DRIOX vs. VFSAX

Last updated Jun 4, 2026

DRIOX (Driehaus International Small Cap Growth Fund) and VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, DRIOX returned 4.79%/yr vs 6.13%/yr for VFSAX. Their correlation of 0.91 suggests significant overlap in exposure. DRIOX charges 1.16%/yr vs 0.16%/yr for VFSAX.

Performance

DRIOX vs. VFSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus International Small Cap Growth Fund (DRIOX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRIOX achieves a 13.20% return, which is significantly higher than VFSAX's 11.72% return.

DRIOX

• 1D: 0.15%
• 1M: 5.71%
• YTD: 13.20%
• 6M: 15.55%
• 1Y: 24.80%
• 3Y*: 17.73%
• 5Y*: 4.79%
• 10Y*: 10.12%

VFSAX

• 1D: 0.05%
• 1M: 1.80%
• YTD: 11.72%
• 6M: 14.53%
• 1Y: 28.52%
• 3Y*: 17.12%
• 5Y*: 6.13%
• 10Y*: —

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

DRIOX vs. VFSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DRIOX Driehaus International Small Cap Growth Fund	13.20%	28.93%	3.15%	11.96%	-24.37%	12.44%	29.84%	19.13%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	11.72%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%

Correlation

The correlation between DRIOX and VFSAX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.91

The correlation between DRIOX and VFSAX has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

DRIOX vs. VFSAX — 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: 24
DRIOX Sortino Ratio Rank: 24
DRIOX Omega Ratio Rank: 24
DRIOX Calmar Ratio Rank: 21
DRIOX Martin Ratio Rank: 25

VFSAX

VFSAX Risk / Return Rank: 47
VFSAX Sharpe Ratio Rank: 51
VFSAX Sortino Ratio Rank: 47
VFSAX Omega Ratio Rank: 50
VFSAX Calmar Ratio Rank: 42
VFSAX Martin Ratio Rank: 45

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. VFSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus International Small Cap Growth Fund (DRIOX) and Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX). 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.

	DRIOX	VFSAX	Difference
Sharpe ratio Return per unit of total volatility	1.41	2.11	-0.70
Sortino ratio Return per unit of downside risk	2.04	2.88	-0.84
Omega ratio Gain probability vs. loss probability	1.25	1.39	-0.13
Calmar ratio Return relative to maximum drawdown	1.67	2.45	-0.78
Martin ratio Return relative to average drawdown	6.11	9.44	-3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRIOX vs. VFSAX - Sharpe Ratio Comparison

The current DRIOX Sharpe Ratio is 1.41, which is lower than the VFSAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DRIOX and VFSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DRIOX	VFSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	2.11	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.41	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.55	-0.17

Drawdowns

DRIOX vs. VFSAX - Drawdown Comparison

The maximum DRIOX drawdown since its inception was -59.68%, which is greater than VFSAX's maximum drawdown of -39.86%. Use the drawdown chart below to compare losses from any high point for DRIOX and VFSAX.

Drawdown Indicators

	DRIOX	VFSAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.68%	-39.86%	-19.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-11.48%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.23%	-14.73%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-47.73%	-33.81%	-13.92%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	—	—
Current Drawdown Current decline from peak	-0.69%	-1.08%	+0.39%
Average Drawdown Average peak-to-trough decline	-15.30%	-9.26%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	2.98%	+0.96%

Volatility

DRIOX vs. VFSAX - Volatility Comparison

Driehaus International Small Cap Growth Fund (DRIOX) has a higher volatility of 5.70% compared to Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) at 4.31%. This indicates that DRIOX's price experiences larger fluctuations and is considered to be riskier than VFSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRIOX	VFSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	4.31%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	14.45%	11.18%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	13.39%	+3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.90%	15.04%	+8.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	17.03%	+3.93%

DRIOX vs. VFSAX - Expense Ratio Comparison

DRIOX has a 1.16% expense ratio, which is higher than VFSAX's 0.16% expense ratio.

Dividends

DRIOX vs. VFSAX - Dividend Comparison

DRIOX's dividend yield for the trailing twelve months is around 0.94%, less than VFSAX's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRIOX Driehaus International Small Cap Growth Fund	0.94%	1.06%	0.51%	1.16%	5.94%	27.01%	8.26%	0.77%	16.19%	15.63%	0.00%	2.72%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	2.96%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRIOX and VFSAX in my portfolio?

With a correlation of 0.92, DRIOX and VFSAX 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, DRIOX or VFSAX?

DRIOX has higher volatility (5.70%) compared to VFSAX (4.31%). In terms of maximum drawdown, DRIOX dropped -59.68% vs VFSAX's -39.86%.

Which has better risk-adjusted returns?

VFSAX currently has the higher Sharpe Ratio (2.11 vs 1.41), 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.