DMCRX vs. IWC
DMCRX (Driehaus Micro Cap Growth Fund) and IWC (iShares Micro-Cap ETF) are both funds - DMCRX is a Small Cap Growth Equities fund managed by Driehaus, while IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index. Over the past 10 years, DMCRX returned 20.77%/yr vs 11.16%/yr for IWC. Their correlation of 0.89 means they have usually moved in the same direction. DMCRX charges 1.38%/yr vs 0.60%/yr for IWC.
Performance
DMCRX vs. IWC - Performance Comparison
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Returns By Period
In the year-to-date period, DMCRX achieves a 18.90% return, which is significantly lower than IWC's 22.83% return. Over the past 10 years, DMCRX has outperformed IWC with an annualized return of 20.77%, while IWC has yielded a comparatively lower 11.16% annualized return.
DMCRX
- 1D
- -0.63%
- 1M
- -6.98%
- 6M
- 11.07%
- YTD
- 18.90%
- 1Y
- 60.21%
- 3Y*
- 25.44%
- 5Y*
- 9.88%
- 10Y*
- 20.77%
- ALL TIME*
- 18.10%
IWC
- 1D
- 2.79%
- 1M
- -2.38%
- 6M
- 14.14%
- YTD
- 22.83%
- 1Y
- 52.60%
- 3Y*
- 20.99%
- 5Y*
- 7.59%
- 10Y*
- 11.16%
- ALL TIME*
- 7.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $11.19M | $12.59M | $19.43M |
DMCRX vs. IWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DMCRX Driehaus Micro Cap Growth Fund | 18.90% | 31.17% | 30.58% | 11.47% | -33.54% | 22.23% | 86.43% | 34.03% | 2.52% | 24.35% |
IWC iShares Micro-Cap ETF | 22.83% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
Correlation
The correlation between DMCRX and IWC is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013 | 0.89 |
The correlation between DMCRX and IWC has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.
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Return for Risk
DMCRX vs. IWC — Risk / Return Rank
DMCRX
IWC
DMCRX vs. IWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Driehaus Micro Cap Growth Fund (DMCRX) and iShares Micro-Cap ETF (IWC). 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.
| DMCRX | IWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.35 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 4.25 | -0.57 |
| Martin ratioReturn relative to average drawdown | 11.52 | 13.48 | -1.96 |
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Drawdowns
DMCRX vs. IWC - Drawdown Comparison
The maximum DMCRX drawdown since its inception was -46.68%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for DMCRX and IWC.
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Drawdown Indicators
| DMCRX | IWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.68% | -64.61% | +17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -15.46% | -12.43% | -3.03% |
Max Drawdown (3Y)Largest decline over 3 years | -34.92% | -29.46% | -5.46% |
Max Drawdown (5Y)Largest decline over 5 years | -46.68% | -40.61% | -6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -46.68% | -47.21% | +0.53% |
Current DrawdownCurrent decline from peak | -11.27% | -3.70% | -7.57% |
Average DrawdownAverage peak-to-trough decline | -14.71% | -15.18% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 3.91% | +1.02% |
Volatility
DMCRX vs. IWC - Volatility Comparison
Driehaus Micro Cap Growth Fund (DMCRX) has a higher volatility of 9.29% compared to iShares Micro-Cap ETF (IWC) at 5.41%. This indicates that DMCRX's price experiences larger fluctuations and is considered to be riskier than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMCRX | IWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.29% | 5.41% | +3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 23.95% | 18.31% | +5.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.55% | 24.22% | +6.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.78% | 24.50% | +4.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.12% | 24.50% | +3.62% |
DMCRX vs. IWC - Expense Ratio Comparison
DMCRX has a 1.38% expense ratio, which is higher than IWC's 0.60% expense ratio.
Dividends
DMCRX vs. IWC - Dividend Comparison
DMCRX's dividend yield for the trailing twelve months is around 11.54%, more than IWC's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMCRX Driehaus Micro Cap Growth Fund | 11.54% | 13.72% | 3.86% | 0.87% | 8.20% | 48.23% | 19.79% | 14.70% | 33.22% | 8.91% | 0.00% | 4.20% |
IWC iShares Micro-Cap ETF | 0.98% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
Frequently Asked Questions
With a correlation of 0.91, DMCRX and IWC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DMCRX has higher volatility (9.29%) compared to IWC (5.41%). In terms of maximum drawdown, DMCRX dropped -46.68% vs IWC's -64.61%.
IWC currently has the higher Sharpe Ratio (2.19 vs 1.87), 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.
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