WMICX vs. WAFMX

Last updated Jun 4, 2026

WMICX (Wasatch Micro Cap Fund) and WAFMX (Wasatch Frontier Emerging Small Countries Fund) are both mutual funds - WMICX is a Small Cap Growth Equities fund managed by Wasatch, while WAFMX is a Emerging Markets Diversified fund managed by Wasatch. Over the past 10 years, WMICX returned 14.39%/yr vs 3.50%/yr for WAFMX. At a 0.49 correlation, their price movements are largely independent. WMICX charges 1.63%/yr vs 2.15%/yr for WAFMX.

Performance

WMICX vs. WAFMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Micro Cap Fund (WMICX) and Wasatch Frontier Emerging Small Countries Fund (WAFMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WMICX achieves a 13.73% return, which is significantly higher than WAFMX's 3.06% return. Over the past 10 years, WMICX has outperformed WAFMX with an annualized return of 14.39%, while WAFMX has yielded a comparatively lower 3.50% annualized return.

WMICX

• 1D: 0.31%
• 1M: 4.67%
• YTD: 13.73%
• 6M: 13.59%
• 1Y: 29.57%
• 3Y*: 16.04%
• 5Y*: -0.29%
• 10Y*: 14.39%

WAFMX

• 1D: 1.64%
• 1M: -0.80%
• YTD: 3.06%
• 6M: 1.92%
• 1Y: -1.85%
• 3Y*: 9.71%
• 5Y*: -1.64%
• 10Y*: 3.50%

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

WMICX vs. WAFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WMICX Wasatch Micro Cap Fund	13.73%	4.84%	20.91%	22.58%	-40.64%	4.51%	64.84%	42.31%	1.73%	36.17%
WAFMX Wasatch Frontier Emerging Small Countries Fund	3.06%	4.35%	10.67%	28.16%	-41.11%	8.60%	28.24%	26.47%	-18.49%	21.16%

Correlation

The correlation between WMICX and WAFMX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 1, 2012	0.49

The correlation between WMICX and WAFMX shifts across timeframes, from 0.49 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WMICX vs. WAFMX — Risk / Return Rank

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

WMICX

WMICX Risk / Return Rank: 32
WMICX Sharpe Ratio Rank: 32
WMICX Sortino Ratio Rank: 33
WMICX Omega Ratio Rank: 27
WMICX Calmar Ratio Rank: 34
WMICX Martin Ratio Rank: 34

WAFMX

WAFMX Risk / Return Rank: 2
WAFMX Sharpe Ratio Rank: 2
WAFMX Sortino Ratio Rank: 2
WAFMX Omega Ratio Rank: 2
WAFMX Calmar Ratio Rank: 2
WAFMX Martin Ratio Rank: 2

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.

WMICX vs. WAFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Micro Cap Fund (WMICX) and Wasatch Frontier Emerging Small Countries Fund (WAFMX). 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.

	WMICX	WAFMX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	-0.11	+1.74
Sortino ratio: Return per unit of downside risk	2.39	-0.05	+2.45
Omega ratio: Gain probability vs. loss probability	1.27	0.99	+0.28
Calmar ratio: Return relative to maximum drawdown	2.21	-0.12	+2.33
Martin ratio: Return relative to average drawdown	7.63	-0.32	+7.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WMICX vs. WAFMX - Sharpe Ratio Comparison

The current WMICX Sharpe Ratio is 1.63, which is higher than the WAFMX Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of WMICX and WAFMX, 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

	WMICX	WAFMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	-0.11	+1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.09	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.21	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.32	+0.33

Drawdowns

WMICX vs. WAFMX - Drawdown Comparison

The maximum WMICX drawdown since its inception was -65.21%, which is greater than WAFMX's maximum drawdown of -49.51%. Use the drawdown chart below to compare losses from any high point for WMICX and WAFMX.

Drawdown Indicators

	WMICX	WAFMX	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-49.51%	-15.70%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-12.85%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-15.26%	-14.18%
Max Drawdown (5Y) Largest decline over 5 years	-48.70%	-49.51%	+0.81%
Max Drawdown (10Y) Largest decline over 10 years	-50.96%	-49.51%	-1.45%
Current Drawdown Current decline from peak	-10.45%	-19.37%	+8.92%
Average Drawdown Average peak-to-trough decline	-13.34%	-16.79%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	5.02%	-0.89%

Volatility

WMICX vs. WAFMX - Volatility Comparison

Wasatch Micro Cap Fund (WMICX) has a higher volatility of 5.59% compared to Wasatch Frontier Emerging Small Countries Fund (WAFMX) at 3.85%. This indicates that WMICX's price experiences larger fluctuations and is considered to be riskier than WAFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMICX	WAFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	3.85%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	11.95%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	14.61%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	17.58%	+6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	16.87%	+7.50%

WMICX vs. WAFMX - Expense Ratio Comparison

WMICX has a 1.63% expense ratio, which is lower than WAFMX's 2.15% expense ratio.

Dividends

WMICX vs. WAFMX - Dividend Comparison

Neither WMICX nor WAFMX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAFMX Wasatch Frontier Emerging Small Countries Fund	0.00%	0.00%	0.76%	0.00%	0.00%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%
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 WAFMX in my portfolio?

WMICX and WAFMX have a correlation of 0.53, 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 WAFMX?

WMICX has higher volatility (5.59%) compared to WAFMX (3.85%). In terms of maximum drawdown, WMICX dropped -65.21% vs WAFMX's -49.51%.

Which has better risk-adjusted returns?

WMICX currently has the higher Sharpe Ratio (1.63 vs -0.11), 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.