WAFMX vs. PRPFX

Last updated Jun 24, 2026

WAFMX (Wasatch Frontier Emerging Small Countries Fund) and PRPFX (Permanent Portfolio Class I) are both mutual funds - WAFMX is a Emerging Markets Diversified fund managed by Wasatch, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Over the past 10 years, WAFMX returned 4.16%/yr vs 10.50%/yr for PRPFX. At a 0.45 correlation, their price movements are largely independent. WAFMX charges 2.15%/yr vs 0.81%/yr for PRPFX.

Performance

WAFMX vs. PRPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Frontier Emerging Small Countries Fund (WAFMX) and Permanent Portfolio Class I (PRPFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAFMX achieves a 6.11% return, which is significantly higher than PRPFX's 2.90% return. Over the past 10 years, WAFMX has underperformed PRPFX with an annualized return of 4.16%, while PRPFX has yielded a comparatively higher 10.50% annualized return.

WAFMX

• 1D: -0.52%
• 1M: 4.09%
• YTD: 6.11%
• 6M: 5.52%
• 1Y: 3.52%
• 3Y*: 10.52%
• 5Y*: -1.54%
• 10Y*: 4.16%

PRPFX

• 1D: -0.48%
• 1M: -2.95%
• YTD: 2.90%
• 6M: 1.48%
• 1Y: 17.94%
• 3Y*: 20.08%
• 5Y*: 11.10%
• 10Y*: 10.50%

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

WAFMX vs. PRPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAFMX Wasatch Frontier Emerging Small Countries Fund	6.11%	4.35%	10.67%	28.16%	-41.11%	8.60%	28.24%	26.47%	-18.49%	21.16%
PRPFX Permanent Portfolio Class I	2.90%	28.78%	19.36%	11.96%	-5.48%	10.87%	18.80%	19.20%	-7.02%	11.42%

Correlation

The correlation between WAFMX and PRPFX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jan 31, 2012	0.45

The correlation between WAFMX and PRPFX shifts across timeframes, from 0.39 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WAFMX vs. PRPFX — Risk / Return Rank

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

WAFMX

WAFMX Risk / Return Rank: 5
WAFMX Sharpe Ratio Rank: 5
WAFMX Sortino Ratio Rank: 5
WAFMX Omega Ratio Rank: 5
WAFMX Calmar Ratio Rank: 5
WAFMX Martin Ratio Rank: 5

PRPFX

PRPFX Risk / Return Rank: 29
PRPFX Sharpe Ratio Rank: 28
PRPFX Sortino Ratio Rank: 21
PRPFX Omega Ratio Rank: 33
PRPFX Calmar Ratio Rank: 37
PRPFX Martin Ratio Rank: 25

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.

WAFMX vs. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Frontier Emerging Small Countries Fund (WAFMX) and Permanent Portfolio Class I (PRPFX). 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	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.43	-1.15
Sortino ratio: Return per unit of downside risk	0.51	1.79	-1.28
Omega ratio: Gain probability vs. loss probability	1.06	1.29	-0.22
Calmar ratio: Return relative to maximum drawdown	0.32	2.19	-1.87
Martin ratio: Return relative to average drawdown	0.80	5.60	-4.79

WAFMX vs. PRPFX - Sharpe Ratio Comparison

The current WAFMX Sharpe Ratio is 0.28, which is lower than the PRPFX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of WAFMX and PRPFX, 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. PRPFX - Drawdown Comparison

The maximum WAFMX drawdown since its inception was -49.51%, which is greater than PRPFX's maximum drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for WAFMX and PRPFX.

Drawdown Indicators

	WAFMX	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-27.16%	-22.35%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-8.40%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-8.40%	-6.86%
Max Drawdown (5Y) Largest decline over 5 years	-49.51%	-15.49%	-34.02%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	-20.84%	-28.67%
Current Drawdown Current decline from peak	-16.97%	-7.95%	-9.02%
Average Drawdown Average peak-to-trough decline	-16.79%	-3.52%	-13.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	3.28%	+1.83%

Volatility

WAFMX vs. PRPFX - Volatility Comparison

Wasatch Frontier Emerging Small Countries Fund (WAFMX) has a higher volatility of 4.42% compared to Permanent Portfolio Class I (PRPFX) at 3.65%. This indicates that WAFMX's price experiences larger fluctuations and is considered to be riskier than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAFMX	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	3.65%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	11.64%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	12.92%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	11.10%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	10.67%	+6.24%

WAFMX vs. PRPFX - Expense Ratio Comparison

WAFMX has a 2.15% expense ratio, which is higher than PRPFX's 0.81% expense ratio.

Dividends

WAFMX vs. PRPFX - Dividend Comparison

WAFMX has not paid dividends to shareholders, while PRPFX's dividend yield for the trailing twelve months is around 3.17%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRPFX Permanent Portfolio Class I	3.17%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%
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 PRPFX in my portfolio?

WAFMX and PRPFX have a correlation of 0.39, 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 PRPFX?

WAFMX has higher volatility (4.42%) compared to PRPFX (3.65%). In terms of maximum drawdown, WAFMX dropped -49.51% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

PRPFX currently has the higher Sharpe Ratio (1.43 vs 0.28), 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.