DSMDX vs. DRIOX

Last updated Aug 1, 2026

DSMDX (Driehaus Small/Mid Cap Growth Fund) and DRIOX (Driehaus International Small Cap Growth Fund) are both mutual funds - DSMDX is a Mid Cap Growth Equities fund managed by Driehaus, while DRIOX is a Foreign Small & Mid Cap Equities fund managed by Driehaus. Over the past 5 years, DSMDX returned 5.50%/yr vs 3.24%/yr for DRIOX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. DSMDX charges 0.95%/yr vs 1.16%/yr for DRIOX.

Performance

DSMDX vs. DRIOX - Performance Comparison

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

Returns By Period

In the year-to-date period, DSMDX achieves a 8.67% return, which is significantly higher than DRIOX's 5.51% 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%

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%

*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)
DRIOX Driehaus International Small Cap Growth Fund	$0.00	$0.00	$0.00
DSMDX Driehaus Small/Mid Cap Growth Fund	$0.00	$0.00	$0.00

DSMDX vs. DRIOX - 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%
DRIOX Driehaus International Small Cap Growth Fund	5.51%	28.93%	3.15%	11.96%	-24.37%	12.44%	55.75%

Correlation

The correlation between DSMDX and DRIOX is 0.74, 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.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.70

The correlation between DSMDX and DRIOX has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

DSMDX vs. DRIOX — Risk / Return Rank

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

DSMDX

DSMDX Risk / Return Rank: 24
DSMDX Sharpe Ratio Rank: 19
DSMDX Sortino Ratio Rank: 21
DSMDX Omega Ratio Rank: 20
DSMDX Calmar Ratio Rank: 31
DSMDX Martin Ratio Rank: 29

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

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.

DSMDX vs. DRIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) and Driehaus International Small Cap Growth Fund (DRIOX). 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	DRIOX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.60	+0.15
Sortino ratio: Return per unit of downside risk	1.15	0.96	+0.19
Omega ratio: Gain probability vs. loss probability	1.14	1.12	+0.02
Calmar ratio: Return relative to maximum drawdown	1.40	0.78	+0.62
Martin ratio: Return relative to average drawdown	4.39	2.52	+1.87

DSMDX vs. DRIOX - Sharpe Ratio Comparison

The current DSMDX Sharpe Ratio is 0.75, which is comparable to the DRIOX Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of DSMDX and DRIOX, 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. DRIOX - Drawdown Comparison

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

Drawdown Indicators

	DSMDX	DRIOX	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-59.68%	+17.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-14.47%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-33.05%	-17.23%	-15.82%
Max Drawdown (5Y) Largest decline over 5 years	-41.90%	-47.73%	+5.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.73%	—
Current Drawdown Current decline from peak	-12.21%	-7.44%	-4.77%
Average Drawdown Average peak-to-trough decline	-15.45%	-15.21%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	4.48%	+0.14%

Volatility

DSMDX vs. DRIOX - Volatility Comparison

Driehaus Small/Mid Cap Growth Fund (DSMDX) has a higher volatility of 7.22% compared to Driehaus International Small Cap Growth Fund (DRIOX) at 6.45%. This indicates that DSMDX's price experiences larger fluctuations and is considered to be riskier than DRIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSMDX	DRIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	6.45%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	22.25%	16.64%	+5.61%
Volatility (1Y) Calculated over the trailing 1-year period	27.35%	19.01%	+8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.23%	24.16%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.17%	20.92%	+5.25%

DSMDX vs. DRIOX - Expense Ratio Comparison

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

Dividends

DSMDX vs. DRIOX - Dividend Comparison

DSMDX's dividend yield for the trailing twelve months is around 0.38%, less than DRIOX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DSMDX and DRIOX in my portfolio?

DSMDX and DRIOX have a correlation of 0.74, 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 DRIOX?

DSMDX has higher volatility (7.22%) compared to DRIOX (6.45%). In terms of maximum drawdown, DSMDX dropped -41.90% vs DRIOX's -59.68%.

Which has better risk-adjusted returns?

DSMDX currently has the higher Sharpe Ratio (0.75 vs 0.60), 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.