DMCRX vs. VSGIX

Last updated Jun 25, 2026

DMCRX (Driehaus Micro Cap Growth Fund) and VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) are both Small Cap Growth Equities funds. Over the past 10 years, DMCRX returned 22.94%/yr vs 12.03%/yr for VSGIX. Their correlation of 0.90 suggests significant overlap in exposure. DMCRX charges 1.38%/yr vs 0.06%/yr for VSGIX.

Performance

DMCRX vs. VSGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Micro Cap Growth Fund (DMCRX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMCRX achieves a 26.95% return, which is significantly higher than VSGIX's 16.88% return. Over the past 10 years, DMCRX has outperformed VSGIX with an annualized return of 22.94%, while VSGIX has yielded a comparatively lower 12.03% annualized return.

DMCRX

• 1D: -1.74%
• 1M: 3.19%
• YTD: 26.95%
• 6M: 23.26%
• 1Y: 74.78%
• 3Y*: 30.70%
• 5Y*: 10.18%
• 10Y*: 22.94%

VSGIX

• 1D: -1.58%
• 1M: 1.48%
• YTD: 16.88%
• 6M: 13.79%
• 1Y: 28.63%
• 3Y*: 17.59%
• 5Y*: 4.62%
• 10Y*: 12.03%

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

DMCRX vs. VSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMCRX Driehaus Micro Cap Growth Fund	26.95%	31.17%	30.58%	11.47%	-33.54%	22.23%	86.43%	34.03%	2.52%	24.35%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	16.88%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%

Correlation

The correlation between DMCRX and VSGIX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.90

The correlation between DMCRX and VSGIX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

DMCRX vs. VSGIX — Risk / Return Rank

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

DMCRX

DMCRX Risk / Return Rank: 83
DMCRX Sharpe Ratio Rank: 89
DMCRX Sortino Ratio Rank: 71
DMCRX Omega Ratio Rank: 67
DMCRX Calmar Ratio Rank: 95
DMCRX Martin Ratio Rank: 93

VSGIX

VSGIX Risk / Return Rank: 40
VSGIX Sharpe Ratio Rank: 32
VSGIX Sortino Ratio Rank: 31
VSGIX Omega Ratio Rank: 29
VSGIX Calmar Ratio Rank: 55
VSGIX Martin Ratio Rank: 53

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.

DMCRX vs. VSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Micro Cap Growth Fund (DMCRX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). 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	VSGIX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.50	+1.18
Sortino ratio: Return per unit of downside risk	3.15	2.11	+1.04
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	5.15	2.68	+2.47
Martin ratio: Return relative to average drawdown	17.87	10.04	+7.84

DMCRX vs. VSGIX - Sharpe Ratio Comparison

The current DMCRX Sharpe Ratio is 2.68, which is higher than the VSGIX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of DMCRX and VSGIX, 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. VSGIX - Drawdown Comparison

The maximum DMCRX drawdown since its inception was -46.68%, smaller than the maximum VSGIX drawdown of -58.66%. Use the drawdown chart below to compare losses from any high point for DMCRX and VSGIX.

Drawdown Indicators

	DMCRX	VSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.68%	-58.66%	+11.98%
Max Drawdown (1Y) Largest decline over 1 year	-15.46%	-11.38%	-4.08%
Max Drawdown (3Y) Largest decline over 3 years	-34.92%	-27.47%	-7.45%
Max Drawdown (5Y) Largest decline over 5 years	-46.68%	-38.36%	-8.32%
Max Drawdown (10Y) Largest decline over 10 years	-46.68%	-38.70%	-7.98%
Current Drawdown Current decline from peak	-1.74%	-1.58%	-0.16%
Average Drawdown Average peak-to-trough decline	-14.79%	-11.31%	-3.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.44%	3.04%	+1.40%

Volatility

DMCRX vs. VSGIX - Volatility Comparison

Driehaus Micro Cap Growth Fund (DMCRX) has a higher volatility of 10.53% compared to Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) at 7.13%. This indicates that DMCRX's price experiences larger fluctuations and is considered to be riskier than VSGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMCRX	VSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	7.13%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	22.51%	15.88%	+6.63%
Volatility (1Y) Calculated over the trailing 1-year period	29.72%	20.35%	+9.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.66%	23.71%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.03%	23.03%	+5.00%

DMCRX vs. VSGIX - Expense Ratio Comparison

DMCRX has a 1.38% expense ratio, which is higher than VSGIX's 0.06% expense ratio.

Dividends

DMCRX vs. VSGIX - Dividend Comparison

DMCRX's dividend yield for the trailing twelve months is around 10.81%, more than VSGIX's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMCRX Driehaus Micro Cap Growth Fund	10.81%	13.72%	3.86%	0.87%	8.20%	48.23%	19.79%	14.70%	33.22%	8.91%	0.00%	4.20%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.46%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both DMCRX and VSGIX in my portfolio?

DMCRX and VSGIX have a correlation of 0.86, 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 VSGIX?

DMCRX has higher volatility (10.53%) compared to VSGIX (7.13%). In terms of maximum drawdown, DMCRX dropped -46.68% vs VSGIX's -58.66%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (2.68 vs 1.50), 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.