WBEIX vs. WSMDX

Last updated Jun 5, 2026

WBEIX (William Blair Emerging Markets Growth Fund) and WSMDX (William Blair Small-Mid Cap Growth Fund) are both mutual funds - WBEIX is a Emerging Markets Diversified fund managed by William Blair, while WSMDX is a Mid Cap Growth Equities fund managed by William Blair. Over the past 10 years, WBEIX returned 11.47%/yr vs 12.51%/yr for WSMDX. A 0.57 correlation means they provide meaningful diversification when combined. WBEIX charges 1.11%/yr vs 1.10%/yr for WSMDX.

Performance

WBEIX vs. WSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in William Blair Emerging Markets Growth Fund (WBEIX) and William Blair Small-Mid Cap Growth Fund (WSMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WBEIX achieves a 34.29% return, which is significantly higher than WSMDX's 12.76% return. Over the past 10 years, WBEIX has underperformed WSMDX with an annualized return of 11.47%, while WSMDX has yielded a comparatively higher 12.51% annualized return.

WBEIX

• 1D: -0.69%
• 1M: 7.14%
• YTD: 34.29%
• 6M: 37.36%
• 1Y: 60.83%
• 3Y*: 25.55%
• 5Y*: 5.66%
• 10Y*: 11.47%

WSMDX

• 1D: -0.19%
• 1M: 3.34%
• YTD: 12.76%
• 6M: 11.01%
• 1Y: 25.41%
• 3Y*: 16.86%
• 5Y*: 6.49%
• 10Y*: 12.51%

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

WBEIX vs. WSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WBEIX William Blair Emerging Markets Growth Fund	34.29%	25.18%	10.62%	10.23%	-33.15%	3.23%	40.77%	28.36%	-21.31%	48.82%
WSMDX William Blair Small-Mid Cap Growth Fund	12.76%	0.63%	27.55%	18.14%	-22.98%	8.28%	32.38%	30.81%	-2.18%	28.85%

Correlation

The correlation between WBEIX and WSMDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 8, 2005	0.57

The correlation between WBEIX and WSMDX shifts across timeframes, from 0.37 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WBEIX vs. WSMDX — Risk / Return Rank

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

WBEIX

WBEIX Risk / Return Rank: 87
WBEIX Sharpe Ratio Rank: 91
WBEIX Sortino Ratio Rank: 81
WBEIX Omega Ratio Rank: 82
WBEIX Calmar Ratio Rank: 90
WBEIX Martin Ratio Rank: 88

WSMDX

WSMDX Risk / Return Rank: 29
WSMDX Sharpe Ratio Rank: 25
WSMDX Sortino Ratio Rank: 24
WSMDX Omega Ratio Rank: 22
WSMDX Calmar Ratio Rank: 36
WSMDX Martin Ratio Rank: 38

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.

WBEIX vs. WSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for William Blair Emerging Markets Growth Fund (WBEIX) and William Blair Small-Mid Cap Growth Fund (WSMDX). 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.

	WBEIX	WSMDX	Difference
Sharpe ratio: Return per unit of total volatility	3.04	1.41	+1.63
Sortino ratio: Return per unit of downside risk	3.83	2.05	+1.78
Omega ratio: Gain probability vs. loss probability	1.54	1.24	+0.29
Calmar ratio: Return relative to maximum drawdown	4.48	2.23	+2.25
Martin ratio: Return relative to average drawdown	16.59	8.23	+8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WBEIX vs. WSMDX - Sharpe Ratio Comparison

The current WBEIX Sharpe Ratio is 3.04, which is higher than the WSMDX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of WBEIX and WSMDX, 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

	WBEIX	WSMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	1.41	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.28	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.57	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.54	-0.10

Drawdowns

WBEIX vs. WSMDX - Drawdown Comparison

The maximum WBEIX drawdown since its inception was -71.18%, which is greater than WSMDX's maximum drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for WBEIX and WSMDX.

Drawdown Indicators

	WBEIX	WSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-71.18%	-50.33%	-20.85%
Max Drawdown (1Y) Largest decline over 1 year	-14.04%	-11.50%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.64%	-25.63%	+5.99%
Max Drawdown (5Y) Largest decline over 5 years	-40.95%	-36.89%	-4.06%
Max Drawdown (10Y) Largest decline over 10 years	-43.75%	-36.89%	-6.86%
Current Drawdown Current decline from peak	-0.69%	-0.19%	-0.50%
Average Drawdown Average peak-to-trough decline	-21.46%	-8.46%	-13.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	3.11%	+0.67%

Volatility

WBEIX vs. WSMDX - Volatility Comparison

William Blair Emerging Markets Growth Fund (WBEIX) has a higher volatility of 8.13% compared to William Blair Small-Mid Cap Growth Fund (WSMDX) at 5.53%. This indicates that WBEIX's price experiences larger fluctuations and is considered to be riskier than WSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WBEIX	WSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	5.53%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	14.15%	+3.17%
Volatility (1Y) Calculated over the trailing 1-year period	20.72%	18.26%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	23.04%	-6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.82%	21.93%	-4.11%

WBEIX vs. WSMDX - Expense Ratio Comparison

WBEIX has a 1.11% expense ratio, which is higher than WSMDX's 1.10% expense ratio.

Dividends

WBEIX vs. WSMDX - Dividend Comparison

WBEIX's dividend yield for the trailing twelve months is around 0.30%, less than WSMDX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WBEIX William Blair Emerging Markets Growth Fund	0.30%	0.41%	0.10%	0.53%	0.16%	21.21%	4.12%	4.31%	14.57%	0.94%	0.45%	1.11%
WSMDX William Blair Small-Mid Cap Growth Fund	2.49%	2.81%	24.90%	7.89%	3.34%	9.30%	1.66%	7.13%	8.88%	5.33%	2.64%	5.31%

Frequently Asked Questions

Can I hold both WBEIX and WSMDX in my portfolio?

WBEIX and WSMDX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WBEIX or WSMDX?

WBEIX has higher volatility (8.13%) compared to WSMDX (5.53%). In terms of maximum drawdown, WBEIX dropped -71.18% vs WSMDX's -50.33%.

Which has better risk-adjusted returns?

WBEIX currently has the higher Sharpe Ratio (3.04 vs 1.41), 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.