 8, 1986.

Performance

WAAEX vs. ^GSPC - Performance Comparison

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

WAAEX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAAEX Wasatch Small Cap Growth Fund	-7.44%	-8.78%	15.50%	21.24%	-40.26%	7.68%	54.65%	40.29%	2.42%	21.72%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, WAAEX achieves a -7.44% return, which is significantly lower than ^GSPC's -3.95% return. Over the past 10 years, WAAEX has underperformed ^GSPC with an annualized return of 8.42%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

WAAEX

• 1D: 3.47%
• 1M: -7.21%
• YTD: -7.44%
• 6M: -9.11%
• 1Y: -2.90%
• 3Y*: 3.23%
• 5Y*: -6.47%
• 10Y*: 8.42%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

WAAEX vs. ^GSPC — Risk / Return Rank

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

WAAEX

WAAEX Risk / Return Rank: 4
WAAEX Sharpe Ratio Rank: 3
WAAEX Sortino Ratio Rank: 4
WAAEX Omega Ratio Rank: 4
WAAEX Calmar Ratio Rank: 4
WAAEX Martin Ratio Rank: 4

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

WAAEX vs. ^GSPC - Risk-Adjusted Trends Comparison

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

	WAAEX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.10	0.92	-1.02
Sortino ratio Return per unit of downside risk	0.02	1.41	-1.39
Omega ratio Gain probability vs. loss probability	1.00	1.21	-0.21
Calmar ratio Return relative to maximum drawdown	-0.15	1.41	-1.56
Martin ratio Return relative to average drawdown	-0.43	6.61	-7.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAAEX vs. ^GSPC - Sharpe Ratio Comparison

The current WAAEX Sharpe Ratio is -0.10, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of WAAEX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WAAEX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.10	0.92	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	0.61	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.68	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.46	+0.02

Correlation

The correlation between WAAEX and ^GSPC is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

WAAEX vs. ^GSPC - Drawdown Comparison

The maximum WAAEX drawdown since its inception was -56.48%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for WAAEX and ^GSPC.

Drawdown Indicators

	WAAEX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-56.48%	-56.78%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-16.76%	-12.14%	-4.62%
Max Drawdown (5Y) Largest decline over 5 years	-50.51%	-25.43%	-25.08%
Max Drawdown (10Y) Largest decline over 10 years	-50.51%	-33.92%	-16.59%
Current Drawdown Current decline from peak	-37.37%	-5.78%	-31.59%
Average Drawdown Average peak-to-trough decline	-12.03%	-10.75%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	2.60%	+3.07%

Volatility

WAAEX vs. ^GSPC - Volatility Comparison

Wasatch Small Cap Growth Fund (WAAEX) has a higher volatility of 7.55% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that WAAEX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAAEX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	5.37%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	9.55%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	23.67%	18.33%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.40%	16.90%	+8.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.03%	18.05%	+6.98%