DMAGX vs. DVSMX

Last updated Aug 5, 2026

DMAGX (Driehaus Emerging Markets Opportunities Fund) and DVSMX (Driehaus Small Cap Growth Fund) are both mutual funds - DMAGX is a Emerging Markets Equities fund managed by Driehaus, while DVSMX is a Small Cap Growth Equities fund managed by Driehaus. Over the past 5 years, DMAGX returned 10.66%/yr vs 7.03%/yr for DVSMX. Their 0.69 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.99% expense ratio.

Performance

DMAGX vs. DVSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, DMAGX achieves a 15.56% return, which is significantly higher than DVSMX's 14.10% return.

DMAGX

• 1D: 0.99%
• 1M: -1.98%
• 6M: 10.09%
• YTD: 15.56%
• 1Y: 23.13%
• 3Y*: 24.09%
• 5Y*: 10.66%
• 10Y*: —
• ALL TIME*: 11.83%

DVSMX

• 1D: 1.43%
• 1M: -4.64%
• 6M: 4.97%
• YTD: 14.10%
• 1Y: 35.84%
• 3Y*: 20.74%
• 5Y*: 7.03%
• 10Y*: —
• ALL TIME*: 15.62%

*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)
DMAGX Driehaus Emerging Markets Opportunities Fund	$0.00	$0.00	$0.00
DVSMX Driehaus Small Cap Growth Fund	$0.00	$0.00	$0.00

DMAGX vs. DVSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DMAGX Driehaus Emerging Markets Opportunities Fund	15.56%	22.77%	26.16%	19.48%	-18.85%	-1.84%	30.20%	21.64%	-11.85%
DVSMX Driehaus Small Cap Growth Fund	14.10%	16.66%	27.44%	18.93%	-34.12%	18.41%	63.95%	40.29%	-8.71%

Correlation

The correlation between DMAGX and DVSMX is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since May 9, 2018	0.69

The correlation between DMAGX and DVSMX shifts across timeframes, from 0.69 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DMAGX vs. DVSMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DMAGX

DMAGX Risk / Return Rank: 51
DMAGX Sharpe Ratio Rank: 46
DMAGX Sortino Ratio Rank: 43
DMAGX Omega Ratio Rank: 43
DMAGX Calmar Ratio Rank: 67
DMAGX Martin Ratio Rank: 55

DVSMX

DVSMX Risk / Return Rank: 50
DVSMX Sharpe Ratio Rank: 43
DVSMX Sortino Ratio Rank: 39
DVSMX Omega Ratio Rank: 37
DVSMX Calmar Ratio Rank: 71
DVSMX Martin Ratio Rank: 58

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.

DMAGX vs. DVSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Opportunities Fund (DMAGX) and Driehaus Small Cap Growth Fund (DVSMX). 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	DVSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.42	+0.08
Sortino ratio: Return per unit of downside risk	2.09	1.94	+0.16
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.51	2.54	-0.03
Martin ratio: Return relative to average drawdown	8.38	8.50	-0.12

DMAGX vs. DVSMX - Sharpe Ratio Comparison

The current DMAGX Sharpe Ratio is 1.49, which is comparable to the DVSMX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of DMAGX and DVSMX, 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. DVSMX - Drawdown Comparison

The maximum DMAGX drawdown since its inception was -34.21%, smaller than the maximum DVSMX drawdown of -47.64%. Use the drawdown chart below to compare losses from any high point for DMAGX and DVSMX.

Drawdown Indicators

	DMAGX	DVSMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.21%	-47.64%	+13.43%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-15.39%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.03%	-34.77%	+16.74%
Max Drawdown (5Y) Largest decline over 5 years	-29.34%	-47.64%	+18.30%
Current Drawdown Current decline from peak	-4.74%	-8.76%	+4.02%
Average Drawdown Average peak-to-trough decline	-9.71%	-16.96%	+7.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	4.57%	-1.54%

Volatility

DMAGX vs. DVSMX - Volatility Comparison

The current volatility for Driehaus Emerging Markets Opportunities Fund (DMAGX) is 5.62%, while Driehaus Small Cap Growth Fund (DVSMX) has a volatility of 7.17%. This indicates that DMAGX experiences smaller price fluctuations and is considered to be less risky than DVSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAGX	DVSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	7.17%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	21.90%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	27.59%	-10.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	29.14%	-13.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	29.48%	-13.86%

DMAGX vs. DVSMX - Expense Ratio Comparison

Both DMAGX and DVSMX have an expense ratio of 0.99%.

Dividends

DMAGX vs. DVSMX - Dividend Comparison

DMAGX's dividend yield for the trailing twelve months is around 12.11%, more than DVSMX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMAGX Driehaus Emerging Markets Opportunities Fund	12.11%	13.99%	8.34%	1.45%	2.08%	4.57%	2.34%	1.15%	0.84%	4.91%
DVSMX Driehaus Small Cap Growth Fund	0.18%	0.21%	1.08%	0.38%	2.15%	17.58%	6.55%	6.34%	2.87%	0.00%

Frequently Asked Questions

Can I hold both DMAGX and DVSMX in my portfolio?

DMAGX and DVSMX have a correlation of 0.85, 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 DVSMX?

DVSMX has higher volatility (7.17%) compared to DMAGX (5.62%). In terms of maximum drawdown, DMAGX dropped -34.21% vs DVSMX's -47.64%.

Which has better risk-adjusted returns?

DMAGX currently has the higher Sharpe Ratio (1.49 vs 1.42), 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.