WAAEX vs. WMCVX

Last updated Jun 5, 2026

WAAEX (Wasatch Small Cap Growth Fund) and WMCVX (Wasatch Small Cap Value Fund) are both mutual funds - WAAEX is a Small Cap Growth Equities fund managed by Wasatch, while WMCVX is a Small Cap Blend Equities fund managed by Wasatch. Over the past 10 years, WAAEX returned 8.74%/yr vs 10.38%/yr for WMCVX. Their correlation of 0.86 suggests significant overlap in exposure. WAAEX charges 1.12%/yr vs 1.16%/yr for WMCVX.

Performance

WAAEX vs. WMCVX - Performance Comparison

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

Returns By Period

In the year-to-date period, WAAEX achieves a -2.01% return, which is significantly lower than WMCVX's 8.15% return. Over the past 10 years, WAAEX has underperformed WMCVX with an annualized return of 8.74%, while WMCVX has yielded a comparatively higher 10.38% annualized return.

WAAEX

• 1D: -0.57%
• 1M: -0.60%
• YTD: -2.01%
• 6M: -4.17%
• 1Y: -6.28%
• 3Y*: 5.36%
• 5Y*: -5.30%
• 10Y*: 8.74%

WMCVX

• 1D: -0.51%
• 1M: -0.41%
• YTD: 8.15%
• 6M: 6.68%
• 1Y: 11.90%
• 3Y*: 13.15%
• 5Y*: 4.19%
• 10Y*: 10.38%

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

WAAEX vs. WMCVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAAEX Wasatch Small Cap Growth Fund	-2.01%	-8.78%	15.50%	21.24%	-40.26%	7.68%	54.65%	40.29%	2.42%	21.72%
WMCVX Wasatch Small Cap Value Fund	8.15%	-3.66%	11.65%	31.78%	-21.61%	25.23%	12.52%	23.63%	-9.55%	19.54%

Correlation

The correlation between WAAEX and WMCVX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 18, 1997	0.86

The correlation between WAAEX and WMCVX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

Return for Risk

WAAEX vs. WMCVX — 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: 1
WAAEX Martin Ratio Rank: 1

WMCVX

WMCVX Risk / Return Rank: 9
WMCVX Sharpe Ratio Rank: 8
WMCVX Sortino Ratio Rank: 9
WMCVX Omega Ratio Rank: 8
WMCVX Calmar Ratio Rank: 11
WMCVX Martin Ratio Rank: 10

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. WMCVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Small Cap Growth Fund (WAAEX) and Wasatch Small Cap Value Fund (WMCVX). 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	WMCVX	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	0.66	-0.95
Sortino ratio: Return per unit of downside risk	-0.29	1.10	-1.39
Omega ratio: Gain probability vs. loss probability	0.97	1.12	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.33	1.01	-1.34
Martin ratio: Return relative to average drawdown	-0.81	2.81	-3.62
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. WMCVX - Sharpe Ratio Comparison

The current WAAEX Sharpe Ratio is -0.29, which is lower than the WMCVX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of WAAEX and WMCVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WAAEX	WMCVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.29	0.66	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	0.19	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.44	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.51	-0.03

Drawdowns

WAAEX vs. WMCVX - Drawdown Comparison

The maximum WAAEX drawdown since its inception was -56.48%, smaller than the maximum WMCVX drawdown of -65.79%. Use the drawdown chart below to compare losses from any high point for WAAEX and WMCVX.

Drawdown Indicators

	WAAEX	WMCVX	Difference
Max Drawdown Largest peak-to-trough decline	-56.48%	-65.79%	+9.31%
Max Drawdown (1Y) Largest decline over 1 year	-16.76%	-12.06%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-27.68%	-28.75%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-50.51%	-32.26%	-18.25%
Max Drawdown (10Y) Largest decline over 10 years	-50.51%	-46.29%	-4.22%
Current Drawdown Current decline from peak	-33.70%	-6.43%	-27.27%
Average Drawdown Average peak-to-trough decline	-12.13%	-10.95%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.78%	4.33%	+2.45%

Volatility

WAAEX vs. WMCVX - Volatility Comparison

The current volatility for Wasatch Small Cap Growth Fund (WAAEX) is 5.03%, while Wasatch Small Cap Value Fund (WMCVX) has a volatility of 5.38%. This indicates that WAAEX experiences smaller price fluctuations and is considered to be less risky than WMCVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAAEX	WMCVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	5.38%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	13.46%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.03%	18.62%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.41%	22.56%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.09%	23.47%	+1.62%

WAAEX vs. WMCVX - Expense Ratio Comparison

WAAEX has a 1.12% expense ratio, which is lower than WMCVX's 1.16% expense ratio.

Dividends

WAAEX vs. WMCVX - Dividend Comparison

WAAEX's dividend yield for the trailing twelve months is around 2.01%, less than WMCVX's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAAEX Wasatch Small Cap Growth Fund	2.01%	1.97%	0.00%	0.00%	0.00%	21.65%	6.25%	14.78%	38.79%	11.70%	8.83%	18.47%
WMCVX Wasatch Small Cap Value Fund	5.72%	6.19%	17.18%	3.67%	2.39%	7.72%	0.00%	1.10%	8.98%	6.63%	0.07%	0.52%

Frequently Asked Questions

Can I hold both WAAEX and WMCVX in my portfolio?

WAAEX and WMCVX have a correlation of 0.85, 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 WMCVX?

WMCVX has higher volatility (5.38%) compared to WAAEX (5.03%). In terms of maximum drawdown, WAAEX dropped -56.48% vs WMCVX's -65.79%.

Which has better risk-adjusted returns?

WMCVX currently has the higher Sharpe Ratio (0.66 vs -0.29), 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.