WAYFX vs. MUHLX

Last updated Jun 5, 2026

WAYFX (Waycross Focused Core Equity Fund) and MUHLX (Muhlenkamp Fund) are both Large Cap Blend Equities funds. Over the past 5 years, WAYFX returned 12.24%/yr vs 10.43%/yr for MUHLX. A 0.70 correlation means they provide meaningful diversification when combined. WAYFX charges 0.89%/yr vs 1.14%/yr for MUHLX.

Performance

WAYFX vs. MUHLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waycross Focused Core Equity Fund (WAYFX) and Muhlenkamp Fund (MUHLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAYFX achieves a 2.72% return, which is significantly lower than MUHLX's 11.04% return.

WAYFX

• 1D: -1.21%
• 1M: 1.44%
• YTD: 2.72%
• 6M: 2.81%
• 1Y: 18.90%
• 3Y*: 19.78%
• 5Y*: 12.24%
• 10Y*: —

MUHLX

• 1D: -0.44%
• 1M: -1.78%
• YTD: 11.04%
• 6M: 11.42%
• 1Y: 23.51%
• 3Y*: 13.75%
• 5Y*: 10.43%
• 10Y*: 10.74%

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

WAYFX vs. MUHLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
WAYFX Waycross Focused Core Equity Fund	2.72%	18.35%	25.10%	33.43%	-19.68%	26.33%	1.59%
MUHLX Muhlenkamp Fund	11.04%	17.82%	3.38%	13.92%	2.89%	28.98%	1.87%

Correlation

The correlation between WAYFX and MUHLX is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.70

The correlation between WAYFX and MUHLX shifts across timeframes, from 0.57 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WAYFX vs. MUHLX — Risk / Return Rank

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

WAYFX

WAYFX Risk / Return Rank: 24
WAYFX Sharpe Ratio Rank: 25
WAYFX Sortino Ratio Rank: 25
WAYFX Omega Ratio Rank: 24
WAYFX Calmar Ratio Rank: 18
WAYFX Martin Ratio Rank: 25

MUHLX

MUHLX Risk / Return Rank: 35
MUHLX Sharpe Ratio Rank: 34
MUHLX Sortino Ratio Rank: 31
MUHLX Omega Ratio Rank: 31
MUHLX Calmar Ratio Rank: 38
MUHLX Martin Ratio Rank: 41

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.

WAYFX vs. MUHLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waycross Focused Core Equity Fund (WAYFX) and Muhlenkamp Fund (MUHLX). 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.

	WAYFX	MUHLX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.67	-0.28
Sortino ratio: Return per unit of downside risk	2.02	2.29	-0.27
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.48	2.28	-0.80
Martin ratio: Return relative to average drawdown	5.83	8.59	-2.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAYFX vs. MUHLX - Sharpe Ratio Comparison

The current WAYFX Sharpe Ratio is 1.39, which is comparable to the MUHLX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of WAYFX and MUHLX, 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

	WAYFX	MUHLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.67	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.72	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.52	+0.26

Drawdowns

WAYFX vs. MUHLX - Drawdown Comparison

The maximum WAYFX drawdown since its inception was -29.62%, smaller than the maximum MUHLX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for WAYFX and MUHLX.

Drawdown Indicators

	WAYFX	MUHLX	Difference
Max Drawdown Largest peak-to-trough decline	-29.62%	-62.05%	+32.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.19%	-10.23%	-2.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-18.63%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-18.63%	-10.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.85%	—
Current Drawdown Current decline from peak	-1.97%	-3.98%	+2.01%
Average Drawdown Average peak-to-trough decline	-6.24%	-10.77%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.71%	+0.62%

Volatility

WAYFX vs. MUHLX - Volatility Comparison

Waycross Focused Core Equity Fund (WAYFX) has a higher volatility of 3.94% compared to Muhlenkamp Fund (MUHLX) at 3.13%. This indicates that WAYFX's price experiences larger fluctuations and is considered to be riskier than MUHLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAYFX	MUHLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.13%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	10.95%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.05%	13.97%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.89%	14.62%	+4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	17.04%	+1.65%

WAYFX vs. MUHLX - Expense Ratio Comparison

WAYFX has a 0.89% expense ratio, which is lower than MUHLX's 1.14% expense ratio.

Dividends

WAYFX vs. MUHLX - Dividend Comparison

WAYFX's dividend yield for the trailing twelve months is around 1.03%, less than MUHLX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUHLX Muhlenkamp Fund	3.00%	3.34%	0.58%	0.89%	6.80%	7.77%	10.28%	1.26%	14.70%	4.30%	0.00%	11.02%
WAYFX Waycross Focused Core Equity Fund	1.03%	1.06%	0.29%	0.61%	0.47%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAYFX and MUHLX in my portfolio?

WAYFX and MUHLX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAYFX or MUHLX?

WAYFX has higher volatility (3.94%) compared to MUHLX (3.13%). In terms of maximum drawdown, WAYFX dropped -29.62% vs MUHLX's -62.05%.

Which has better risk-adjusted returns?

MUHLX currently has the higher Sharpe Ratio (1.67 vs 1.39), 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.