GTSAX vs. DMCRX

Last updated Jun 25, 2026

GTSAX (Invesco Small Cap Growth Fund) and DMCRX (Driehaus Micro Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, GTSAX returned 11.35%/yr vs 22.94%/yr for DMCRX. Their correlation of 0.90 suggests significant overlap in exposure. GTSAX charges 1.14%/yr vs 1.38%/yr for DMCRX.

Performance

GTSAX vs. DMCRX - Performance Comparison

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

Returns By Period

In the year-to-date period, GTSAX achieves a 25.26% return, which is significantly lower than DMCRX's 26.95% return. Over the past 10 years, GTSAX has underperformed DMCRX with an annualized return of 11.35%, while DMCRX has yielded a comparatively higher 22.94% annualized return.

GTSAX

• 1D: -3.20%
• 1M: 4.58%
• YTD: 25.26%
• 6M: 22.06%
• 1Y: 37.60%
• 3Y*: 17.92%
• 5Y*: 1.73%
• 10Y*: 11.35%

DMCRX

• 1D: -1.74%
• 1M: 3.19%
• YTD: 26.95%
• 6M: 23.26%
• 1Y: 74.78%
• 3Y*: 30.70%
• 5Y*: 10.18%
• 10Y*: 22.94%

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

GTSAX vs. DMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTSAX Invesco Small Cap Growth Fund	25.26%	5.80%	16.19%	12.66%	-35.61%	5.71%	57.23%	24.30%	-9.16%	24.94%
DMCRX Driehaus Micro Cap Growth Fund	26.95%	31.17%	30.58%	11.47%	-33.54%	22.23%	86.43%	34.03%	2.52%	24.35%

Correlation

The correlation between GTSAX and DMCRX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.90

The correlation between GTSAX and DMCRX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

GTSAX vs. DMCRX — Risk / Return Rank

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

GTSAX

GTSAX Risk / Return Rank: 47
GTSAX Sharpe Ratio Rank: 39
GTSAX Sortino Ratio Rank: 35
GTSAX Omega Ratio Rank: 35
GTSAX Calmar Ratio Rank: 70
GTSAX Martin Ratio Rank: 59

DMCRX

DMCRX Risk / Return Rank: 83
DMCRX Sharpe Ratio Rank: 89
DMCRX Sortino Ratio Rank: 71
DMCRX Omega Ratio Rank: 67
DMCRX Calmar Ratio Rank: 95
DMCRX Martin Ratio Rank: 93

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.

GTSAX vs. DMCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Small Cap Growth Fund (GTSAX) and Driehaus Micro Cap Growth Fund (DMCRX). 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.

	GTSAX	DMCRX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.68	-1.08
Sortino ratio: Return per unit of downside risk	2.17	3.15	-0.98
Omega ratio: Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio: Return relative to maximum drawdown	2.96	5.15	-2.20
Martin ratio: Return relative to average drawdown	10.64	17.87	-7.23

GTSAX vs. DMCRX - Sharpe Ratio Comparison

The current GTSAX Sharpe Ratio is 1.60, which is lower than the DMCRX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of GTSAX and DMCRX, 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

GTSAX vs. DMCRX - Drawdown Comparison

The maximum GTSAX drawdown since its inception was -63.62%, which is greater than DMCRX's maximum drawdown of -46.68%. Use the drawdown chart below to compare losses from any high point for GTSAX and DMCRX.

Drawdown Indicators

	GTSAX	DMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-63.62%	-46.68%	-16.94%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-15.46%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-29.24%	-34.92%	+5.68%
Max Drawdown (5Y) Largest decline over 5 years	-47.85%	-46.68%	-1.17%
Max Drawdown (10Y) Largest decline over 10 years	-47.85%	-46.68%	-1.17%
Current Drawdown Current decline from peak	-3.20%	-1.74%	-1.46%
Average Drawdown Average peak-to-trough decline	-18.91%	-14.79%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	4.44%	-0.73%

Volatility

GTSAX vs. DMCRX - Volatility Comparison

Invesco Small Cap Growth Fund (GTSAX) and Driehaus Micro Cap Growth Fund (DMCRX) have volatilities of 10.22% and 10.53%, 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

	GTSAX	DMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.22%	10.53%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	20.22%	22.51%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	24.77%	29.72%	-4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.87%	28.66%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.33%	28.03%	-3.70%

GTSAX vs. DMCRX - Expense Ratio Comparison

GTSAX has a 1.14% expense ratio, which is lower than DMCRX's 1.38% expense ratio.

Dividends

GTSAX vs. DMCRX - Dividend Comparison

GTSAX's dividend yield for the trailing twelve months is around 8.34%, less than DMCRX's 10.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMCRX Driehaus Micro Cap Growth Fund	10.81%	13.72%	3.86%	0.87%	8.20%	48.23%	19.79%	14.70%	33.22%	8.91%	0.00%	4.20%
GTSAX Invesco Small Cap Growth Fund	8.34%	10.45%	0.00%	0.00%	3.60%	38.91%	13.85%	8.96%	9.76%	9.23%	9.35%	10.11%

Frequently Asked Questions

Can I hold both GTSAX and DMCRX in my portfolio?

GTSAX and DMCRX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTSAX or DMCRX?

DMCRX has higher volatility (10.53%) compared to GTSAX (10.22%). In terms of maximum drawdown, GTSAX dropped -63.62% vs DMCRX's -46.68%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (2.68 vs 1.60), 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.