WAAEX vs. INDEX

Last updated Aug 1, 2026

WAAEX (Wasatch Small Cap Growth Fund) and INDEX (CYBER HORNET S&P 500) are both mutual funds - WAAEX is a Small Cap Growth Equities fund managed by Wasatch, while INDEX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, WAAEX returned 8.66%/yr vs 12.52%/yr for INDEX. Their correlation of 0.81 means they have usually moved in the same direction. WAAEX charges 1.12%/yr vs 0.25%/yr for INDEX.

Performance

WAAEX vs. INDEX - Performance Comparison

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

Returns By Period

In the year-to-date period, WAAEX achieves a 3.13% return, which is significantly lower than INDEX's 9.20% return. Over the past 10 years, WAAEX has underperformed INDEX with an annualized return of 8.66%, while INDEX has yielded a comparatively higher 12.52% annualized return.

WAAEX

• 1D: 0.31%
• 1M: -1.43%
• 6M: 0.86%
• YTD: 3.13%
• 1Y: 1.45%
• 3Y*: 3.21%
• 5Y*: -5.47%
• 10Y*: 8.66%
• ALL TIME*: 10.44%

INDEX

• 1D: 1.66%
• 1M: -0.57%
• 6M: 7.71%
• YTD: 9.20%
• 1Y: 20.59%
• 3Y*: 17.12%
• 5Y*: 10.90%
• 10Y*: 12.52%
• ALL TIME*: 11.20%

*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)
INDEX CYBER HORNET S&P 500	$0.00	$0.00	$0.00
WAAEX Wasatch Small Cap Growth Fund	$0.00	$0.00	$0.00

WAAEX vs. INDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAAEX Wasatch Small Cap Growth Fund	3.13%	-8.78%	15.50%	21.24%	-40.26%	7.68%	54.65%	40.29%	2.42%	21.72%
INDEX CYBER HORNET S&P 500	9.20%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%

Correlation

The correlation between WAAEX and INDEX is 0.75, 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.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.81

The correlation between WAAEX and INDEX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

WAAEX vs. INDEX — Risk / Return Rank

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

WAAEX

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

INDEX

INDEX Risk / Return Rank: 63
INDEX Sharpe Ratio Rank: 61
INDEX Sortino Ratio Rank: 57
INDEX Omega Ratio Rank: 58
INDEX Calmar Ratio Rank: 64
INDEX Martin Ratio Rank: 75

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.

WAAEX vs. INDEX - Risk-Adjusted Trends Comparison

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

	WAAEX	INDEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.13	1.43	-1.56
Sortino ratio: Return per unit of downside risk	-0.05	2.00	-2.05
Omega ratio: Gain probability vs. loss probability	0.99	1.26	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.15	2.05	-2.21
Martin ratio: Return relative to average drawdown	-0.39	8.84	-9.23

WAAEX vs. INDEX - Sharpe Ratio Comparison

The current WAAEX Sharpe Ratio is -0.13, which is lower than the INDEX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of WAAEX and INDEX, 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

WAAEX vs. INDEX - Drawdown Comparison

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

Drawdown Indicators

	WAAEX	INDEX	Difference
Max Drawdown Largest peak-to-trough decline	-56.48%	-38.82%	-17.66%
Max Drawdown (1Y) Largest decline over 1 year	-16.60%	-8.93%	-7.67%
Max Drawdown (3Y) Largest decline over 3 years	-27.68%	-18.75%	-8.93%
Max Drawdown (5Y) Largest decline over 5 years	-50.51%	-21.52%	-28.99%
Max Drawdown (10Y) Largest decline over 10 years	-50.51%	-38.82%	-11.69%
Current Drawdown Current decline from peak	-30.23%	-2.10%	-28.13%
Average Drawdown Average peak-to-trough decline	-12.20%	-4.59%	-7.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	2.07%	+4.58%

Volatility

WAAEX vs. INDEX - Volatility Comparison

Wasatch Small Cap Growth Fund (WAAEX) has a higher volatility of 4.78% compared to CYBER HORNET S&P 500 (INDEX) at 3.44%. This indicates that WAAEX's price experiences larger fluctuations and is considered to be riskier than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAAEX	INDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	3.44%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	10.11%	+4.31%
Volatility (1Y) Calculated over the trailing 1-year period	19.28%	12.83%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.46%	16.82%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	18.61%	+6.44%

WAAEX vs. INDEX - Expense Ratio Comparison

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

Dividends

WAAEX vs. INDEX - Dividend Comparison

WAAEX's dividend yield for the trailing twelve months is around 1.91%, more than INDEX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDEX CYBER HORNET S&P 500	0.95%	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	1.91%	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 WAAEX and INDEX in my portfolio?

WAAEX and INDEX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAAEX or INDEX?

WAAEX has higher volatility (4.78%) compared to INDEX (3.44%). In terms of maximum drawdown, WAAEX dropped -56.48% vs INDEX's -38.82%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (1.43 vs -0.13), 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.