WMICX vs. WAIOX

Last updated Jun 4, 2026

WMICX (Wasatch Micro Cap Fund) and WAIOX (Wasatch International Opportunities Fund) are both mutual funds - WMICX is a Small Cap Growth Equities fund managed by Wasatch, while WAIOX is a Foreign Small & Mid Cap Equities fund managed by Wasatch. Over the past 10 years, WMICX returned 14.39%/yr vs 4.20%/yr for WAIOX. A 0.55 correlation means they provide meaningful diversification when combined. WMICX charges 1.63%/yr vs 1.96%/yr for WAIOX.

Performance

WMICX vs. WAIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Micro Cap Fund (WMICX) and Wasatch International Opportunities Fund (WAIOX). 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 WAIOX's 9.50% return. Over the past 10 years, WMICX has outperformed WAIOX with an annualized return of 14.39%, while WAIOX has yielded a comparatively lower 4.20% 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%

WAIOX

• 1D: 1.55%
• 1M: 4.81%
• YTD: 9.50%
• 6M: 9.73%
• 1Y: -0.09%
• 3Y*: 5.75%
• 5Y*: -5.83%
• 10Y*: 4.20%

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

WMICX vs. WAIOX - 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%
WAIOX Wasatch International Opportunities Fund	9.50%	2.57%	-4.49%	10.64%	-36.63%	-1.36%	41.75%	32.19%	-14.69%	27.69%

Correlation

The correlation between WMICX and WAIOX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Jan 28, 2005	0.55

The correlation between WMICX and WAIOX shifts across timeframes, from 0.46 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WMICX vs. WAIOX — 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

WAIOX

WAIOX Risk / Return Rank: 2
WAIOX Sharpe Ratio Rank: 2
WAIOX Sortino Ratio Rank: 2
WAIOX Omega Ratio Rank: 2
WAIOX Calmar Ratio Rank: 2
WAIOX 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. WAIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Micro Cap Fund (WMICX) and Wasatch International Opportunities Fund (WAIOX). 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	WAIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	-0.05	+1.68
Sortino ratio: Return per unit of downside risk	2.39	0.03	+2.36
Omega ratio: Gain probability vs. loss probability	1.27	1.00	+0.27
Calmar ratio: Return relative to maximum drawdown	2.21	-0.03	+2.24
Martin ratio: Return relative to average drawdown	7.63	-0.07	+7.70
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. WAIOX - Sharpe Ratio Comparison

The current WMICX Sharpe Ratio is 1.63, which is higher than the WAIOX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of WMICX and WAIOX, 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	WAIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	-0.05	+1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.34	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.25	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.42	+0.24

Drawdowns

WMICX vs. WAIOX - Drawdown Comparison

The maximum WMICX drawdown since its inception was -65.21%, roughly equal to the maximum WAIOX drawdown of -68.04%. Use the drawdown chart below to compare losses from any high point for WMICX and WAIOX.

Drawdown Indicators

	WMICX	WAIOX	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-68.04%	+2.83%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-21.23%	+6.91%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-21.23%	-8.21%
Max Drawdown (5Y) Largest decline over 5 years	-48.70%	-50.21%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-50.96%	-50.21%	-0.75%
Current Drawdown Current decline from peak	-10.45%	-31.99%	+21.54%
Average Drawdown Average peak-to-trough decline	-13.34%	-16.81%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	10.48%	-6.35%

Volatility

WMICX vs. WAIOX - Volatility Comparison

Wasatch Micro Cap Fund (WMICX) has a higher volatility of 5.59% compared to Wasatch International Opportunities Fund (WAIOX) at 3.99%. This indicates that WMICX's price experiences larger fluctuations and is considered to be riskier than WAIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WMICX	WAIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	3.99%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	13.74%	11.83%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	14.42%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.49%	17.10%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.37%	16.55%	+7.82%

WMICX vs. WAIOX - Expense Ratio Comparison

WMICX has a 1.63% expense ratio, which is lower than WAIOX's 1.96% expense ratio.

Dividends

WMICX vs. WAIOX - Dividend Comparison

WMICX has not paid dividends to shareholders, while WAIOX's dividend yield for the trailing twelve months is around 62.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAIOX Wasatch International Opportunities Fund	62.37%	68.29%	0.00%	0.00%	0.00%	14.35%	1.98%	2.38%	2.73%	7.00%	0.00%	4.76%
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 WAIOX in my portfolio?

WMICX and WAIOX have a correlation of 0.46, 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 WAIOX?

WMICX has higher volatility (5.59%) compared to WAIOX (3.99%). In terms of maximum drawdown, WMICX dropped -65.21% vs WAIOX's -68.04%.

Which has better risk-adjusted returns?

WMICX currently has the higher Sharpe Ratio (1.63 vs -0.05), 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.