WMICX vs. WALSX

Last updated Aug 1, 2026

WMICX (Wasatch Micro Cap Fund) and WALSX (Wasatch Long/Short Alpha Fund) are both mutual funds - WMICX is a Small Cap Growth Equities fund managed by Wasatch, while WALSX is a Long-Short fund managed by Wasatch. Over the past 3 years, WMICX returned 12.65%/yr vs 7.38%/yr for WALSX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. WMICX charges 1.63%/yr vs 1.75%/yr for WALSX.

Performance

WMICX vs. WALSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wasatch Micro Cap Fund (WMICX) and Wasatch Long/Short Alpha Fund (WALSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with WMICX having a 13.26% return and WALSX slightly higher at 13.61%.

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%

WALSX

• 1D: -1.62%
• 1M: 0.94%
• 6M: 10.20%
• YTD: 13.61%
• 1Y: 7.64%
• 3Y*: 7.38%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.14%

*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)
WALSX Wasatch Long/Short Alpha Fund	$0.00	$0.00	$0.00
WMICX Wasatch Micro Cap Fund	$0.00	$0.00	$0.00

WMICX vs. WALSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WMICX Wasatch Micro Cap Fund	13.26%	4.84%	20.91%	22.58%	-40.64%	-1.16%
WALSX Wasatch Long/Short Alpha Fund	13.61%	-12.79%	7.24%	27.75%	-8.38%	12.20%

Correlation

The correlation between WMICX and WALSX is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.74

Over the past year, the correlation between WMICX and WALSX has dropped to 0.49 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

WMICX vs. WALSX — 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

WALSX

WALSX Risk / Return Rank: 11
WALSX Sharpe Ratio Rank: 10
WALSX Sortino Ratio Rank: 12
WALSX Omega Ratio Rank: 10
WALSX Calmar Ratio Rank: 12
WALSX Martin Ratio Rank: 10

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. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wasatch Micro Cap Fund (WMICX) and Wasatch Long/Short Alpha Fund (WALSX). 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	WALSX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.42	+0.93
Sortino ratio: Return per unit of downside risk	2.05	0.77	+1.28
Omega ratio: Gain probability vs. loss probability	1.23	1.08	+0.15
Calmar ratio: Return relative to maximum drawdown	1.87	0.64	+1.24
Martin ratio: Return relative to average drawdown	6.11	1.29	+4.82

WMICX vs. WALSX - Sharpe Ratio Comparison

The current WMICX Sharpe Ratio is 1.35, which is higher than the WALSX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of WMICX and WALSX, 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. WALSX - Drawdown Comparison

The maximum WMICX drawdown since its inception was -65.21%, which is greater than WALSX's maximum drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for WMICX and WALSX.

Drawdown Indicators

	WMICX	WALSX	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-25.28%	-39.93%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-10.76%	-3.56%
Max Drawdown (3Y) Largest decline over 3 years	-29.44%	-25.28%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-48.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.96%	—	—
Current Drawdown Current decline from peak	-10.81%	-12.77%	+1.96%
Average Drawdown Average peak-to-trough decline	-13.31%	-9.71%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	5.31%	-0.93%

Volatility

WMICX vs. WALSX - Volatility Comparison

Wasatch Micro Cap Fund (WMICX) and Wasatch Long/Short Alpha Fund (WALSX) have volatilities of 4.88% and 5.12%, 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	WALSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.12%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	12.35%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	16.28%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	16.38%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	16.38%	+8.02%

WMICX vs. WALSX - Expense Ratio Comparison

WMICX has a 1.63% expense ratio, which is lower than WALSX's 1.75% expense ratio.

Dividends

WMICX vs. WALSX - Dividend Comparison

Neither WMICX nor WALSX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WALSX Wasatch Long/Short Alpha Fund	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 WALSX in my portfolio?

WMICX and WALSX have a correlation of 0.49, 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 WALSX?

WALSX has higher volatility (5.12%) compared to WMICX (4.88%). In terms of maximum drawdown, WMICX dropped -65.21% vs WALSX's -25.28%.

Which has better risk-adjusted returns?

WMICX currently has the higher Sharpe Ratio (1.35 vs 0.42), 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.