DMCRX vs. USNQX

Last updated Aug 4, 2026

DMCRX (Driehaus Micro Cap Growth Fund) and USNQX (USAA Nasdaq 100 Index Fund) are both mutual funds - DMCRX is a Small Cap Growth Equities fund managed by Driehaus, while USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 10 years, DMCRX returned 20.77%/yr vs 20.14%/yr for USNQX. Their 0.71 correlation means they have sometimes moved together and sometimes differently. DMCRX charges 1.38%/yr vs 0.42%/yr for USNQX.

Performance

DMCRX vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Micro Cap Growth Fund (DMCRX) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMCRX achieves a 18.90% return, which is significantly higher than USNQX's 12.08% return. Both investments have delivered pretty close results over the past 10 years, with DMCRX having a 20.77% annualized return and USNQX not far behind at 20.14%.

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%

USNQX

• 1D: 0.59%
• 1M: -3.64%
• 6M: 9.96%
• YTD: 12.08%
• 1Y: 24.44%
• 3Y*: 22.04%
• 5Y*: 13.95%
• 10Y*: 20.14%
• ALL TIME*: 9.11%

*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)
DMCRX Driehaus Micro Cap Growth Fund	$0.00	$0.00	$0.00
USNQX USAA Nasdaq 100 Index Fund	$0.00	$0.00	$0.00

DMCRX vs. USNQX - 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%
USNQX USAA Nasdaq 100 Index Fund	12.08%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%

Correlation

The correlation between DMCRX and USNQX is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.71

The correlation between DMCRX and USNQX has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

Return for Risk

DMCRX vs. USNQX — Risk / Return Rank

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

DMCRX

DMCRX Risk / Return Rank: 77
DMCRX Sharpe Ratio Rank: 77
DMCRX Sortino Ratio Rank: 66
DMCRX Omega Ratio Rank: 62
DMCRX Calmar Ratio Rank: 91
DMCRX Martin Ratio Rank: 86

USNQX

USNQX Risk / Return Rank: 35
USNQX Sharpe Ratio Rank: 33
USNQX Sortino Ratio Rank: 31
USNQX Omega Ratio Rank: 31
USNQX Calmar Ratio Rank: 43
USNQX Martin Ratio Rank: 38

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.

DMCRX vs. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Micro Cap Growth Fund (DMCRX) and USAA Nasdaq 100 Index Fund (USNQX). 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	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.14	+0.73
Sortino ratio: Return per unit of downside risk	2.38	1.63	+0.76
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	3.69	1.83	+1.85
Martin ratio: Return relative to average drawdown	11.52	5.85	+5.68

DMCRX vs. USNQX - Sharpe Ratio Comparison

The current DMCRX Sharpe Ratio is 1.87, which is higher than the USNQX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of DMCRX and USNQX, 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

DMCRX vs. USNQX - Drawdown Comparison

The maximum DMCRX drawdown since its inception was -46.68%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for DMCRX and USNQX.

Drawdown Indicators

	DMCRX	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-46.68%	-76.24%	+29.56%
Max Drawdown (1Y) Largest decline over 1 year	-15.46%	-12.07%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-34.92%	-22.88%	-12.04%
Max Drawdown (5Y) Largest decline over 5 years	-46.68%	-36.95%	-9.73%
Max Drawdown (10Y) Largest decline over 10 years	-46.68%	-36.95%	-9.73%
Current Drawdown Current decline from peak	-11.27%	-7.78%	-3.49%
Average Drawdown Average peak-to-trough decline	-14.71%	-26.61%	+11.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	3.78%	+1.15%

Volatility

DMCRX vs. USNQX - Volatility Comparison

Driehaus Micro Cap Growth Fund (DMCRX) has a higher volatility of 9.29% compared to USAA Nasdaq 100 Index Fund (USNQX) at 6.85%. This indicates that DMCRX's price experiences larger fluctuations and is considered to be riskier than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMCRX	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.29%	6.85%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	23.95%	16.01%	+7.94%
Volatility (1Y) Calculated over the trailing 1-year period	30.55%	19.40%	+11.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.78%	23.38%	+5.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.12%	22.86%	+5.26%

DMCRX vs. USNQX - Expense Ratio Comparison

DMCRX has a 1.38% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

DMCRX vs. USNQX - Dividend Comparison

DMCRX's dividend yield for the trailing twelve months is around 11.54%, more than USNQX's 2.69% 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%
USNQX USAA Nasdaq 100 Index Fund	2.69%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both DMCRX and USNQX in my portfolio?

DMCRX and USNQX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMCRX or USNQX?

DMCRX has higher volatility (9.29%) compared to USNQX (6.85%). In terms of maximum drawdown, DMCRX dropped -46.68% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (1.87 vs 1.14), 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.