DRESX vs. EMPTX

Last updated Aug 1, 2026

DRESX (Driehaus Emerging Markets Small Cap Growth Fund) and EMPTX (UBS Emerging Markets Equity Opportunity Fund) are both Emerging Markets Equities funds. Over the past 5 years, DRESX returned 5.18%/yr vs 6.51%/yr for EMPTX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. DRESX charges 1.24%/yr vs 0.19%/yr for EMPTX.

Performance

DRESX vs. EMPTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Emerging Markets Small Cap Growth Fund (DRESX) and UBS Emerging Markets Equity Opportunity Fund (EMPTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRESX achieves a 2.62% return, which is significantly lower than EMPTX's 19.01% return.

DRESX

• 1D: 1.70%
• 1M: -9.97%
• 6M: -5.73%
• YTD: 2.62%
• 1Y: 15.90%
• 3Y*: 12.52%
• 5Y*: 5.18%
• 10Y*: 8.92%
• ALL TIME*: 7.46%

EMPTX

• 1D: 4.95%
• 1M: -3.02%
• 6M: 7.56%
• YTD: 19.01%
• 1Y: 42.03%
• 3Y*: 20.39%
• 5Y*: 6.51%
• 10Y*: —
• ALL TIME*: 7.94%

*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)
DRESX Driehaus Emerging Markets Small Cap Growth Fund	$0.00	$0.00	$0.00
EMPTX UBS Emerging Markets Equity Opportunity Fund	$0.00	$0.00	$0.00

DRESX vs. EMPTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DRESX Driehaus Emerging Markets Small Cap Growth Fund	2.62%	24.08%	14.86%	10.30%	-21.17%	15.93%	33.56%	33.70%	-21.34%
EMPTX UBS Emerging Markets Equity Opportunity Fund	19.01%	43.82%	2.51%	8.92%	-25.38%	-9.36%	24.79%	14.98%	0.55%

Correlation

The correlation between DRESX and EMPTX is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018	0.64

The correlation between DRESX and EMPTX has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

Return for Risk

DRESX vs. EMPTX — Risk / Return Rank

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

DRESX

DRESX Risk / Return Rank: 21
DRESX Sharpe Ratio Rank: 24
DRESX Sortino Ratio Rank: 23
DRESX Omega Ratio Rank: 25
DRESX Calmar Ratio Rank: 15
DRESX Martin Ratio Rank: 20

EMPTX

EMPTX Risk / Return Rank: 77
EMPTX Sharpe Ratio Rank: 78
EMPTX Sortino Ratio Rank: 69
EMPTX Omega Ratio Rank: 76
EMPTX Calmar Ratio Rank: 86
EMPTX Martin Ratio Rank: 79

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.

DRESX vs. EMPTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Small Cap Growth Fund (DRESX) and UBS Emerging Markets Equity Opportunity Fund (EMPTX). 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.

	DRESX	EMPTX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.82	-1.00
Sortino ratio: Return per unit of downside risk	1.21	2.33	-1.12
Omega ratio: Gain probability vs. loss probability	1.16	1.33	-0.17
Calmar ratio: Return relative to maximum drawdown	0.75	2.98	-2.23
Martin ratio: Return relative to average drawdown	2.74	9.46	-6.72

DRESX vs. EMPTX - Sharpe Ratio Comparison

The current DRESX Sharpe Ratio is 0.82, which is lower than the EMPTX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of DRESX and EMPTX, 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

DRESX vs. EMPTX - Drawdown Comparison

The maximum DRESX drawdown since its inception was -33.38%, smaller than the maximum EMPTX drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for DRESX and EMPTX.

Drawdown Indicators

	DRESX	EMPTX	Difference
Max Drawdown Largest peak-to-trough decline	-33.38%	-46.03%	+12.65%
Max Drawdown (1Y) Largest decline over 1 year	-20.40%	-14.50%	-5.90%
Max Drawdown (3Y) Largest decline over 3 years	-20.40%	-15.50%	-4.90%
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	-38.78%	+12.90%
Max Drawdown (10Y) Largest decline over 10 years	-33.38%	—	—
Current Drawdown Current decline from peak	-19.05%	-9.54%	-9.51%
Average Drawdown Average peak-to-trough decline	-9.91%	-18.12%	+8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	4.44%	+1.08%

Volatility

DRESX vs. EMPTX - Volatility Comparison

The current volatility for Driehaus Emerging Markets Small Cap Growth Fund (DRESX) is 7.19%, while UBS Emerging Markets Equity Opportunity Fund (EMPTX) has a volatility of 10.24%. This indicates that DRESX experiences smaller price fluctuations and is considered to be less risky than EMPTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRESX	EMPTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	10.24%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	16.63%	21.53%	-4.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	23.77%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	20.22%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	19.88%	-3.65%

DRESX vs. EMPTX - Expense Ratio Comparison

DRESX has a 1.24% expense ratio, which is higher than EMPTX's 0.19% expense ratio.

Dividends

DRESX vs. EMPTX - Dividend Comparison

DRESX's dividend yield for the trailing twelve months is around 2.19%, more than EMPTX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DRESX Driehaus Emerging Markets Small Cap Growth Fund	2.19%	2.25%	0.68%	1.09%	0.00%	0.04%	0.65%	0.41%	0.00%
EMPTX UBS Emerging Markets Equity Opportunity Fund	1.61%	1.91%	3.40%	3.20%	3.84%	11.93%	1.50%	2.75%	0.54%

Frequently Asked Questions

Can I hold both DRESX and EMPTX in my portfolio?

DRESX and EMPTX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRESX or EMPTX?

EMPTX has higher volatility (10.24%) compared to DRESX (7.19%). In terms of maximum drawdown, DRESX dropped -33.38% vs EMPTX's -46.03%.

Which has better risk-adjusted returns?

EMPTX currently has the higher Sharpe Ratio (1.82 vs 0.82), 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.