WAYEX vs. BTPIX
WAYEX (Waycross Long/Short Equity Fund) and BTPIX (Salient Tactical Plus Fund) are both Long-Short funds. Over the past 10 years, WAYEX returned 9.53%/yr vs 3.63%/yr for BTPIX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. WAYEX charges 2.27%/yr vs 1.08%/yr for BTPIX.
Performance
WAYEX vs. BTPIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, WAYEX achieves a -0.56% return, which is significantly lower than BTPIX's 2.40% return. Over the past 10 years, WAYEX has outperformed BTPIX with an annualized return of 9.53%, while BTPIX has yielded a comparatively lower 3.63% annualized return.
WAYEX
- 1D
- 0.56%
- 1M
- -0.50%
- 6M
- -0.83%
- YTD
- -0.56%
- 1Y
- 4.92%
- 3Y*
- 13.23%
- 5Y*
- 8.30%
- 10Y*
- 9.53%
- ALL TIME*
- 8.02%
BTPIX
- 1D
- -0.09%
- 1M
- -1.51%
- 6M
- -0.98%
- YTD
- 2.40%
- 1Y
- 7.04%
- 3Y*
- 1.06%
- 5Y*
- 1.48%
- 10Y*
- 3.63%
- ALL TIME*
- 3.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
WAYEX vs. BTPIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAYEX Waycross Long/Short Equity Fund | -0.56% | 13.16% | 22.40% | 18.99% | -11.66% | 11.43% | 22.27% | 21.17% | -8.80% | 13.05% |
BTPIX Salient Tactical Plus Fund | 2.40% | -2.44% | 3.17% | 4.22% | -1.65% | 6.48% | 7.46% | 7.54% | 2.94% | 0.26% |
Correlation
The correlation between WAYEX and BTPIX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.52 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 11, 2015 | 0.56 |
Over the past year, WAYEX and BTPIX have become more correlated (0.83) than their long-term average of 0.56, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
WAYEX vs. BTPIX — Risk / Return Rank
WAYEX
BTPIX
WAYEX vs. BTPIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waycross Long/Short Equity Fund (WAYEX) and Salient Tactical Plus Fund (BTPIX). 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.
| WAYEX | BTPIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.12 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | 0.96 | -0.48 |
| Martin ratioReturn relative to average drawdown | 1.68 | 2.60 | -0.93 |
Loading charts...
Drawdowns
WAYEX vs. BTPIX - Drawdown Comparison
The maximum WAYEX drawdown since its inception was -20.77%, which is greater than BTPIX's maximum drawdown of -13.30%. Use the drawdown chart below to compare losses from any high point for WAYEX and BTPIX.
Loading charts...
Drawdown Indicators
| WAYEX | BTPIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -13.30% | -7.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -6.84% | -1.21% |
Max Drawdown (3Y)Largest decline over 3 years | -10.83% | -8.90% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -17.31% | -8.90% | -8.41% |
Max Drawdown (10Y)Largest decline over 10 years | -20.77% | -11.04% | -9.73% |
Current DrawdownCurrent decline from peak | -2.19% | -4.24% | +2.05% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -3.86% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 2.52% | -0.21% |
Volatility
WAYEX vs. BTPIX - Volatility Comparison
Waycross Long/Short Equity Fund (WAYEX) has a higher volatility of 2.90% compared to Salient Tactical Plus Fund (BTPIX) at 1.71%. This indicates that WAYEX's price experiences larger fluctuations and is considered to be riskier than BTPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| WAYEX | BTPIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.90% | 1.71% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 6.71% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.25% | 9.78% | -1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.44% | 6.33% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.61% | 8.56% | +3.05% |
WAYEX vs. BTPIX - Expense Ratio Comparison
WAYEX has a 2.27% expense ratio, which is higher than BTPIX's 1.08% expense ratio.
Dividends
WAYEX vs. BTPIX - Dividend Comparison
WAYEX's dividend yield for the trailing twelve months is around 5.32%, more than BTPIX's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BTPIX Salient Tactical Plus Fund | 2.74% | 2.81% | 3.80% | 4.93% | 7.72% | 0.00% | 6.10% | 6.16% | 3.08% | 0.00% | 4.14% |
WAYEX Waycross Long/Short Equity Fund | 5.32% | 5.29% | 12.41% | 2.86% | 0.00% | 5.33% | 1.17% | 1.05% | 0.00% | 1.01% | 0.00% |
Frequently Asked Questions
WAYEX and BTPIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAYEX has higher volatility (2.90%) compared to BTPIX (1.71%). In terms of maximum drawdown, WAYEX dropped -20.77% vs BTPIX's -13.30%.
BTPIX currently has the higher Sharpe Ratio (0.67 vs 0.47), 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.
Find the right allocation for WAYEX and BTPIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer