DSMDX vs. DMAGX

Last updated Jun 23, 2026

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 Diversified fund managed by Driehaus. Over the past 5 years, DSMDX returned 8.95%/yr vs 11.21%/yr for DMAGX. A 0.73 correlation means they provide meaningful diversification when combined. DSMDX charges 0.95%/yr vs 0.99%/yr for DMAGX.

Performance

DSMDX vs. DMAGX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DSMDX having a 21.11% return and DMAGX slightly higher at 21.13%.

DSMDX

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

DMAGX

• 1D: 1.56%
• 1M: 3.64%
• YTD: 21.13%
• 6M: 20.69%
• 1Y: 37.82%
• 3Y*: 26.12%
• 5Y*: 11.21%
• 10Y*: —

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

DSMDX vs. DMAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSMDX Driehaus Small/Mid Cap Growth Fund	21.11%	9.83%	26.45%	20.71%	-31.46%	17.96%	74.27%
DMAGX Driehaus Emerging Markets Opportunities Fund	21.13%	22.77%	26.16%	19.48%	-18.85%	-1.84%	44.74%

Correlation

The correlation between DSMDX and DMAGX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.73

The correlation between DSMDX and DMAGX shifts across timeframes, from 0.73 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DSMDX vs. DMAGX — Risk / Return Rank

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

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

DMAGX

DMAGX Risk / Return Rank: 77
DMAGX Sharpe Ratio Rank: 77
DMAGX Sortino Ratio Rank: 69
DMAGX Omega Ratio Rank: 72
DMAGX Calmar Ratio Rank: 83
DMAGX Martin Ratio Rank: 84

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.

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 ratio: Return per unit of total volatility	1.61	2.36	-0.74
Sortino ratio: Return per unit of downside risk	2.13	3.15	-1.03
Omega ratio: Gain probability vs. loss probability	1.28	1.43	-0.15
Calmar ratio: Return relative to maximum drawdown	2.90	3.70	-0.80
Martin ratio: Return relative to average drawdown	10.82	14.74	-3.93

DSMDX vs. DMAGX - Sharpe Ratio Comparison

The current DSMDX Sharpe Ratio is 1.61, which is lower than the DMAGX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of DSMDX and DMAGX, 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

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.

Drawdown Indicators

	DSMDX	DMAGX	Difference
Max Drawdown Largest 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%	-31.38%	-10.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.61%	-9.78%	-5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	2.55%	+1.32%

Volatility

DSMDX vs. DMAGX - Volatility Comparison

Driehaus Small/Mid Cap Growth Fund (DSMDX) has a higher volatility of 10.49% compared to Driehaus Emerging Markets Opportunities Fund (DMAGX) at 6.54%. 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.

Volatility by Period

	DSMDX	DMAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	6.54%	+3.95%
Volatility (6M) Calculated over the trailing 6-month period	21.20%	13.45%	+7.75%
Volatility (1Y) Calculated over the trailing 1-year period	26.10%	15.99%	+10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.06%	15.39%	+10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	15.56%	+10.57%

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 0.34%, less than DMAGX's 11.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMAGX Driehaus Emerging Markets Opportunities Fund	11.55%	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	0.34%	0.41%	0.33%	0.00%	3.72%	7.93%	1.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DSMDX and DMAGX in my portfolio?

DSMDX and DMAGX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSMDX or DMAGX?

DSMDX has higher volatility (10.49%) compared to DMAGX (6.54%). In terms of maximum drawdown, DSMDX dropped -41.90% vs DMAGX's -34.21%.

Which has better risk-adjusted returns?

DMAGX currently has the higher Sharpe Ratio (2.36 vs 1.61), 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.