WAYEX vs. EZU

Last updated Jun 4, 2026

WAYEX (Waycross Long/Short Equity Fund) and EZU (iShares MSCI Eurozone ETF) are both funds - WAYEX is a Long-Short fund managed by Waycross, while EZU is a Europe Equities fund tracking the MSCI EMU. Over the past 10 years, WAYEX returned 9.88%/yr vs 9.83%/yr for EZU. A 0.67 correlation means they provide meaningful diversification when combined. WAYEX charges 2.27%/yr vs 0.51%/yr for EZU.

Performance

WAYEX vs. EZU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waycross Long/Short Equity Fund (WAYEX) and iShares MSCI Eurozone ETF (EZU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAYEX achieves a 0.78% return, which is significantly lower than EZU's 6.94% return. Both investments have delivered pretty close results over the past 10 years, with WAYEX having a 9.88% annualized return and EZU not far behind at 9.83%.

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%

EZU

• 1D: -1.14%
• 1M: 5.27%
• YTD: 6.94%
• 6M: 9.19%
• 1Y: 19.47%
• 3Y*: 18.15%
• 5Y*: 8.96%
• 10Y*: 9.83%

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

WAYEX vs. EZU - 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%
EZU iShares MSCI Eurozone ETF	6.94%	40.00%	2.23%	23.44%	-17.25%	13.92%	7.62%	23.27%	-16.76%	27.89%

Correlation

The correlation between WAYEX and EZU is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 12, 2015	0.67

The correlation between WAYEX and EZU has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

Return for Risk

WAYEX vs. EZU — Risk / Return Rank

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

WAYEX

WAYEX Risk / Return Rank: 25
WAYEX Sharpe Ratio Rank: 29
WAYEX Sortino Ratio Rank: 30
WAYEX Omega Ratio Rank: 29
WAYEX Calmar Ratio Rank: 17
WAYEX Martin Ratio Rank: 22

EZU

EZU Risk / Return Rank: 32
EZU Sharpe Ratio Rank: 31
EZU Sortino Ratio Rank: 31
EZU Omega Ratio Rank: 30
EZU Calmar Ratio Rank: 30
EZU Martin Ratio Rank: 35

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.

WAYEX vs. EZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waycross Long/Short Equity Fund (WAYEX) and iShares MSCI Eurozone ETF (EZU). 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	EZU	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.16	+0.40
Sortino ratio: Return per unit of downside risk	2.28	1.70	+0.57
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	1.47	1.50	-0.03
Martin ratio: Return relative to average drawdown	5.62	5.42	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAYEX vs. EZU - Sharpe Ratio Comparison

The current WAYEX Sharpe Ratio is 1.55, which is higher than the EZU Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of WAYEX and EZU, 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

	WAYEX	EZU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.16	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.45	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.48	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.21	+0.52

Drawdowns

WAYEX vs. EZU - Drawdown Comparison

The maximum WAYEX drawdown since its inception was -20.77%, smaller than the maximum EZU drawdown of -65.32%. Use the drawdown chart below to compare losses from any high point for WAYEX and EZU.

Drawdown Indicators

	WAYEX	EZU	Difference
Max Drawdown Largest peak-to-trough decline	-20.77%	-65.32%	+44.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-13.06%	+5.01%
Max Drawdown (3Y) Largest decline over 3 years	-10.83%	-15.02%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-17.31%	-36.11%	+18.80%
Max Drawdown (10Y) Largest decline over 10 years	-20.77%	-41.37%	+20.60%
Current Drawdown Current decline from peak	-0.88%	-1.14%	+0.26%
Average Drawdown Average peak-to-trough decline	-4.13%	-19.24%	+15.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.60%	-1.50%

Volatility

WAYEX vs. EZU - Volatility Comparison

The current volatility for Waycross Long/Short Equity Fund (WAYEX) is 2.35%, while iShares MSCI Eurozone ETF (EZU) has a volatility of 6.43%. This indicates that WAYEX experiences smaller price fluctuations and is considered to be less risky than EZU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAYEX	EZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	6.43%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	14.12%	-8.47%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	16.91%	-9.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.38%	19.85%	-9.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.57%	20.49%	-8.92%

WAYEX vs. EZU - Expense Ratio Comparison

WAYEX has a 2.27% expense ratio, which is higher than EZU's 0.51% expense ratio.

Dividends

WAYEX vs. EZU - Dividend Comparison

WAYEX's dividend yield for the trailing twelve months is around 5.25%, more than EZU's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZU iShares MSCI Eurozone ETF	2.67%	2.85%	2.90%	2.56%	2.79%	2.46%	2.13%	2.84%	3.47%	1.91%	3.07%	2.18%
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

Can I hold both WAYEX and EZU in my portfolio?

WAYEX and EZU have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAYEX or EZU?

EZU has higher volatility (6.43%) compared to WAYEX (2.35%). In terms of maximum drawdown, WAYEX dropped -20.77% vs EZU's -65.32%.

Which has better risk-adjusted returns?

WAYEX currently has the higher Sharpe Ratio (1.55 vs 1.16), 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.