DSMDX vs. DMAGX
DSMDX (Driehaus Small/Mid Cap Growth Fund) and DMAGX (Driehaus Emerging Markets Opportunities Fund) are both mutual funds - DSMDX is a Mid Cap Growth Equities fund managed by Driehaus, while DMAGX is a Emerging Markets Equities fund managed by Driehaus. Over the past 5 years, DSMDX returned 5.50%/yr vs 10.65%/yr for DMAGX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. DSMDX charges 0.95%/yr vs 0.99%/yr for DMAGX.
Performance
DSMDX vs. DMAGX - Performance Comparison
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Returns By Period
In the year-to-date period, DSMDX achieves a 8.67% return, which is significantly lower than DMAGX's 13.58% return.
DSMDX
- 1D
- 2.61%
- 1M
- -6.93%
- 6M
- 1.22%
- YTD
- 8.67%
- 1Y
- 22.53%
- 3Y*
- 15.12%
- 5Y*
- 5.50%
- 10Y*
- —
- ALL TIME*
- 16.29%
DMAGX
- 1D
- 3.04%
- 1M
- -3.65%
- 6M
- 9.27%
- YTD
- 13.58%
- 1Y
- 23.16%
- 3Y*
- 22.17%
- 5Y*
- 10.65%
- 10Y*
- —
- ALL TIME*
- 11.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DSMDX vs. DMAGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DSMDX Driehaus Small/Mid Cap Growth Fund | 8.67% | 9.83% | 26.45% | 20.71% | -31.46% | 17.96% | 74.27% |
DMAGX Driehaus Emerging Markets Opportunities Fund | 13.58% | 22.77% | 26.16% | 19.48% | -18.85% | -1.84% | 44.74% |
Correlation
The correlation between DSMDX and DMAGX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 1, 2020 | 0.74 |
The correlation between DSMDX and DMAGX shifts across timeframes, from 0.74 (all time) to 0.88 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DSMDX vs. DMAGX — Risk / Return Rank
DSMDX
DMAGX
DSMDX vs. DMAGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) and Driehaus Emerging Markets Opportunities Fund (DMAGX). 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.
| DSMDX | DMAGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.23 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.13 | -0.73 |
| Martin ratioReturn relative to average drawdown | 4.39 | 7.21 | -2.82 |
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Drawdowns
DSMDX vs. DMAGX - Drawdown Comparison
The maximum DSMDX drawdown since its inception was -41.90%, which is greater than DMAGX's maximum drawdown of -34.21%. Use the drawdown chart below to compare losses from any high point for DSMDX and DMAGX.
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Drawdown Indicators
| DSMDX | DMAGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.90% | -34.21% | -7.69% |
Max Drawdown (1Y)Largest decline over 1 year | -14.51% | -10.18% | -4.33% |
Max Drawdown (3Y)Largest decline over 3 years | -33.05% | -18.03% | -15.02% |
Max Drawdown (5Y)Largest decline over 5 years | -41.90% | -29.34% | -12.56% |
Current DrawdownCurrent decline from peak | -12.21% | -6.36% | -5.85% |
Average DrawdownAverage peak-to-trough decline | -15.45% | -9.71% | -5.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.62% | 3.00% | +1.62% |
Volatility
DSMDX vs. DMAGX - Volatility Comparison
Driehaus Small/Mid Cap Growth Fund (DSMDX) has a higher volatility of 7.22% compared to Driehaus Emerging Markets Opportunities Fund (DMAGX) at 5.53%. This indicates that DSMDX's price experiences larger fluctuations and is considered to be riskier than DMAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DSMDX | DMAGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.22% | 5.53% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 22.25% | 14.50% | +7.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.35% | 17.10% | +10.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.23% | 15.51% | +10.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.17% | 15.62% | +10.55% |
DSMDX vs. DMAGX - Expense Ratio Comparison
DSMDX has a 0.95% expense ratio, which is lower than DMAGX's 0.99% expense ratio.
Dividends
DSMDX vs. DMAGX - Dividend Comparison
DSMDX's dividend yield for the trailing twelve months is around 0.38%, less than DMAGX's 12.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DMAGX Driehaus Emerging Markets Opportunities Fund | 12.32% | 13.99% | 8.34% | 1.45% | 2.08% | 4.57% | 2.34% | 1.15% | 0.84% | 4.91% |
DSMDX Driehaus Small/Mid Cap Growth Fund | 0.38% | 0.41% | 0.33% | 0.00% | 3.72% | 7.93% | 1.37% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DSMDX and DMAGX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DSMDX has higher volatility (7.22%) compared to DMAGX (5.53%). In terms of maximum drawdown, DSMDX dropped -41.90% vs DMAGX's -34.21%.
DMAGX currently has the higher Sharpe Ratio (1.27 vs 0.75), 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.
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