DSMDX vs. DVSMX

Last updated Jun 4, 2026

DSMDX (Driehaus Small/Mid Cap Growth Fund) and DVSMX (Driehaus Small Cap Growth Fund) are both mutual funds - DSMDX is a Mid Cap Growth Equities fund managed by Driehaus, while DVSMX is a Small Cap Growth Equities fund managed by Driehaus. Over the past 5 years, DSMDX returned 9.02%/yr vs 8.73%/yr for DVSMX. With a 0.98 correlation, they move nearly in lockstep. DSMDX charges 0.95%/yr vs 0.99%/yr for DVSMX.

Performance

DSMDX vs. DVSMX - Performance Comparison

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

Returns By Period

In the year-to-date period, DSMDX achieves a 20.77% return, which is significantly higher than DVSMX's 19.46% return.

DSMDX

• 1D: 2.21%
• 1M: 6.90%
• YTD: 20.77%
• 6M: 19.60%
• 1Y: 42.62%
• 3Y*: 22.95%
• 5Y*: 9.02%
• 10Y*: —

DVSMX

• 1D: 1.37%
• 1M: 5.39%
• YTD: 19.46%
• 6M: 19.00%
• 1Y: 53.21%
• 3Y*: 24.67%
• 5Y*: 8.73%
• 10Y*: —

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

DSMDX vs. DVSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSMDX Driehaus Small/Mid Cap Growth Fund	20.77%	9.83%	26.45%	20.71%	-31.46%	17.96%	74.27%
DVSMX Driehaus Small Cap Growth Fund	19.46%	16.66%	27.44%	18.93%	-34.12%	18.41%	89.04%

Correlation

The correlation between DSMDX and DVSMX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.98

The correlation between DSMDX and DVSMX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

DSMDX vs. DVSMX — Risk / Return Rank

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

DSMDX

DSMDX Risk / Return Rank: 45
DSMDX Sharpe Ratio Rank: 39
DSMDX Sortino Ratio Rank: 32
DSMDX Omega Ratio Rank: 33
DSMDX Calmar Ratio Rank: 64
DSMDX Martin Ratio Rank: 59

DVSMX

DVSMX Risk / Return Rank: 59
DVSMX Sharpe Ratio Rank: 56
DVSMX Sortino Ratio Rank: 44
DVSMX Omega Ratio Rank: 43
DVSMX Calmar Ratio Rank: 80
DVSMX Martin Ratio Rank: 72

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. DVSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) and Driehaus Small Cap Growth Fund (DVSMX). 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.

	DSMDX	DVSMX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.20	-0.39
Sortino ratio: Return per unit of downside risk	2.36	2.80	-0.43
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.07	3.63	-0.56
Martin ratio: Return relative to average drawdown	11.74	13.69	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSMDX vs. DVSMX - Sharpe Ratio Comparison

The current DSMDX Sharpe Ratio is 1.81, which is comparable to the DVSMX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DSMDX and DVSMX, 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

	DSMDX	DVSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.20	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.30	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.57	+0.16

Drawdowns

DSMDX vs. DVSMX - Drawdown Comparison

The maximum DSMDX drawdown since its inception was -41.90%, smaller than the maximum DVSMX drawdown of -47.64%. Use the drawdown chart below to compare losses from any high point for DSMDX and DVSMX.

Drawdown Indicators

	DSMDX	DVSMX	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-47.64%	+5.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-15.39%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-33.05%	-34.77%	+1.72%
Max Drawdown (5Y) Largest decline over 5 years	-41.90%	-47.64%	+5.74%
Current Drawdown Current decline from peak	-0.20%	-0.44%	+0.24%
Average Drawdown Average peak-to-trough decline	-15.72%	-17.23%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.78%	4.06%	-0.28%

Volatility

DSMDX vs. DVSMX - Volatility Comparison

Driehaus Small/Mid Cap Growth Fund (DSMDX) and Driehaus Small Cap Growth Fund (DVSMX) have volatilities of 8.55% and 8.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSMDX	DVSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.55%	8.45%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	19.78%	19.94%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.62%	25.39%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.77%	28.83%	-3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.99%	29.47%	-3.48%

DSMDX vs. DVSMX - Expense Ratio Comparison

DSMDX has a 0.95% expense ratio, which is lower than DVSMX's 0.99% expense ratio.

Dividends

DSMDX vs. DVSMX - Dividend Comparison

DSMDX's dividend yield for the trailing twelve months is around 0.34%, more than DVSMX's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
DVSMX Driehaus Small Cap Growth Fund	0.18%	0.21%	1.08%	0.38%	2.15%	17.58%	6.55%	6.34%	2.87%

Frequently Asked Questions

Can I hold both DSMDX and DVSMX in my portfolio?

With a correlation of 0.97, DSMDX and DVSMX 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, DSMDX or DVSMX?

DSMDX has higher volatility (8.55%) compared to DVSMX (8.45%). In terms of maximum drawdown, DSMDX dropped -41.90% vs DVSMX's -47.64%.

Which has better risk-adjusted returns?

DVSMX currently has the higher Sharpe Ratio (2.20 vs 1.81), 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.