DVSMX vs. DMAGX

Last updated Apr 2, 2026

Compare and contrast key facts about Driehaus Small Cap Growth Fund (DVSMX) and Driehaus Emerging Markets Opportunities Fund (DMAGX).

DVSMX is managed by Driehaus. It was launched on Aug 21, 2017. DMAGX is managed by Driehaus. It was launched on Apr 6, 2017.

Performance

DVSMX vs. DMAGX - Performance Comparison

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

DVSMX vs. DMAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DVSMX Driehaus Small Cap Growth Fund	-0.49%	16.66%	27.44%	18.93%	-34.12%	18.41%	63.95%	40.29%	-8.71%
DMAGX Driehaus Emerging Markets Opportunities Fund	-0.30%	22.77%	26.16%	19.48%	-18.85%	-1.84%	30.20%	21.64%	-11.77%

Returns By Period

In the year-to-date period, DVSMX achieves a -0.49% return, which is significantly lower than DMAGX's -0.30% return.

DVSMX

• 1D: 5.61%
• 1M: -8.39%
• YTD: -0.49%
• 6M: 4.42%
• 1Y: 39.62%
• 3Y*: 19.17%
• 5Y*: 4.23%
• 10Y*: —

DMAGX

• 1D: 3.22%
• 1M: -5.98%
• YTD: -0.30%
• 6M: 0.36%
• 1Y: 26.80%
• 3Y*: 20.39%
• 5Y*: 7.60%
• 10Y*: —

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

DVSMX vs. DMAGX - Expense Ratio Comparison

Both DVSMX and DMAGX have an expense ratio of 0.99%.

DVSMX

Driehaus Small Cap Growth Fund

DMAGX

Driehaus Emerging Markets Opportunities Fund

Return for Risk

DVSMX vs. DMAGX — Risk / Return Rank

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

DVSMX

DVSMX Risk / Return Rank: 74
DVSMX Sharpe Ratio Rank: 74
DVSMX Sortino Ratio Rank: 73
DVSMX Omega Ratio Rank: 64
DVSMX Calmar Ratio Rank: 84
DVSMX Martin Ratio Rank: 77

DMAGX

DMAGX Risk / Return Rank: 81
DMAGX Sharpe Ratio Rank: 79
DMAGX Sortino Ratio Rank: 79
DMAGX Omega Ratio Rank: 77
DMAGX Calmar Ratio Rank: 84
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.

DVSMX vs. DMAGX - Risk-Adjusted Trends Comparison

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

	DVSMX	DMAGX	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.54	-0.15
Sortino ratio Return per unit of downside risk	1.91	2.15	-0.24
Omega ratio Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio Return relative to maximum drawdown	2.19	2.33	-0.14
Martin ratio Return relative to average drawdown	7.87	9.31	-1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVSMX vs. DMAGX - Sharpe Ratio Comparison

The current DVSMX Sharpe Ratio is 1.39, which is comparable to the DMAGX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of DVSMX and DMAGX, 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

	DVSMX	DMAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.54	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.51	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.68	-0.19

Correlation

The correlation between DVSMX and DMAGX is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DVSMX vs. DMAGX - Dividend Comparison

DVSMX's dividend yield for the trailing twelve months is around 0.21%, less than DMAGX's 14.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVSMX Driehaus Small Cap Growth Fund	0.21%	0.21%	1.08%	0.38%	2.15%	17.58%	6.55%	6.34%	2.87%	0.00%
DMAGX Driehaus Emerging Markets Opportunities Fund	14.03%	13.99%	8.34%	1.45%	2.08%	4.57%	2.34%	1.15%	0.84%	4.91%

Drawdowns

DVSMX vs. DMAGX - Drawdown Comparison

The maximum DVSMX drawdown since its inception was -47.64%, which is greater than DMAGX's maximum drawdown of -34.21%. Use the drawdown chart below to compare losses from any high point for DVSMX and DMAGX.

Drawdown Indicators

	DVSMX	DMAGX	Difference
Max Drawdown Largest peak-to-trough decline	-47.64%	-34.21%	-13.43%
Max Drawdown (1Y) Largest decline over 1 year	-15.39%	-10.80%	-4.59%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-31.38%	-16.26%
Current Drawdown Current decline from peak	-10.64%	-7.29%	-3.35%
Average Drawdown Average peak-to-trough decline	-17.55%	-9.99%	-7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	2.70%	+1.59%

Volatility

DVSMX vs. DMAGX - Volatility Comparison

Driehaus Small Cap Growth Fund (DVSMX) has a higher volatility of 11.91% compared to Driehaus Emerging Markets Opportunities Fund (DMAGX) at 7.36%. This indicates that DVSMX'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

	DVSMX	DMAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.91%	7.36%	+4.55%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	11.77%	+8.74%
Volatility (1Y) Calculated over the trailing 1-year period	28.54%	17.94%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.79%	15.01%	+13.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.52%	15.43%	+14.09%