WAYEX vs. EEM
WAYEX (Waycross Long/Short Equity Fund) and EEM (iShares MSCI Emerging Markets ETF) are both funds - WAYEX is a Long-Short fund managed by Waycross, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Over the past 10 years, WAYEX returned 9.88%/yr vs 9.93%/yr for EEM. A 0.61 correlation means they provide meaningful diversification when combined. WAYEX charges 2.27%/yr vs 0.72%/yr for EEM.
Performance
WAYEX vs. EEM - Performance Comparison
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Returns By Period
In the year-to-date period, WAYEX achieves a 0.78% return, which is significantly lower than EEM's 27.80% return. Both investments have delivered pretty close results over the past 10 years, with WAYEX having a 9.88% annualized return and EEM not far ahead at 9.93%.
WAYEX
- 1D
- -0.33%
- 1M
- 1.69%
- YTD
- 0.78%
- 6M
- 0.54%
- 1Y
- 11.56%
- 3Y*
- 15.07%
- 5Y*
- 8.72%
- 10Y*
- 9.88%
EEM
- 1D
- -1.24%
- 1M
- 9.08%
- YTD
- 27.80%
- 6M
- 30.51%
- 1Y
- 55.80%
- 3Y*
- 23.95%
- 5Y*
- 7.01%
- 10Y*
- 9.93%
WAYEX vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAYEX Waycross Long/Short Equity Fund | 0.78% | 13.16% | 22.40% | 18.99% | -11.66% | 11.43% | 22.27% | 21.17% | -8.80% | 13.05% |
EEM iShares MSCI Emerging Markets ETF | 27.80% | 33.98% | 6.49% | 8.95% | -20.56% | -3.63% | 17.02% | 18.22% | -15.31% | 37.26% |
Correlation
The correlation between WAYEX and EEM 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 | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 12, 2015 | 0.61 |
The correlation between WAYEX and EEM has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.
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Return for Risk
WAYEX vs. EEM — Risk / Return Rank
WAYEX
EEM
WAYEX vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waycross Long/Short Equity Fund (WAYEX) and iShares MSCI Emerging Markets ETF (EEM). 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.
| WAYEX | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.51 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 4.15 | -2.68 |
| Martin ratioReturn relative to average drawdown | 5.62 | 15.99 | -10.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WAYEX | EEM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.55 | 2.81 | -1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.37 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.49 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.38 | +0.35 |
Drawdowns
WAYEX vs. EEM - Drawdown Comparison
The maximum WAYEX drawdown since its inception was -20.77%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for WAYEX and EEM.
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Drawdown Indicators
| WAYEX | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -66.43% | +45.66% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -13.52% | +5.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.83% | -17.29% | +6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -17.31% | -37.71% | +20.40% |
Max Drawdown (10Y)Largest decline over 10 years | -20.77% | -39.82% | +19.05% |
Current DrawdownCurrent decline from peak | -0.88% | -1.24% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -16.02% | +11.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 3.50% | -1.40% |
Volatility
WAYEX vs. EEM - Volatility Comparison
The current volatility for Waycross Long/Short Equity Fund (WAYEX) is 2.35%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 8.52%. This indicates that WAYEX experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAYEX | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 8.52% | -6.17% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 17.42% | -11.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.60% | 19.97% | -12.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.38% | 18.91% | -8.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.57% | 20.50% | -8.93% |
WAYEX vs. EEM - Expense Ratio Comparison
WAYEX has a 2.27% expense ratio, which is higher than EEM's 0.72% expense ratio.
Dividends
WAYEX vs. EEM - Dividend Comparison
WAYEX's dividend yield for the trailing twelve months is around 5.25%, more than EEM's 1.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEM iShares MSCI Emerging Markets ETF | 1.74% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
WAYEX Waycross Long/Short Equity Fund | 5.25% | 5.29% | 12.41% | 2.86% | 0.00% | 5.33% | 1.17% | 1.05% | 0.00% | 1.01% | 0.00% | 0.00% |
Frequently Asked Questions
WAYEX and EEM 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.
EEM has higher volatility (8.52%) compared to WAYEX (2.35%). In terms of maximum drawdown, WAYEX dropped -20.77% vs EEM's -66.43%.
EEM currently has the higher Sharpe Ratio (2.81 vs 1.55), 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.
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