DREGX vs. TEQLX

Last updated Jul 17, 2026

DREGX (Driehaus Emerging Markets Growth Fund) and TEQLX (TIAA-CREF Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, DREGX returned 10.25%/yr vs 9.08%/yr for TEQLX. Their correlation of 0.93 suggests significant overlap in exposure. DREGX charges 1.34%/yr vs 0.19%/yr for TEQLX.

Performance

DREGX vs. TEQLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Emerging Markets Growth Fund (DREGX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DREGX achieves a 22.17% return, which is significantly higher than TEQLX's 20.73% return. Over the past 10 years, DREGX has outperformed TEQLX with an annualized return of 10.25%, while TEQLX has yielded a comparatively lower 9.08% annualized return.

DREGX

• 1D: 0.05%
• 1M: -3.74%
• 6M: 14.03%
• YTD: 22.17%
• 1Y: 40.52%
• 3Y*: 20.24%
• 5Y*: 6.76%
• 10Y*: 10.25%

TEQLX

• 1D: 0.24%
• 1M: -4.35%
• 6M: 13.91%
• YTD: 20.73%
• 1Y: 37.51%
• 3Y*: 20.01%
• 5Y*: 6.95%
• 10Y*: 9.08%

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

DREGX vs. TEQLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DREGX Driehaus Emerging Markets Growth Fund	22.17%	29.95%	7.40%	11.26%	-22.54%	-1.95%	27.36%	25.34%	-16.26%	42.52%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	20.73%	34.10%	6.71%	9.23%	-20.22%	-3.07%	17.67%	18.59%	-14.60%	37.47%

Correlation

The correlation between DREGX and TEQLX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 31, 2010	0.93

The correlation between DREGX and TEQLX has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

DREGX vs. TEQLX — Risk / Return Rank

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

DREGX

DREGX Risk / Return Rank: 66
DREGX Sharpe Ratio Rank: 65
DREGX Sortino Ratio Rank: 49
DREGX Omega Ratio Rank: 68
DREGX Calmar Ratio Rank: 79
DREGX Martin Ratio Rank: 67

TEQLX

TEQLX Risk / Return Rank: 62
TEQLX Sharpe Ratio Rank: 59
TEQLX Sortino Ratio Rank: 47
TEQLX Omega Ratio Rank: 64
TEQLX Calmar Ratio Rank: 78
TEQLX Martin Ratio Rank: 64

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.

DREGX vs. TEQLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Growth Fund (DREGX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX). 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.

	DREGX	TEQLX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.73	+0.11
Sortino ratio: Return per unit of downside risk	2.30	2.21	+0.09
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	2.98	2.85	+0.13
Martin ratio: Return relative to average drawdown	10.21	9.78	+0.43

DREGX vs. TEQLX - Sharpe Ratio Comparison

The current DREGX Sharpe Ratio is 1.83, which is comparable to the TEQLX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of DREGX and TEQLX, 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

DREGX vs. TEQLX - Drawdown Comparison

The maximum DREGX drawdown since its inception was -65.44%, which is greater than TEQLX's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for DREGX and TEQLX.

Drawdown Indicators

	DREGX	TEQLX	Difference
Max Drawdown Largest peak-to-trough decline	-65.44%	-39.33%	-26.11%
Max Drawdown (1Y) Largest decline over 1 year	-13.82%	-13.32%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-15.97%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-36.41%	-34.64%	-1.77%
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	-39.33%	+2.86%
Current Drawdown Current decline from peak	-7.35%	-7.53%	+0.18%
Average Drawdown Average peak-to-trough decline	-17.34%	-14.53%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	3.87%	+0.15%

Volatility

DREGX vs. TEQLX - Volatility Comparison

Driehaus Emerging Markets Growth Fund (DREGX) and TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) have volatilities of 10.12% and 10.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DREGX	TEQLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	10.43%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	20.18%	20.13%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	22.01%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	17.91%	+2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	18.01%	+0.98%

DREGX vs. TEQLX - Expense Ratio Comparison

DREGX has a 1.34% expense ratio, which is higher than TEQLX's 0.19% expense ratio.

Dividends

DREGX vs. TEQLX - Dividend Comparison

DREGX's dividend yield for the trailing twelve months is around 1.39%, less than TEQLX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DREGX Driehaus Emerging Markets Growth Fund	1.39%	1.69%	0.89%	1.81%	0.75%	16.71%	2.48%	0.82%	4.33%	0.59%	0.00%	0.00%
TEQLX TIAA-CREF Emerging Markets Equity Index Fund	2.34%	2.83%	2.93%	3.08%	2.51%	2.27%	2.04%	2.77%	2.43%	1.98%	1.88%	2.40%

Frequently Asked Questions

Can I hold both DREGX and TEQLX in my portfolio?

With a correlation of 0.97, DREGX and TEQLX 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.

Which is riskier, DREGX or TEQLX?

TEQLX has higher volatility (10.43%) compared to DREGX (10.12%). In terms of maximum drawdown, DREGX dropped -65.44% vs TEQLX's -39.33%.

Which has better risk-adjusted returns?

DREGX currently has the higher Sharpe Ratio (1.83 vs 1.73), 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.