WAAEX vs. NESIX

Last updated Jun 25, 2026

WAAEX (Wasatch Small Cap Growth Fund) and NESIX (Needham Small Cap Growth Fund Institutional) are both Small Cap Growth Equities funds. Over the past 5 years, WAAEX returned -6.02%/yr vs 9.03%/yr for NESIX. Their correlation of 0.81 suggests significant overlap in exposure. WAAEX charges 1.12%/yr vs 1.18%/yr for NESIX.

Performance

WAAEX vs. NESIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Small Cap Growth Fund (WAAEX) and Needham Small Cap Growth Fund Institutional (NESIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAAEX achieves a -1.10% return, which is significantly lower than NESIX's 76.59% return.

WAAEX

• 1D: -1.02%
• 1M: 2.13%
• YTD: -1.10%
• 6M: -3.55%
• 1Y: -5.89%
• 3Y*: 4.82%
• 5Y*: -6.02%
• 10Y*: 9.23%

NESIX

• 1D: -4.00%
• 1M: 6.15%
• YTD: 76.59%
• 6M: 72.42%
• 1Y: 107.12%
• 3Y*: 33.26%
• 5Y*: 9.03%
• 10Y*: —

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

WAAEX vs. NESIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAAEX Wasatch Small Cap Growth Fund	-1.10%	-8.78%	15.50%	21.24%	-40.26%	7.68%	54.65%	40.29%	2.42%	21.72%
NESIX Needham Small Cap Growth Fund Institutional	76.59%	11.16%	13.47%	5.85%	-29.71%	11.36%	73.06%	55.28%	-4.87%	12.63%

Correlation

The correlation between WAAEX and NESIX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.81

The correlation between WAAEX and NESIX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Return for Risk

WAAEX vs. NESIX — Risk / Return Rank

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

WAAEX

WAAEX Risk / Return Rank: 2
WAAEX Sharpe Ratio Rank: 2
WAAEX Sortino Ratio Rank: 2
WAAEX Omega Ratio Rank: 2
WAAEX Calmar Ratio Rank: 2
WAAEX Martin Ratio Rank: 2

NESIX

NESIX Risk / Return Rank: 94
NESIX Sharpe Ratio Rank: 98
NESIX Sortino Ratio Rank: 90
NESIX Omega Ratio Rank: 85
NESIX Calmar Ratio Rank: 97
NESIX Martin Ratio Rank: 98

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. NESIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Small Cap Growth Fund (WAAEX) and Needham Small Cap Growth Fund Institutional (NESIX). 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	NESIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	3.61	-3.81
Sortino ratio: Return per unit of downside risk	-0.15	4.00	-4.16
Omega ratio: Gain probability vs. loss probability	0.98	1.52	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.23	6.66	-6.89
Martin ratio: Return relative to average drawdown	-0.54	27.09	-27.64

WAAEX vs. NESIX - Sharpe Ratio Comparison

The current WAAEX Sharpe Ratio is -0.20, which is lower than the NESIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of WAAEX and NESIX, 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. NESIX - Drawdown Comparison

The maximum WAAEX drawdown since its inception was -56.48%, which is greater than NESIX's maximum drawdown of -49.61%. Use the drawdown chart below to compare losses from any high point for WAAEX and NESIX.

Drawdown Indicators

	WAAEX	NESIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.48%	-49.61%	-6.87%
Max Drawdown (1Y) Largest decline over 1 year	-16.76%	-17.12%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.68%	-35.21%	+7.53%
Max Drawdown (5Y) Largest decline over 5 years	-50.51%	-49.61%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-50.51%	—	—
Current Drawdown Current decline from peak	-33.08%	-4.35%	-28.73%
Average Drawdown Average peak-to-trough decline	-12.16%	-14.92%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	4.20%	+2.83%

Volatility

WAAEX vs. NESIX - Volatility Comparison

The current volatility for Wasatch Small Cap Growth Fund (WAAEX) is 4.83%, while Needham Small Cap Growth Fund Institutional (NESIX) has a volatility of 12.86%. This indicates that WAAEX experiences smaller price fluctuations and is considered to be less risky than NESIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAAEX	NESIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	12.86%	-8.03%
Volatility (6M) Calculated over the trailing 6-month period	14.34%	22.69%	-8.35%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	31.59%	-12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.46%	29.64%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.08%	26.59%	-1.51%

WAAEX vs. NESIX - Expense Ratio Comparison

WAAEX has a 1.12% expense ratio, which is lower than NESIX's 1.18% expense ratio.

Dividends

WAAEX vs. NESIX - Dividend Comparison

WAAEX's dividend yield for the trailing twelve months is around 1.99%, while NESIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NESIX Needham Small Cap Growth Fund Institutional	0.00%	0.00%	0.00%	0.00%	3.93%	23.92%	13.26%	8.25%	21.96%	8.89%	0.00%	0.00%
WAAEX Wasatch Small Cap Growth Fund	1.99%	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 NESIX in my portfolio?

WAAEX and NESIX have a correlation of 0.76, 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 NESIX?

NESIX has higher volatility (12.86%) compared to WAAEX (4.83%). In terms of maximum drawdown, WAAEX dropped -56.48% vs NESIX's -49.61%.

Which has better risk-adjusted returns?

NESIX currently has the higher Sharpe Ratio (3.61 vs -0.20), 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.