WAFMX vs. GQGIX

Last updated Aug 1, 2026

WAFMX (Wasatch Frontier Emerging Small Countries Fund) and GQGIX (GQG Partners Emerging Markets Equity Fund Institutional Shares) are both Emerging Markets Equities funds. Over the past 5 years, WAFMX returned -3.01%/yr vs 4.83%/yr for GQGIX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. WAFMX charges 2.15%/yr vs 0.98%/yr for GQGIX.

Performance

WAFMX vs. GQGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Frontier Emerging Small Countries Fund (WAFMX) and GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAFMX achieves a 0.28% return, which is significantly lower than GQGIX's 7.64% return.

WAFMX

• 1D: 1.69%
• 1M: -3.48%
• 6M: -4.50%
• YTD: 0.28%
• 1Y: -2.70%
• 3Y*: 6.74%
• 5Y*: -3.01%
• 10Y*: 3.37%
• ALL TIME*: 4.44%

GQGIX

• 1D: 1.97%
• 1M: 3.46%
• 6M: 2.84%
• YTD: 7.64%
• 1Y: 16.21%
• 3Y*: 10.57%
• 5Y*: 4.83%
• 10Y*: —
• ALL TIME*: 8.86%

*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)
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares	$0.00	$0.00	$0.00
WAFMX Wasatch Frontier Emerging Small Countries Fund	$0.00	$0.00	$0.00

WAFMX vs. GQGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAFMX Wasatch Frontier Emerging Small Countries Fund	0.28%	4.35%	10.67%	28.16%	-41.11%	8.60%	28.24%	26.47%	-18.49%	21.16%
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares	7.64%	9.92%	6.19%	28.81%	-20.85%	-2.37%	33.98%	21.08%	-14.70%	30.20%

Correlation

The correlation between WAFMX and GQGIX is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.65
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.66

The correlation between WAFMX and GQGIX has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

Return for Risk

WAFMX vs. GQGIX — Risk / Return Rank

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

WAFMX

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

GQGIX

GQGIX Risk / Return Rank: 45
GQGIX Sharpe Ratio Rank: 50
GQGIX Sortino Ratio Rank: 52
GQGIX Omega Ratio Rank: 48
GQGIX Calmar Ratio Rank: 42
GQGIX Martin Ratio Rank: 33

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.

WAFMX vs. GQGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Frontier Emerging Small Countries Fund (WAFMX) and GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX). 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.

	WAFMX	GQGIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	1.31	-1.54
Sortino ratio: Return per unit of downside risk	-0.23	1.92	-2.15
Omega ratio: Gain probability vs. loss probability	0.97	1.24	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.27	1.65	-1.92
Martin ratio: Return relative to average drawdown	-0.65	4.64	-5.30

WAFMX vs. GQGIX - Sharpe Ratio Comparison

The current WAFMX Sharpe Ratio is -0.23, which is lower than the GQGIX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of WAFMX and GQGIX, 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

WAFMX vs. GQGIX - Drawdown Comparison

The maximum WAFMX drawdown since its inception was -49.51%, which is greater than GQGIX's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for WAFMX and GQGIX.

Drawdown Indicators

	WAFMX	GQGIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-33.50%	-16.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-9.11%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-18.74%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-49.51%	-28.02%	-21.49%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	—	—
Current Drawdown Current decline from peak	-21.54%	-3.04%	-18.50%
Average Drawdown Average peak-to-trough decline	-16.81%	-11.27%	-5.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	3.24%	+2.09%

Volatility

WAFMX vs. GQGIX - Volatility Comparison

Wasatch Frontier Emerging Small Countries Fund (WAFMX) has a higher volatility of 4.02% compared to GQG Partners Emerging Markets Equity Fund Institutional Shares (GQGIX) at 2.98%. This indicates that WAFMX's price experiences larger fluctuations and is considered to be riskier than GQGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAFMX	GQGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.98%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	12.72%	9.73%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	11.53%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	14.61%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	15.86%	+1.08%

WAFMX vs. GQGIX - Expense Ratio Comparison

WAFMX has a 2.15% expense ratio, which is higher than GQGIX's 0.98% expense ratio.

Dividends

WAFMX vs. GQGIX - Dividend Comparison

WAFMX has not paid dividends to shareholders, while GQGIX's dividend yield for the trailing twelve months is around 1.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQGIX GQG Partners Emerging Markets Equity Fund Institutional Shares	1.98%	2.13%	1.70%	2.71%	5.67%	3.91%	0.24%	1.16%	0.81%	0.25%	0.00%	0.00%
WAFMX Wasatch Frontier Emerging Small Countries Fund	0.00%	0.00%	0.76%	0.00%	0.00%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%

Frequently Asked Questions

Can I hold both WAFMX and GQGIX in my portfolio?

WAFMX and GQGIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAFMX or GQGIX?

WAFMX has higher volatility (4.02%) compared to GQGIX (2.98%). In terms of maximum drawdown, WAFMX dropped -49.51% vs GQGIX's -33.50%.

Which has better risk-adjusted returns?

GQGIX currently has the higher Sharpe Ratio (1.31 vs -0.23), 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.