WMICX vs. AVALX

Last updated Aug 1, 2026

WMICX (Wasatch Micro Cap Fund) and AVALX (Aegis Value Fund Class I) are both mutual funds - WMICX is a Small Cap Growth Equities fund managed by Wasatch, while AVALX is a Small Cap Value Equities fund actively managed by Aegis. Over the past 10 years, WMICX returned 13.61%/yr vs 19.27%/yr for AVALX. Their 0.62 correlation means they have sometimes moved together and sometimes differently. WMICX charges 1.63%/yr vs 1.36%/yr for AVALX.

Performance

WMICX vs. AVALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Micro Cap Fund (WMICX) and Aegis Value Fund Class I (AVALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WMICX achieves a 13.26% return, which is significantly lower than AVALX's 17.01% return. Over the past 10 years, WMICX has underperformed AVALX with an annualized return of 13.61%, while AVALX has yielded a comparatively higher 19.27% annualized return.

WMICX

• 1D: 0.20%
• 1M: -6.65%
• 6M: 7.68%
• YTD: 13.26%
• 1Y: 28.70%
• 3Y*: 12.65%
• 5Y*: -0.23%
• 10Y*: 13.61%
• ALL TIME*: 14.04%

AVALX

• 1D: 2.16%
• 1M: 4.61%
• 6M: 7.17%
• YTD: 17.01%
• 1Y: 51.60%
• 3Y*: 29.28%
• 5Y*: 22.70%
• 10Y*: 19.27%
• ALL TIME*: 11.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVALX Aegis Value Fund Class I	$0.00	$0.00	$0.00
WMICX Wasatch Micro Cap Fund	$0.00	$0.00	$0.00

WMICX vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMICX Wasatch Micro Cap Fund	13.26%	4.84%	20.91%	22.58%	-40.64%	4.51%	64.84%	42.31%	1.73%	36.17%
AVALX Aegis Value Fund Class I	17.01%	67.06%	8.29%	13.11%	10.50%	37.67%	18.89%	25.67%	-16.95%	17.37%

Correlation

The correlation between WMICX and AVALX is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.48
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since May 15, 1998	0.62

Over the past year, the correlation between WMICX and AVALX has dropped to 0.41 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

WMICX vs. AVALX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WMICX

WMICX Risk / Return Rank: 50
WMICX Sharpe Ratio Rank: 52
WMICX Sortino Ratio Rank: 58
WMICX Omega Ratio Rank: 44
WMICX Calmar Ratio Rank: 52
WMICX Martin Ratio Rank: 43

AVALX

AVALX Risk / Return Rank: 94
AVALX Sharpe Ratio Rank: 97
AVALX Sortino Ratio Rank: 92
AVALX Omega Ratio Rank: 90
AVALX Calmar Ratio Rank: 97
AVALX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WMICX vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Micro Cap Fund (WMICX) and Aegis Value Fund Class I (AVALX). 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.

	WMICX	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.89	-1.54
Sortino ratio: Return per unit of downside risk	2.05	3.54	-1.48
Omega ratio: Gain probability vs. loss probability	1.23	1.49	-0.26
Calmar ratio: Return relative to maximum drawdown	1.87	5.02	-3.15
Martin ratio: Return relative to average drawdown	6.11	14.90	-8.79

WMICX vs. AVALX - Sharpe Ratio Comparison

The current WMICX Sharpe Ratio is 1.35, which is lower than the AVALX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of WMICX and AVALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WMICX vs. AVALX - Drawdown Comparison

The maximum WMICX drawdown since its inception was -65.21%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for WMICX and AVALX.

Drawdown Indicators

	WMICX	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-73.72%	+8.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-10.12%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-13.59%	-15.85%
Max Drawdown (5Y) Largest decline over 5 years	-48.70%	-32.00%	-16.70%
Max Drawdown (10Y) Largest decline over 10 years	-50.96%	-48.34%	-2.62%
Current Drawdown Current decline from peak	-10.81%	-4.64%	-6.17%
Average Drawdown Average peak-to-trough decline	-13.31%	-10.92%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	3.40%	+0.98%

Volatility

WMICX vs. AVALX - Volatility Comparison

Wasatch Micro Cap Fund (WMICX) and Aegis Value Fund Class I (AVALX) have volatilities of 4.88% and 4.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMICX	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.85%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	13.69%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	17.70%	+2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	22.17%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	22.15%	+2.25%

WMICX vs. AVALX - Expense Ratio Comparison

WMICX has a 1.63% expense ratio, which is higher than AVALX's 1.36% expense ratio.

Dividends

WMICX vs. AVALX - Dividend Comparison

WMICX has not paid dividends to shareholders, while AVALX's dividend yield for the trailing twelve months is around 2.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund Class I	2.00%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
WMICX Wasatch Micro Cap Fund	0.00%	0.00%	0.00%	0.00%	0.00%	30.82%	5.68%	11.40%	29.75%	15.30%	9.30%	16.58%

Frequently Asked Questions

Can I hold both WMICX and AVALX in my portfolio?

WMICX and AVALX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WMICX or AVALX?

WMICX has higher volatility (4.88%) compared to AVALX (4.85%). In terms of maximum drawdown, WMICX dropped -65.21% vs AVALX's -73.72%.

Which has better risk-adjusted returns?

AVALX currently has the higher Sharpe Ratio (2.89 vs 1.35), 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.