WAFMX vs. TEQLX

Last updated Jul 17, 2026

WAFMX (Wasatch Frontier Emerging Small Countries Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, WAFMX returned 3.63%/yr vs 9.08%/yr for TEQLX. A 0.61 correlation means they provide meaningful diversification when combined. WAFMX charges 2.15%/yr vs 0.19%/yr for TEQLX.

Performance

WAFMX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Frontier Emerging Small Countries Fund (WAFMX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAFMX achieves a 3.61% return, which is significantly lower than TEQLX's 20.73% return. Over the past 10 years, WAFMX has underperformed TEQLX with an annualized return of 3.63%, while TEQLX has yielded a comparatively higher 9.08% annualized return.

WAFMX

• 1D: 0.27%
• 1M: -2.10%
• 6M: 1.08%
• YTD: 3.61%
• 1Y: -2.86%
• 3Y*: 8.40%
• 5Y*: -2.29%
• 10Y*: 3.63%

TEQLX

• 1D: 0.24%
• 1M: -4.35%
• 6M: 13.91%
• YTD: 20.73%
• 1Y: 37.51%
• 3Y*: 20.01%
• 5Y*: 6.95%
• 10Y*: 9.08%

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

WAFMX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAFMX Wasatch Frontier Emerging Small Countries Fund	3.61%	4.35%	10.67%	28.16%	-41.11%	8.60%	28.24%	26.47%	-18.49%	21.16%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	20.73%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between WAFMX and TEQLX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 31, 2012	0.61

The correlation between WAFMX and TEQLX has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

Return for Risk

WAFMX vs. TEQLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

TEQLX

TEQLX Risk / Return Rank: 62
TEQLX Sharpe Ratio Rank: 59
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 64
TEQLX Calmar Ratio Rank: 78
TEQLX Martin Ratio Rank: 64

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. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Frontier Emerging Small Countries Fund (WAFMX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	1.73	-1.88
Sortino ratio: Return per unit of downside risk	-0.12	2.21	-2.33
Omega ratio: Gain probability vs. loss probability	0.99	1.33	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.18	2.85	-3.04
Martin ratio: Return relative to average drawdown	-0.45	9.78	-10.23

WAFMX vs. TEQLX - Sharpe Ratio Comparison

The current WAFMX Sharpe Ratio is -0.16, which is lower than the TEQLX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of WAFMX and TEQLX, 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. TEQLX - Drawdown Comparison

The maximum WAFMX drawdown since its inception was -49.51%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for WAFMX and TEQLX.

Drawdown Indicators

	WAFMX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-39.33%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-13.32%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-15.97%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-49.51%	-34.64%	-14.87%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	-39.33%	-10.18%
Current Drawdown Current decline from peak	-18.93%	-7.53%	-11.40%
Average Drawdown Average peak-to-trough decline	-16.80%	-14.53%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	3.87%	+1.35%

Volatility

WAFMX vs. TEQLX - Volatility Comparison

The current volatility for Wasatch Frontier Emerging Small Countries Fund (WAFMX) is 4.59%, while TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) has a volatility of 10.43%. This indicates that WAFMX experiences smaller price fluctuations and is considered to be less risky than TEQLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAFMX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	10.43%	-5.84%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	20.13%	-7.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	22.01%	-7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	17.91%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	18.01%	-1.09%

WAFMX vs. TEQLX - Expense Ratio Comparison

WAFMX has a 2.15% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

WAFMX vs. TEQLX - Dividend Comparison

WAFMX has not paid dividends to shareholders, while TEQLX's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.34%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%
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 TEQLX in my portfolio?

WAFMX and TEQLX have a correlation of 0.67, 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 TEQLX?

TEQLX has higher volatility (10.43%) compared to WAFMX (4.59%). In terms of maximum drawdown, WAFMX dropped -49.51% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

TEQLX currently has the higher Sharpe Ratio (1.73 vs -0.16), 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.