DSMDX vs. MMGPX

Last updated Apr 1, 2026

Compare and contrast key facts about Driehaus Small/Mid Cap Growth Fund (DSMDX) and Morgan Stanley Discovery Portfolio (MMGPX).

DSMDX is managed by Driehaus. It was launched on Apr 30, 2020. MMGPX is managed by Morgan Stanley. It was launched on Apr 30, 2017.

Performance

DSMDX vs. MMGPX - Performance Comparison

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

DSMDX vs. MMGPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DSMDX Driehaus Small/Mid Cap Growth Fund	-4.16%	9.83%	26.45%	20.71%	-31.46%	17.96%	74.27%
MMGPX Morgan Stanley Discovery Portfolio	-14.93%	12.58%	41.83%	44.34%	-81.34%	-11.55%	124.15%

Returns By Period

In the year-to-date period, DSMDX achieves a -4.16% return, which is significantly higher than MMGPX's -14.93% return.

DSMDX

• 1D: -3.04%
• 1M: -12.82%
• YTD: -4.16%
• 6M: -2.44%
• 1Y: 25.15%
• 3Y*: 15.38%
• 5Y*: 4.30%
• 10Y*: —

MMGPX

• 1D: -1.27%
• 1M: -9.08%
• YTD: -14.93%
• 6M: -24.08%
• 1Y: 2.21%
• 3Y*: 19.10%
• 5Y*: -19.96%
• 10Y*: —

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

DSMDX vs. MMGPX - Expense Ratio Comparison

DSMDX has a 0.95% expense ratio, which is higher than MMGPX's 0.04% expense ratio.

DSMDX

Driehaus Small/Mid Cap Growth Fund

MMGPX

Morgan Stanley Discovery Portfolio

Return for Risk

DSMDX vs. MMGPX — 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: 41
DSMDX Sortino Ratio Rank: 41
DSMDX Omega Ratio Rank: 36
DSMDX Calmar Ratio Rank: 57
DSMDX Martin Ratio Rank: 49

MMGPX

MMGPX Risk / Return Rank: 7
MMGPX Sharpe Ratio Rank: 7
MMGPX Sortino Ratio Rank: 8
MMGPX Omega Ratio Rank: 8
MMGPX Calmar Ratio Rank: 6
MMGPX Martin Ratio Rank: 6

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. MMGPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Small/Mid Cap Growth Fund (DSMDX) and Morgan Stanley Discovery Portfolio (MMGPX). 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	MMGPX	Difference
Sharpe ratio Return per unit of total volatility	0.88	0.10	+0.78
Sortino ratio Return per unit of downside risk	1.31	0.38	+0.93
Omega ratio Gain probability vs. loss probability	1.18	1.05	+0.13
Calmar ratio Return relative to maximum drawdown	1.37	-0.02	+1.39
Martin ratio Return relative to average drawdown	4.89	-0.05	+4.94
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. MMGPX - Sharpe Ratio Comparison

The current DSMDX Sharpe Ratio is 0.88, which is higher than the MMGPX Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of DSMDX and MMGPX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DSMDX	MMGPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.10	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.44	+0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.14	+0.43

Correlation

The correlation between DSMDX and MMGPX is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DSMDX vs. MMGPX - Dividend Comparison

DSMDX's dividend yield for the trailing twelve months is around 0.43%, less than MMGPX's 0.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DSMDX Driehaus Small/Mid Cap Growth Fund	0.43%	0.41%	0.33%	0.00%	3.72%	7.93%	1.37%	0.00%	0.00%
MMGPX Morgan Stanley Discovery Portfolio	0.50%	0.43%	0.00%	0.00%	0.00%	64.53%	7.93%	15.63%	28.02%

Drawdowns

DSMDX vs. MMGPX - Drawdown Comparison

The maximum DSMDX drawdown since its inception was -41.90%, smaller than the maximum MMGPX drawdown of -87.45%. Use the drawdown chart below to compare losses from any high point for DSMDX and MMGPX.

Drawdown Indicators

	DSMDX	MMGPX	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-87.45%	+45.55%
Max Drawdown (1Y) Largest decline over 1 year	-14.51%	-27.79%	+13.28%
Max Drawdown (5Y) Largest decline over 5 years	-41.90%	-86.09%	+44.19%
Current Drawdown Current decline from peak	-14.51%	-74.10%	+59.59%
Average Drawdown Average peak-to-trough decline	-16.11%	-38.69%	+22.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	11.11%	-7.00%

Volatility

DSMDX vs. MMGPX - Volatility Comparison

Driehaus Small/Mid Cap Growth Fund (DSMDX) has a higher volatility of 10.34% compared to Morgan Stanley Discovery Portfolio (MMGPX) at 7.90%. This indicates that DSMDX's price experiences larger fluctuations and is considered to be riskier than MMGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSMDX	MMGPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	7.90%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	21.47%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	31.90%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.53%	45.71%	-20.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	39.03%	-13.15%