WALSX vs. WAAEX

Last updated Jun 4, 2026

WALSX (Wasatch Long/Short Alpha Fund) and WAAEX (Wasatch Small Cap Growth Fund) are both mutual funds - WALSX is a Long-Short fund managed by Wasatch, while WAAEX is a Small Cap Growth Equities fund managed by Wasatch. Over the past 3 years, WALSX returned 6.19%/yr vs 5.56%/yr for WAAEX. Their correlation of 0.81 suggests significant overlap in exposure. WALSX charges 1.75%/yr vs 1.12%/yr for WAAEX.

Performance

WALSX vs. WAAEX - Performance Comparison

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

Returns By Period

In the year-to-date period, WALSX achieves a 5.30% return, which is significantly higher than WAAEX's -1.44% return.

WALSX

• 1D: 0.86%
• 1M: 0.16%
• YTD: 5.30%
• 6M: 2.38%
• 1Y: -4.23%
• 3Y*: 6.19%
• 5Y*: —
• 10Y*: —

WAAEX

• 1D: 0.46%
• 1M: 1.04%
• YTD: -1.44%
• 6M: -3.77%
• 1Y: -4.91%
• 3Y*: 5.56%
• 5Y*: -5.09%
• 10Y*: 8.80%

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

WALSX vs. WAAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WALSX Wasatch Long/Short Alpha Fund	5.30%	-12.79%	7.24%	27.75%	-8.38%	12.20%
WAAEX Wasatch Small Cap Growth Fund	-1.44%	-8.78%	15.50%	21.24%	-40.26%	-2.65%

Correlation

The correlation between WALSX and WAAEX 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	0.78
Correlation (All Time) Calculated using the full available price history since Oct 4, 2021	0.81

The correlation between WALSX and WAAEX shifts across timeframes, from 0.67 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WALSX vs. WAAEX — Risk / Return Rank

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

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

WAAEX

WAAEX Risk / Return Rank: 2
WAAEX Sharpe Ratio Rank: 2
WAAEX Sortino Ratio Rank: 2
WAAEX Omega Ratio Rank: 2
WAAEX Calmar Ratio Rank: 2
WAAEX 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.

WALSX vs. WAAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Long/Short Alpha Fund (WALSX) and Wasatch Small Cap Growth Fund (WAAEX). 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.

	WALSX	WAAEX	Difference
Sharpe ratio: Return per unit of total volatility	-0.18	-0.19	+0.01
Sortino ratio: Return per unit of downside risk	-0.16	-0.14	-0.01
Omega ratio: Gain probability vs. loss probability	0.98	0.98	0.00
Calmar ratio: Return relative to maximum drawdown	-0.21	-0.22	0.00
Martin ratio: Return relative to average drawdown	-0.40	-0.54	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WALSX vs. WAAEX - Sharpe Ratio Comparison

The current WALSX Sharpe Ratio is -0.18, which is comparable to the WAAEX Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of WALSX and WAAEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WALSX	WAAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.18	-0.19	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.20	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.49	-0.14

Drawdowns

WALSX vs. WAAEX - Drawdown Comparison

The maximum WALSX drawdown since its inception was -25.28%, smaller than the maximum WAAEX drawdown of -56.48%. Use the drawdown chart below to compare losses from any high point for WALSX and WAAEX.

Drawdown Indicators

	WALSX	WAAEX	Difference
Max Drawdown Largest peak-to-trough decline	-25.28%	-56.48%	+31.20%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-16.76%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-25.28%	-27.68%	+2.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.51%	—
Current Drawdown Current decline from peak	-19.15%	-33.32%	+14.17%
Average Drawdown Average peak-to-trough decline	-9.52%	-12.13%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.12%	6.76%	+0.36%

Volatility

WALSX vs. WAAEX - Volatility Comparison

The current volatility for Wasatch Long/Short Alpha Fund (WALSX) is 4.15%, while Wasatch Small Cap Growth Fund (WAAEX) has a volatility of 4.99%. This indicates that WALSX experiences smaller price fluctuations and is considered to be less risky than WAAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WALSX	WAAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	4.99%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	13.94%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	19.02%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	25.41%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	25.09%	-8.72%

WALSX vs. WAAEX - Expense Ratio Comparison

WALSX has a 1.75% expense ratio, which is higher than WAAEX's 1.12% expense ratio.

Dividends

WALSX vs. WAAEX - Dividend Comparison

WALSX has not paid dividends to shareholders, while WAAEX's dividend yield for the trailing twelve months is around 2.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAAEX Wasatch Small Cap Growth Fund	2.00%	1.97%	0.00%	0.00%	0.00%	21.65%	6.25%	14.78%	38.79%	11.70%	8.83%	18.47%
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 WALSX and WAAEX in my portfolio?

WALSX and WAAEX 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, WALSX or WAAEX?

WAAEX has higher volatility (4.99%) compared to WALSX (4.15%). In terms of maximum drawdown, WALSX dropped -25.28% vs WAAEX's -56.48%.

Which has better risk-adjusted returns?

WALSX currently has the higher Sharpe Ratio (-0.18 vs -0.19), 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.