DRIOX vs. DSMDX

Last updated Jun 23, 2026

DRIOX (Driehaus International Small Cap Growth Fund) and DSMDX (Driehaus Small/Mid Cap Growth Fund) are both mutual funds - DRIOX is a Foreign Small & Mid Cap Equities fund managed by Driehaus, while DSMDX is a Mid Cap Growth Equities fund managed by Driehaus. Over the past 5 years, DRIOX returned 5.26%/yr vs 8.95%/yr for DSMDX. A 0.69 correlation means they provide meaningful diversification when combined. DRIOX charges 1.16%/yr vs 0.95%/yr for DSMDX.

Performance

DRIOX vs. DSMDX - Performance Comparison

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

Returns By Period

In the year-to-date period, DRIOX achieves a 12.59% return, which is significantly lower than DSMDX's 21.11% return.

DRIOX

• 1D: 0.39%
• 1M: 1.02%
• YTD: 12.59%
• 6M: 12.78%
• 1Y: 23.66%
• 3Y*: 16.07%
• 5Y*: 5.26%
• 10Y*: 10.14%

DSMDX

• 1D: 2.67%
• 1M: 2.79%
• YTD: 21.11%
• 6M: 17.20%
• 1Y: 41.81%
• 3Y*: 21.87%
• 5Y*: 8.95%
• 10Y*: —

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

DRIOX vs. DSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DRIOX Driehaus International Small Cap Growth Fund	12.59%	28.93%	3.15%	11.96%	-24.37%	12.44%	55.75%
DSMDX Driehaus Small/Mid Cap Growth Fund	21.11%	9.83%	26.45%	20.71%	-31.46%	17.96%	74.27%

Correlation

The correlation between DRIOX and DSMDX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.69

The correlation between DRIOX and DSMDX has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

Return for Risk

DRIOX vs. DSMDX — Risk / Return Rank

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

DRIOX

DRIOX Risk / Return Rank: 23
DRIOX Sharpe Ratio Rank: 23
DRIOX Sortino Ratio Rank: 23
DRIOX Omega Ratio Rank: 23
DRIOX Calmar Ratio Rank: 22
DRIOX Martin Ratio Rank: 26

DSMDX

DSMDX Risk / Return Rank: 44
DSMDX Sharpe Ratio Rank: 36
DSMDX Sortino Ratio Rank: 30
DSMDX Omega Ratio Rank: 32
DSMDX Calmar Ratio Rank: 63
DSMDX Martin Ratio Rank: 58

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.

DRIOX vs. DSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus International Small Cap Growth Fund (DRIOX) and Driehaus Small/Mid Cap Growth Fund (DSMDX). 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	DSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.61	-0.33
Sortino ratio: Return per unit of downside risk	1.88	2.13	-0.25
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.59	2.90	-1.30
Martin ratio: Return relative to average drawdown	5.74	10.82	-5.07

DRIOX vs. DSMDX - Sharpe Ratio Comparison

The current DRIOX Sharpe Ratio is 1.28, which is comparable to the DSMDX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of DRIOX and DSMDX, 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. DSMDX - Drawdown Comparison

The maximum DRIOX drawdown since its inception was -59.68%, which is greater than DSMDX's maximum drawdown of -41.90%. Use the drawdown chart below to compare losses from any high point for DRIOX and DSMDX.

Drawdown Indicators

	DRIOX	DSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-41.90%	-17.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-14.51%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-33.05%	+15.82%
Max Drawdown (5Y) Largest decline over 5 years	-47.73%	-41.90%	-5.83%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	—	—
Current Drawdown Current decline from peak	-1.23%	0.00%	-1.23%
Average Drawdown Average peak-to-trough decline	-15.27%	-15.61%	+0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.87%	+0.13%

Volatility

DRIOX vs. DSMDX - Volatility Comparison

The current volatility for Driehaus International Small Cap Growth Fund (DRIOX) is 6.93%, while Driehaus Small/Mid Cap Growth Fund (DSMDX) has a volatility of 10.49%. This indicates that DRIOX experiences smaller price fluctuations and is considered to be less risky than DSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRIOX	DSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	10.49%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	21.20%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	26.10%	-8.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.02%	26.06%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.00%	26.13%	-5.13%

DRIOX vs. DSMDX - Expense Ratio Comparison

DRIOX has a 1.16% expense ratio, which is higher than DSMDX's 0.95% expense ratio.

Dividends

DRIOX vs. DSMDX - Dividend Comparison

DRIOX's dividend yield for the trailing twelve months is around 0.95%, more than DSMDX's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRIOX Driehaus International Small Cap Growth Fund	0.95%	1.06%	0.51%	1.16%	5.94%	27.01%	8.26%	0.77%	16.19%	15.63%	0.00%	2.72%
DSMDX Driehaus Small/Mid Cap Growth Fund	0.34%	0.41%	0.33%	0.00%	3.72%	7.93%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRIOX and DSMDX in my portfolio?

DRIOX and DSMDX 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 DSMDX?

DSMDX has higher volatility (10.49%) compared to DRIOX (6.93%). In terms of maximum drawdown, DRIOX dropped -59.68% vs DSMDX's -41.90%.

Which has better risk-adjusted returns?

DSMDX currently has the higher Sharpe Ratio (1.61 vs 1.28), 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.