DRIOX vs. DEMSX

Last updated Aug 1, 2026

DRIOX (Driehaus International Small Cap Growth Fund) and DEMSX (DFA Emerging Markets Small Cap Portfolio) are both mutual funds - DRIOX is a Foreign Small & Mid Cap Equities fund managed by Driehaus, while DEMSX is a Emerging Markets Equities fund managed by Dimensional. Over the past 10 years, DRIOX returned 9.30%/yr vs 7.29%/yr for DEMSX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. DRIOX charges 1.16%/yr vs 0.59%/yr for DEMSX.

Performance

DRIOX vs. DEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus International Small Cap Growth Fund (DRIOX) and DFA Emerging Markets Small Cap Portfolio (DEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRIOX achieves a 5.51% return, which is significantly higher than DEMSX's 1.18% return. Over the past 10 years, DRIOX has outperformed DEMSX with an annualized return of 9.30%, while DEMSX has yielded a comparatively lower 7.29% annualized return.

DRIOX

• 1D: 2.99%
• 1M: -3.36%
• 6M: 0.92%
• YTD: 5.51%
• 1Y: 11.23%
• 3Y*: 13.32%
• 5Y*: 3.24%
• 10Y*: 9.30%
• ALL TIME*: 7.50%

DEMSX

• 1D: 1.10%
• 1M: -6.26%
• 6M: -4.32%
• YTD: 1.18%
• 1Y: 7.88%
• 3Y*: 8.78%
• 5Y*: 5.23%
• 10Y*: 7.29%
• ALL TIME*: 10.05%

*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)
DEMSX DFA Emerging Markets Small Cap Portfolio	$0.00	$0.00	$0.00
DRIOX Driehaus International Small Cap Growth Fund	$0.00	$0.00	$0.00

DRIOX vs. DEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRIOX Driehaus International Small Cap Growth Fund	5.51%	28.93%	3.15%	11.96%	-24.37%	12.44%	29.84%	30.41%	-17.03%	41.53%
DEMSX DFA Emerging Markets Small Cap Portfolio	1.18%	19.01%	4.92%	16.32%	-15.30%	19.54%	13.82%	14.89%	-17.55%	33.32%

Correlation

The correlation between DRIOX and DEMSX 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.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 19, 2007	0.73

The correlation between DRIOX and DEMSX has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

DRIOX vs. DEMSX — Risk / Return Rank

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

DRIOX

DRIOX Risk / Return Rank: 16
DRIOX Sharpe Ratio Rank: 15
DRIOX Sortino Ratio Rank: 16
DRIOX Omega Ratio Rank: 16
DRIOX Calmar Ratio Rank: 16
DRIOX Martin Ratio Rank: 18

DEMSX

DEMSX Risk / Return Rank: 11
DEMSX Sharpe Ratio Rank: 11
DEMSX Sortino Ratio Rank: 10
DEMSX Omega Ratio Rank: 11
DEMSX Calmar Ratio Rank: 11
DEMSX Martin Ratio Rank: 12

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.

DRIOX vs. DEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus International Small Cap Growth Fund (DRIOX) and DFA Emerging Markets Small Cap Portfolio (DEMSX). 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.

	DRIOX	DEMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.60	0.37	+0.22
Sortino ratio: Return per unit of downside risk	0.96	0.61	+0.35
Omega ratio: Gain probability vs. loss probability	1.12	1.08	+0.04
Calmar ratio: Return relative to maximum drawdown	0.78	0.48	+0.30
Martin ratio: Return relative to average drawdown	2.52	1.50	+1.02

DRIOX vs. DEMSX - Sharpe Ratio Comparison

The current DRIOX Sharpe Ratio is 0.60, which is higher than the DEMSX Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of DRIOX and DEMSX, 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

DRIOX vs. DEMSX - Drawdown Comparison

The maximum DRIOX drawdown since its inception was -59.68%, smaller than the maximum DEMSX drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for DRIOX and DEMSX.

Drawdown Indicators

	DRIOX	DEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-66.70%	+7.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-11.92%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-17.21%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-47.73%	-24.40%	-23.33%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-47.28%	-0.45%
Current Drawdown Current decline from peak	-7.44%	-10.95%	+3.51%
Average Drawdown Average peak-to-trough decline	-15.21%	-13.55%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	3.80%	+0.68%

Volatility

DRIOX vs. DEMSX - Volatility Comparison

Driehaus International Small Cap Growth Fund (DRIOX) has a higher volatility of 6.45% compared to DFA Emerging Markets Small Cap Portfolio (DEMSX) at 5.65%. This indicates that DRIOX's price experiences larger fluctuations and is considered to be riskier than DEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRIOX	DEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	5.65%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	16.64%	13.67%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	15.30%	+3.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.16%	13.76%	+10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	14.91%	+6.01%

DRIOX vs. DEMSX - Expense Ratio Comparison

DRIOX has a 1.16% expense ratio, which is higher than DEMSX's 0.59% expense ratio.

Dividends

DRIOX vs. DEMSX - Dividend Comparison

DRIOX's dividend yield for the trailing twelve months is around 1.01%, less than DEMSX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMSX DFA Emerging Markets Small Cap Portfolio	4.01%	3.79%	3.27%	2.94%	4.47%	10.20%	2.25%	3.11%	5.02%	3.41%	3.74%	3.24%
DRIOX Driehaus International Small Cap Growth Fund	1.01%	1.06%	0.51%	1.16%	5.94%	27.01%	8.26%	0.77%	16.19%	15.63%	0.00%	2.72%

Frequently Asked Questions

Can I hold both DRIOX and DEMSX in my portfolio?

DRIOX and DEMSX 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, DRIOX or DEMSX?

DRIOX has higher volatility (6.45%) compared to DEMSX (5.65%). In terms of maximum drawdown, DRIOX dropped -59.68% vs DEMSX's -66.70%.

Which has better risk-adjusted returns?

DRIOX currently has the higher Sharpe Ratio (0.60 vs 0.37), 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.