- Issuer
- Driehaus
- Inception Date
- Apr 30, 2020
- Category
- Mid Cap Growth Equities
- Min. Investment
- $10,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
DSMDX Performance Chart
Driehaus Small/Mid Cap Growth Fund (DSMDX) is up 8.7% since the beginning of the year. DSMDX is currently trading at $22 per share. Investors who bought $1,000 worth of DSMDX shares 5 years ago would now be looking at an investment worth $1,307.
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Returns By Period
Driehaus Small/Mid Cap Growth Fund (DSMDX) has returned 8.67% so far this year and 22.53% over the past 12 months.
Driehaus Small/Mid Cap Growth Fund
- 1D
- 2.61%
- 1M
- -6.93%
- 6M
- 1.22%
- YTD
- 8.67%
- 1Y
- 22.53%
- 3Y*
- 15.12%
- 5Y*
- 5.50%
- 10Y*
- —
- ALL TIME*
- 16.29%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
DSMDX Monthly Returns History
Based on dividend-adjusted daily data since May 1, 2020, DSMDX's average daily return is +0.07%, while the average monthly return is +1.47%. At this rate, an investment would double in approximately 4.0 years.
Historically, 64% of months were positive and 36% were negative. The best month was May 2020 with a return of +16.2%, while the worst month was Jan 2022 at -17.0%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, DSMDX closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +10.2%, while the worst single day was Dec 17, 2021 at -10.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 7.36% | 2.39% | -8.28% | 11.67% | 6.92% | 2.13% | -11.62% | 8.67% | |||||
| 2025 | 2.86% | -9.22% | -9.93% | 2.14% | 5.92% | 7.16% | 1.68% | 3.31% | 5.33% | 5.89% | -2.09% | -1.82% | 9.83% |
| 2024 | 3.00% | 11.47% | 2.79% | -5.94% | 6.13% | 0.79% | -1.80% | 1.89% | 3.09% | -0.16% | 13.16% | -8.62% | 26.45% |
| 2023 | 5.80% | -1.22% | 0.08% | -1.62% | 2.11% | 9.89% | 3.42% | -2.90% | -6.05% | -6.43% | 10.04% | 7.61% | 20.71% |
| 2022 | -16.96% | 1.16% | 0.13% | -11.41% | -3.29% | -6.29% | 8.93% | 0.51% | -7.65% | 6.41% | 1.10% | -6.67% | -31.46% |
| 2021 | 4.07% | 6.32% | -4.89% | 5.03% | -2.42% | 4.96% | -0.46% | 4.65% | -2.27% | 7.62% | -4.17% | -0.74% | 17.96% |
Benchmark Metrics
Driehaus Small/Mid Cap Growth Fund has an annualized alpha of -1.64%, beta of 1.23, and R2 of 0.63 versus S&P 500 Index. Calculated based on daily prices since May 01, 2020.
- This fund participated in 117.56% of S&P 500 Index downside but only 115.36% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- -1.64%
- Beta
- 1.23
- R²
- 0.63
- Upside Capture
- 115.36%
- Downside Capture
- 117.56%
Expense Ratio
DSMDX has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DSMDX ranks 23 for risk / return — above 23% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) and compare them to S&P 500 Index.
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.
| DSMDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.00 | -0.60 |
| Martin ratioReturn relative to average drawdown | 4.39 | 8.49 | -4.11 |
Dividends
Dividend History
Driehaus Small/Mid Cap Growth Fund provided a 0.38% dividend yield over the last twelve months, with an annual payout of $0.09 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.09 | $0.09 | $0.06 | $0.00 | $0.46 | $1.49 | $0.24 |
Dividend yield | 0.38% | 0.41% | 0.33% | 0.00% | 3.72% | 7.93% | 1.37% |
Monthly Dividends
The table displays the monthly dividend distributions for Driehaus Small/Mid Cap Growth Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.09 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.06 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.46 | $0.46 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.49 | $1.49 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Driehaus Small/Mid Cap Growth Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Driehaus Small/Mid Cap Growth Fund was 41.90%, occurring on Jun 16, 2022. Recovery took 603 trading sessions.
The current Driehaus Small/Mid Cap Growth Fund drawdown is 12.21%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-41.90%Jun 2022 | 7mo 8d | 2y 4mo | 2y 12moNov 2021 - Nov 2024 | Bear market2022 |
-33.05%Apr 2025 | 4mo 4d | 6mo 1d | 10mo 5dDec 2024 - Oct 2025 | 2025 selloff2025 |
-14.51%Mar 2026 | 2mo 6d | 18d | 2mo 24dJan 2026 - Apr 2026 | — |
-14.44%Jul 2026 | 1mo 6d | — | 1mo 10dJun 2026 - now | — |
-14.36%Mar 2021 | 1mo 6d | 5mo 6d | 6mo 12dFeb 2021 - Aug 2021 | — |
Drawdown Indicators
| DSMDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.90% | -56.78% | +14.88% |
Max Drawdown (1Y)Largest decline over 1 year | -14.51% | -9.10% | -5.41% |
Max Drawdown (3Y)Largest decline over 3 years | -33.05% | -18.90% | -14.15% |
Max Drawdown (5Y)Largest decline over 5 years | -41.90% | -25.43% | -16.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -12.21% | -1.58% | -10.63% |
Average DrawdownAverage peak-to-trough decline | -15.45% | -10.70% | -4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.62% | 2.14% | +2.48% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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