WAFMX vs. WALSX

Last updated Jun 23, 2026

WAFMX (Wasatch Frontier Emerging Small Countries Fund) and WALSX (Wasatch Long/Short Alpha Fund) are both mutual funds - WAFMX is a Emerging Markets Diversified fund managed by Wasatch, while WALSX is a Long-Short fund managed by Wasatch. Over the past 3 years, WAFMX returned 10.08%/yr vs 5.68%/yr for WALSX. A 0.52 correlation means they provide meaningful diversification when combined. WAFMX charges 2.15%/yr vs 1.75%/yr for WALSX.

Performance

WAFMX vs. WALSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Frontier Emerging Small Countries Fund (WAFMX) and Wasatch Long/Short Alpha Fund (WALSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAFMX achieves a 6.67% return, which is significantly higher than WALSX's 5.70% return.

WAFMX

• 1D: 1.32%
• 1M: 4.63%
• YTD: 6.67%
• 6M: 6.96%
• 1Y: 4.63%
• 3Y*: 10.08%
• 5Y*: -1.34%
• 10Y*: 4.05%

WALSX

• 1D: -0.15%
• 1M: 1.17%
• YTD: 5.70%
• 6M: 3.93%
• 1Y: -3.21%
• 3Y*: 5.68%
• 5Y*: —
• 10Y*: —

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

WAFMX vs. WALSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WAFMX Wasatch Frontier Emerging Small Countries Fund	6.67%	4.35%	10.67%	28.16%	-41.11%	-4.73%
WALSX Wasatch Long/Short Alpha Fund	5.70%	-12.79%	7.24%	27.75%	-8.38%	12.20%

Correlation

The correlation between WAFMX and WALSX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.52

Over the past year, the correlation between WAFMX and WALSX has dropped to 0.26 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

WAFMX vs. WALSX — 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

WALSX

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

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. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Frontier Emerging Small Countries Fund (WAFMX) and Wasatch Long/Short Alpha Fund (WALSX). 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	WALSX	Difference
Sharpe ratio: Return per unit of total volatility	0.28	-0.23	+0.50
Sortino ratio: Return per unit of downside risk	0.51	-0.23	+0.73
Omega ratio: Gain probability vs. loss probability	1.06	0.98	+0.09
Calmar ratio: Return relative to maximum drawdown	0.32	-0.28	+0.60
Martin ratio: Return relative to average drawdown	0.80	-0.55	+1.34

WAFMX vs. WALSX - Sharpe Ratio Comparison

The current WAFMX Sharpe Ratio is 0.28, which is higher than the WALSX Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of WAFMX and WALSX, 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. WALSX - Drawdown Comparison

The maximum WAFMX drawdown since its inception was -49.51%, which is greater than WALSX's maximum drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for WAFMX and WALSX.

Drawdown Indicators

	WAFMX	WALSX	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-25.28%	-24.23%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-12.66%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-25.28%	+10.02%
Max Drawdown (5Y) Largest decline over 5 years	-49.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	—	—
Current Drawdown Current decline from peak	-16.54%	-18.84%	+2.30%
Average Drawdown Average peak-to-trough decline	-16.79%	-9.61%	-7.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	6.54%	-1.43%

Volatility

WAFMX vs. WALSX - Volatility Comparison

Wasatch Frontier Emerging Small Countries Fund (WAFMX) has a higher volatility of 4.35% compared to Wasatch Long/Short Alpha Fund (WALSX) at 3.61%. This indicates that WAFMX's price experiences larger fluctuations and is considered to be riskier than WALSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAFMX	WALSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	3.61%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	11.75%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	15.81%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	16.33%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	16.33%	+0.57%

WAFMX vs. WALSX - Expense Ratio Comparison

WAFMX has a 2.15% expense ratio, which is higher than WALSX's 1.75% expense ratio.

Dividends

WAFMX vs. WALSX - Dividend Comparison

Neither WAFMX nor WALSX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WALSX Wasatch Long/Short Alpha Fund	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAFMX and WALSX in my portfolio?

WAFMX and WALSX have a correlation of 0.26, 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 WALSX?

WAFMX has higher volatility (4.35%) compared to WALSX (3.61%). In terms of maximum drawdown, WAFMX dropped -49.51% vs WALSX's -25.28%.

Which has better risk-adjusted returns?

WAFMX currently has the higher Sharpe Ratio (0.28 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.