HRSMX vs. DMCRX

Last updated Jul 15, 2026

HRSMX (Hood River Small-Cap Growth Fund) and DMCRX (Driehaus Micro Cap Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, HRSMX returned 19.31%/yr vs 21.92%/yr for DMCRX. Their correlation of 0.92 suggests significant overlap in exposure. HRSMX charges 1.09%/yr vs 1.38%/yr for DMCRX.

Performance

HRSMX vs. DMCRX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HRSMX having a 27.33% return and DMCRX slightly higher at 27.51%. Over the past 10 years, HRSMX has underperformed DMCRX with an annualized return of 19.31%, while DMCRX has yielded a comparatively higher 21.92% annualized return.

HRSMX

• 1D: -2.38%
• 1M: -5.33%
• 6M: 14.58%
• YTD: 27.33%
• 1Y: 59.65%
• 3Y*: 30.82%
• 5Y*: 15.02%
• 10Y*: 19.31%

DMCRX

• 1D: -2.71%
• 1M: 3.49%
• 6M: 19.60%
• YTD: 27.51%
• 1Y: 70.43%
• 3Y*: 28.84%
• 5Y*: 11.83%
• 10Y*: 21.92%

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

HRSMX vs. DMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRSMX Hood River Small-Cap Growth Fund	27.33%	23.85%	35.48%	21.52%	-27.99%	23.19%	60.80%	24.13%	-6.91%	20.60%
DMCRX Driehaus Micro Cap Growth Fund	27.51%	31.17%	30.58%	11.47%	-33.54%	22.23%	86.43%	34.03%	2.52%	24.35%

Correlation

The correlation between HRSMX and DMCRX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013	0.92

The correlation between HRSMX and DMCRX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

HRSMX vs. DMCRX — Risk / Return Rank

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

HRSMX

HRSMX Risk / Return Rank: 85
HRSMX Sharpe Ratio Rank: 85
HRSMX Sortino Ratio Rank: 76
HRSMX Omega Ratio Rank: 72
HRSMX Calmar Ratio Rank: 96
HRSMX Martin Ratio Rank: 96

DMCRX

DMCRX Risk / Return Rank: 88
DMCRX Sharpe Ratio Rank: 92
DMCRX Sortino Ratio Rank: 80
DMCRX Omega Ratio Rank: 78
DMCRX Calmar Ratio Rank: 96
DMCRX Martin Ratio Rank: 95

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.

HRSMX vs. DMCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River Small-Cap Growth Fund (HRSMX) 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.

	HRSMX	DMCRX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.51	-0.30
Sortino ratio: Return per unit of downside risk	2.82	2.99	-0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	5.03	4.86	+0.17
Martin ratio: Return relative to average drawdown	19.44	16.72	+2.72

HRSMX vs. DMCRX - Sharpe Ratio Comparison

The current HRSMX Sharpe Ratio is 2.21, which is comparable to the DMCRX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of HRSMX 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

HRSMX vs. DMCRX - Drawdown Comparison

The maximum HRSMX drawdown since its inception was -64.92%, which is greater than DMCRX's maximum drawdown of -46.68%. Use the drawdown chart below to compare losses from any high point for HRSMX and DMCRX.

Drawdown Indicators

	HRSMX	DMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-64.92%	-46.68%	-18.24%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-15.46%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-33.04%	-34.92%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-46.68%	+8.19%
Max Drawdown (10Y) Largest decline over 10 years	-40.74%	-46.68%	+5.94%
Current Drawdown Current decline from peak	-7.66%	-4.84%	-2.82%
Average Drawdown Average peak-to-trough decline	-13.02%	-14.74%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	4.48%	-1.31%

Volatility

HRSMX vs. DMCRX - Volatility Comparison

The current volatility for Hood River Small-Cap Growth Fund (HRSMX) is 8.15%, while Driehaus Micro Cap Growth Fund (DMCRX) has a volatility of 9.11%. This indicates that HRSMX experiences smaller price fluctuations and is considered to be less risky than DMCRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRSMX	DMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	9.11%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	22.26%	22.91%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	27.99%	29.96%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.56%	28.74%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.05%	28.03%	-1.98%

HRSMX vs. DMCRX - Expense Ratio Comparison

HRSMX has a 1.09% expense ratio, which is lower than DMCRX's 1.38% expense ratio.

Dividends

HRSMX vs. DMCRX - Dividend Comparison

HRSMX's dividend yield for the trailing twelve months is around 3.32%, less than DMCRX's 10.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMCRX Driehaus Micro Cap Growth Fund	10.76%	13.72%	3.86%	0.87%	8.20%	48.23%	19.79%	14.70%	33.22%	8.91%	0.00%	4.20%
HRSMX Hood River Small-Cap Growth Fund	3.32%	4.23%	3.75%	0.00%	0.00%	19.96%	6.28%	0.00%	4.59%	6.74%	0.00%	5.73%

Frequently Asked Questions

Can I hold both HRSMX and DMCRX in my portfolio?

With a correlation of 0.92, HRSMX and DMCRX 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, HRSMX or DMCRX?

DMCRX has higher volatility (9.11%) compared to HRSMX (8.15%). In terms of maximum drawdown, HRSMX dropped -64.92% vs DMCRX's -46.68%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (2.51 vs 2.21), 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.