DMAGX vs. LCSMX

Last updated Aug 5, 2026

DMAGX (Driehaus Emerging Markets Opportunities Fund) and LCSMX (Martin Currie SMA-Shares Series EM Fund) are both Emerging Markets Equities funds. Over the past 5 years, DMAGX returned 10.66%/yr vs 7.41%/yr for LCSMX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. DMAGX charges 0.99%/yr vs 0.00%/yr for LCSMX.

Performance

DMAGX vs. LCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Emerging Markets Opportunities Fund (DMAGX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). 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 lower than LCSMX's 38.73% 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%

LCSMX

• 1D: 0.55%
• 1M: -6.73%
• 6M: 19.79%
• YTD: 38.73%
• 1Y: 79.92%
• 3Y*: 23.41%
• 5Y*: 7.41%
• 10Y*: —
• ALL TIME*: 10.58%

*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
LCSMX Martin Currie SMA-Shares Series EM Fund	$0.00	$0.00	$0.00

DMAGX vs. LCSMX - 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%	-15.71%
LCSMX Martin Currie SMA-Shares Series EM Fund	38.73%	51.52%	-13.60%	16.26%	-27.25%	4.73%	35.72%	6.81%	1.42%

Correlation

The correlation between DMAGX and LCSMX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since Jan 11, 2018	0.74

The correlation between DMAGX and LCSMX has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

Return for Risk

DMAGX vs. LCSMX — 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

LCSMX

LCSMX Risk / Return Rank: 85
LCSMX Sharpe Ratio Rank: 91
LCSMX Sortino Ratio Rank: 75
LCSMX Omega Ratio Rank: 85
LCSMX Calmar Ratio Rank: 85
LCSMX Martin Ratio Rank: 87

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. LCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Opportunities Fund (DMAGX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). 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	LCSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.36	-0.86
Sortino ratio: Return per unit of downside risk	2.09	2.68	-0.59
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	2.51	3.17	-0.66
Martin ratio: Return relative to average drawdown	8.38	12.22	-3.84

DMAGX vs. LCSMX - Sharpe Ratio Comparison

The current DMAGX Sharpe Ratio is 1.49, which is lower than the LCSMX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of DMAGX and LCSMX, 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. LCSMX - Drawdown Comparison

The maximum DMAGX drawdown since its inception was -34.21%, smaller than the maximum LCSMX drawdown of -39.72%. Use the drawdown chart below to compare losses from any high point for DMAGX and LCSMX.

Drawdown Indicators

	DMAGX	LCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.21%	-39.72%	+5.51%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-26.28%	+16.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.03%	-26.28%	+8.25%
Max Drawdown (5Y) Largest decline over 5 years	-29.34%	-38.88%	+9.54%
Current Drawdown Current decline from peak	-4.74%	-19.40%	+14.66%
Average Drawdown Average peak-to-trough decline	-9.71%	-13.69%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	6.80%	-3.77%

Volatility

DMAGX vs. LCSMX - Volatility Comparison

The current volatility for Driehaus Emerging Markets Opportunities Fund (DMAGX) is 5.62%, while Martin Currie SMA-Shares Series EM Fund (LCSMX) has a volatility of 16.37%. This indicates that DMAGX experiences smaller price fluctuations and is considered to be less risky than LCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAGX	LCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	16.37%	-10.75%
Volatility (6M) Calculated over the trailing 6-month period	14.48%	33.60%	-19.12%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	35.39%	-18.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	22.15%	-6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	21.59%	-5.97%

DMAGX vs. LCSMX - Expense Ratio Comparison

DMAGX has a 0.99% expense ratio, which is higher than LCSMX's 0.00% expense ratio.

Dividends

DMAGX vs. LCSMX - Dividend Comparison

DMAGX's dividend yield for the trailing twelve months is around 12.11%, more than LCSMX's 0.72% 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%
LCSMX Martin Currie SMA-Shares Series EM Fund	0.72%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%	0.00%

Frequently Asked Questions

Can I hold both DMAGX and LCSMX in my portfolio?

DMAGX and LCSMX have a correlation of 0.74, 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 LCSMX?

LCSMX has higher volatility (16.37%) compared to DMAGX (5.62%). In terms of maximum drawdown, DMAGX dropped -34.21% vs LCSMX's -39.72%.

Which has better risk-adjusted returns?

LCSMX currently has the higher Sharpe Ratio (2.36 vs 1.49), 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.