DRESX vs. MDOEX

Last updated Apr 1, 2026

Compare and contrast key facts about Driehaus Emerging Markets Small Cap Growth Fund (DRESX) and Morgan Stanley Developing Opportunity Portfolio (MDOEX).

DRESX is managed by Driehaus. It was launched on Aug 21, 2011. MDOEX is managed by Morgan Stanley. It was launched on Feb 13, 2020.

Performance

DRESX vs. MDOEX - Performance Comparison

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

DRESX vs. MDOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DRESX Driehaus Emerging Markets Small Cap Growth Fund	4.87%	24.08%	14.86%	10.30%	-21.17%	15.93%	27.36%
MDOEX Morgan Stanley Developing Opportunity Portfolio	-12.89%	8.28%	16.79%	5.36%	-30.36%	-18.69%	45.00%

Returns By Period

In the year-to-date period, DRESX achieves a 4.87% return, which is significantly higher than MDOEX's -12.89% return.

DRESX

• 1D: -0.83%
• 1M: -9.63%
• YTD: 4.87%
• 6M: 9.22%
• 1Y: 36.60%
• 3Y*: 16.63%
• 5Y*: 8.16%
• 10Y*: 9.96%

MDOEX

• 1D: -0.95%
• 1M: -15.18%
• YTD: -12.89%
• 6M: -20.44%
• 1Y: -8.07%
• 3Y*: 3.12%
• 5Y*: -7.71%
• 10Y*: —

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

DRESX vs. MDOEX - Expense Ratio Comparison

DRESX has a 1.24% expense ratio, which is higher than MDOEX's 1.15% expense ratio.

DRESX

Driehaus Emerging Markets Small Cap Growth Fund

MDOEX

Morgan Stanley Developing Opportunity Portfolio

Return for Risk

DRESX vs. MDOEX — Risk / Return Rank

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

DRESX

DRESX Risk / Return Rank: 95
DRESX Sharpe Ratio Rank: 96
DRESX Sortino Ratio Rank: 95
DRESX Omega Ratio Rank: 92
DRESX Calmar Ratio Rank: 96
DRESX Martin Ratio Rank: 94

MDOEX

MDOEX Risk / Return Rank: 2
MDOEX Sharpe Ratio Rank: 2
MDOEX Sortino Ratio Rank: 2
MDOEX Omega Ratio Rank: 2
MDOEX Calmar Ratio Rank: 2
MDOEX Martin Ratio Rank: 1

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.

DRESX vs. MDOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Emerging Markets Small Cap Growth Fund (DRESX) and Morgan Stanley Developing Opportunity Portfolio (MDOEX). 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.

	DRESX	MDOEX	Difference
Sharpe ratio Return per unit of total volatility	2.39	-0.46	+2.85
Sortino ratio Return per unit of downside risk	3.15	-0.51	+3.66
Omega ratio Gain probability vs. loss probability	1.44	0.93	+0.51
Calmar ratio Return relative to maximum drawdown	3.42	-0.52	+3.94
Martin ratio Return relative to average drawdown	12.23	-1.58	+13.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRESX vs. MDOEX - Sharpe Ratio Comparison

The current DRESX Sharpe Ratio is 2.39, which is higher than the MDOEX Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of DRESX and MDOEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DRESX	MDOEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	-0.46	+2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	-0.34	+0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.03	+0.57

Correlation

The correlation between DRESX and MDOEX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DRESX vs. MDOEX - Dividend Comparison

DRESX's dividend yield for the trailing twelve months is around 2.14%, more than MDOEX's 0.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
DRESX Driehaus Emerging Markets Small Cap Growth Fund	2.14%	2.25%	0.68%	1.09%	0.00%	0.04%	0.65%	0.41%
MDOEX Morgan Stanley Developing Opportunity Portfolio	0.85%	0.74%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DRESX vs. MDOEX - Drawdown Comparison

The maximum DRESX drawdown since its inception was -33.38%, smaller than the maximum MDOEX drawdown of -59.92%. Use the drawdown chart below to compare losses from any high point for DRESX and MDOEX.

Drawdown Indicators

	DRESX	MDOEX	Difference
Max Drawdown Largest peak-to-trough decline	-33.38%	-59.92%	+26.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-21.82%	+11.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	-53.14%	+27.26%
Max Drawdown (10Y) Largest decline over 10 years	-33.38%	—	—
Current Drawdown Current decline from peak	-10.16%	-44.89%	+34.73%
Average Drawdown Average peak-to-trough decline	-9.99%	-35.07%	+25.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	7.12%	-4.28%

Volatility

DRESX vs. MDOEX - Volatility Comparison

The current volatility for Driehaus Emerging Markets Small Cap Growth Fund (DRESX) is 6.63%, while Morgan Stanley Developing Opportunity Portfolio (MDOEX) has a volatility of 10.20%. This indicates that DRESX experiences smaller price fluctuations and is considered to be less risky than MDOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRESX	MDOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.63%	10.20%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	11.15%	15.15%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	19.73%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	22.99%	-8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	24.52%	-8.85%