DMAGX vs. DREGX

Last updated Jun 24, 2026

DMAGX (Driehaus Emerging Markets Opportunities Fund) and DREGX (Driehaus Emerging Markets Growth Fund) are both Emerging Markets Diversified funds from Driehaus. Over the past 5 years, DMAGX returned 11.12%/yr vs 8.26%/yr for DREGX. Their correlation of 0.90 suggests significant overlap in exposure. DMAGX charges 0.99%/yr vs 1.34%/yr for DREGX.

Performance

DMAGX vs. DREGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Emerging Markets Opportunities Fund (DMAGX) and Driehaus Emerging Markets Growth Fund (DREGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAGX achieves a 21.30% return, which is significantly lower than DREGX's 31.87% return.

DMAGX

• 1D: 0.15%
• 1M: 3.79%
• YTD: 21.30%
• 6M: 20.23%
• 1Y: 36.96%
• 3Y*: 26.99%
• 5Y*: 11.12%
• 10Y*: —

DREGX

• 1D: 0.40%
• 1M: 6.97%
• YTD: 31.87%
• 6M: 33.28%
• 1Y: 58.21%
• 3Y*: 24.74%
• 5Y*: 8.26%
• 10Y*: 11.87%

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

DMAGX vs. DREGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMAGX Driehaus Emerging Markets Opportunities Fund	21.30%	22.77%	26.16%	19.48%	-18.85%	-1.84%	30.20%	21.64%	-13.22%	21.16%
DREGX Driehaus Emerging Markets Growth Fund	31.87%	29.95%	7.40%	11.26%	-22.54%	-1.95%	27.36%	25.34%	-16.26%	27.61%

Correlation

The correlation between DMAGX and DREGX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Apr 7, 2017	0.90

The correlation between DMAGX and DREGX shifts across timeframes, from 0.78 (3 years) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DMAGX vs. DREGX — Risk / Return Rank

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

DMAGX

DMAGX Risk / Return Rank: 79
DMAGX Sharpe Ratio Rank: 79
DMAGX Sortino Ratio Rank: 71
DMAGX Omega Ratio Rank: 73
DMAGX Calmar Ratio Rank: 84
DMAGX Martin Ratio Rank: 86

DREGX

DREGX Risk / Return Rank: 87
DREGX Sharpe Ratio Rank: 92
DREGX Sortino Ratio Rank: 79
DREGX Omega Ratio Rank: 85
DREGX Calmar Ratio Rank: 90
DREGX Martin Ratio Rank: 88

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.

DMAGX vs. DREGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Opportunities Fund (DMAGX) and Driehaus Emerging Markets Growth Fund (DREGX). 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.

	DMAGX	DREGX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.85	-0.45
Sortino ratio: Return per unit of downside risk	3.20	3.45	-0.25
Omega ratio: Gain probability vs. loss probability	1.44	1.54	-0.10
Calmar ratio: Return relative to maximum drawdown	3.77	4.31	-0.54
Martin ratio: Return relative to average drawdown	15.02	15.78	-0.77

DMAGX vs. DREGX - Sharpe Ratio Comparison

The current DMAGX Sharpe Ratio is 2.40, which is comparable to the DREGX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of DMAGX and DREGX, 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

DMAGX vs. DREGX - Drawdown Comparison

The maximum DMAGX drawdown since its inception was -34.21%, smaller than the maximum DREGX drawdown of -65.44%. Use the drawdown chart below to compare losses from any high point for DMAGX and DREGX.

Drawdown Indicators

	DMAGX	DREGX	Difference
Max Drawdown Largest peak-to-trough decline	-34.21%	-65.44%	+31.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-13.82%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-18.03%	-17.47%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-31.38%	-36.41%	+5.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.47%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.77%	-17.37%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	3.76%	-1.21%

Volatility

DMAGX vs. DREGX - Volatility Comparison

The current volatility for Driehaus Emerging Markets Opportunities Fund (DMAGX) is 6.39%, while Driehaus Emerging Markets Growth Fund (DREGX) has a volatility of 10.55%. This indicates that DMAGX experiences smaller price fluctuations and is considered to be less risky than DREGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAGX	DREGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	10.55%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	18.35%	-4.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	20.93%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	19.74%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.56%	18.87%	-3.31%

DMAGX vs. DREGX - Expense Ratio Comparison

DMAGX has a 0.99% expense ratio, which is lower than DREGX's 1.34% expense ratio.

Dividends

DMAGX vs. DREGX - Dividend Comparison

DMAGX's dividend yield for the trailing twelve months is around 11.54%, more than DREGX's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMAGX Driehaus Emerging Markets Opportunities Fund	11.54%	13.99%	8.34%	1.45%	2.08%	4.57%	2.34%	1.15%	0.84%	4.91%
DREGX Driehaus Emerging Markets Growth Fund	1.28%	1.69%	0.89%	1.81%	0.75%	16.71%	2.48%	0.82%	4.33%	0.59%

Frequently Asked Questions

Can I hold both DMAGX and DREGX in my portfolio?

DMAGX and DREGX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAGX or DREGX?

DREGX has higher volatility (10.55%) compared to DMAGX (6.39%). In terms of maximum drawdown, DMAGX dropped -34.21% vs DREGX's -65.44%.

Which has better risk-adjusted returns?

DREGX currently has the higher Sharpe Ratio (2.85 vs 2.40), 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.