WAESX vs. VWO

Last updated Jun 24, 2026

WAESX (Wasatch Emerging Markets Select Fund) and VWO (Vanguard FTSE Emerging Markets ETF) are both funds - WAESX is a Emerging Markets Diversified fund managed by Wasatch, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Over the past 10 years, WAESX returned 8.87%/yr vs 8.97%/yr for VWO. A 0.73 correlation means they provide meaningful diversification when combined. WAESX charges 1.32%/yr vs 0.08%/yr for VWO.

Performance

WAESX vs. VWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Emerging Markets Select Fund (WAESX) and Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAESX achieves a 9.33% return, which is significantly lower than VWO's 10.55% return. Both investments have delivered pretty close results over the past 10 years, with WAESX having a 8.87% annualized return and VWO not far ahead at 8.97%.

WAESX

• 1D: -0.60%
• 1M: 2.89%
• YTD: 9.33%
• 6M: 8.85%
• 1Y: 14.75%
• 3Y*: 9.60%
• 5Y*: -0.72%
• 10Y*: 8.87%

VWO

• 1D: -3.07%
• 1M: 0.76%
• YTD: 10.55%
• 6M: 10.67%
• 1Y: 27.03%
• 3Y*: 17.42%
• 5Y*: 5.09%
• 10Y*: 8.97%

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

WAESX vs. VWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAESX Wasatch Emerging Markets Select Fund	9.33%	10.56%	-0.12%	17.52%	-37.38%	21.34%	48.36%	28.05%	-11.50%	37.66%
VWO Vanguard FTSE Emerging Markets ETF	10.55%	25.60%	10.59%	9.25%	-17.98%	1.26%	15.17%	20.75%	-14.76%	31.49%

Correlation

The correlation between WAESX and VWO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.73

The correlation between WAESX and VWO has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

WAESX vs. VWO — Risk / Return Rank

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

WAESX

WAESX Risk / Return Rank: 15
WAESX Sharpe Ratio Rank: 12
WAESX Sortino Ratio Rank: 13
WAESX Omega Ratio Rank: 12
WAESX Calmar Ratio Rank: 18
WAESX Martin Ratio Rank: 19

VWO

VWO Risk / Return Rank: 49
VWO Sharpe Ratio Rank: 48
VWO Sortino Ratio Rank: 46
VWO Omega Ratio Rank: 49
VWO Calmar Ratio Rank: 51
VWO Martin Ratio Rank: 51

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.

WAESX vs. VWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Emerging Markets Select Fund (WAESX) and Vanguard FTSE Emerging Markets ETF (VWO). 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.

	WAESX	VWO	Difference
Sharpe ratio: Return per unit of total volatility	0.90	1.60	-0.71
Sortino ratio: Return per unit of downside risk	1.39	2.22	-0.83
Omega ratio: Gain probability vs. loss probability	1.17	1.30	-0.13
Calmar ratio: Return relative to maximum drawdown	1.42	2.43	-1.02
Martin ratio: Return relative to average drawdown	4.55	8.56	-4.01

WAESX vs. VWO - Sharpe Ratio Comparison

The current WAESX Sharpe Ratio is 0.90, which is lower than the VWO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of WAESX and VWO, 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

WAESX vs. VWO - Drawdown Comparison

The maximum WAESX drawdown since its inception was -45.85%, smaller than the maximum VWO drawdown of -67.68%. Use the drawdown chart below to compare losses from any high point for WAESX and VWO.

Drawdown Indicators

	WAESX	VWO	Difference
Max Drawdown Largest peak-to-trough decline	-45.85%	-67.68%	+21.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.18%	-11.17%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.75%	-17.37%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-45.85%	-32.60%	-13.25%
Max Drawdown (10Y) Largest decline over 10 years	-45.85%	-36.39%	-9.46%
Current Drawdown Current decline from peak	-16.70%	-3.07%	-13.63%
Average Drawdown Average peak-to-trough decline	-16.62%	-15.79%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	3.17%	+0.30%

Volatility

WAESX vs. VWO - Volatility Comparison

The current volatility for Wasatch Emerging Markets Select Fund (WAESX) is 6.45%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 7.37%. This indicates that WAESX experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAESX	VWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	7.37%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	14.95%	14.62%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	16.94%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	17.58%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	19.18%	+0.61%

WAESX vs. VWO - Expense Ratio Comparison

WAESX has a 1.32% expense ratio, which is higher than VWO's 0.08% expense ratio.

Dividends

WAESX vs. VWO - Dividend Comparison

WAESX has not paid dividends to shareholders, while VWO's dividend yield for the trailing twelve months is around 2.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VWO Vanguard FTSE Emerging Markets ETF	2.33%	2.79%	3.20%	3.52%	4.11%	2.63%	1.91%	3.23%	2.88%	2.30%	2.52%	3.26%
WAESX Wasatch Emerging Markets Select Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAESX and VWO in my portfolio?

WAESX and VWO 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, WAESX or VWO?

VWO has higher volatility (7.37%) compared to WAESX (6.45%). In terms of maximum drawdown, WAESX dropped -45.85% vs VWO's -67.68%.

Which has better risk-adjusted returns?

VWO currently has the higher Sharpe Ratio (1.60 vs 0.90), 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.