PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IPOAX vs. DRESX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

IPOAX vs. DRESX

Last updated Apr 1, 2026

Compare and contrast key facts about Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Driehaus Emerging Markets Small Cap Growth Fund (DRESX).

IPOAX is managed by Delaware Funds by Macquarie. It was launched on Oct 24, 1993. DRESX is managed by Driehaus. It was launched on Aug 21, 2011.

Performance

IPOAX vs. DRESX - Performance Comparison

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

Loading graphics...

IPOAX vs. DRESX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund		2.17%26.53%7.71%10.86%-27.56%-4.67%35.01%23.23%-19.83%42.47%
DRESX
Driehaus Emerging Markets Small Cap Growth Fund		4.87%24.08%14.86%10.30%-21.17%15.93%33.56%33.70%-24.00%33.30%

Returns By Period

In the year-to-date period, IPOAX achieves a 2.17% return, which is significantly lower than DRESX's 4.87% return. Over the past 10 years, IPOAX has underperformed DRESX with an annualized return of 8.30%, while DRESX has yielded a comparatively higher 9.96% annualized return.

IPOAX

1D
0.09%
1M
-12.40%
YTD
2.17%
6M
7.77%
1Y
27.28%
3Y*
13.56%
5Y*
0.86%
10Y*
8.30%

DRESX

1D
-0.83%
1M
-9.63%
YTD
4.87%
6M
9.22%
1Y
36.60%
3Y*
16.63%
5Y*
8.16%
10Y*
9.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Delaware Ivy Systematic Emerging Markets Equity Fund

Driehaus Emerging Markets Small Cap Growth Fund

Often compared with IPOAX:
IPOAX vs. SPYIPOAX vs. DEEIXIPOAX vs. IBNAXIPOAX vs. DEFFXIPOAX vs. DVMHXIPOAX vs. ESCIXIPOAX vs. BADEX
Often compared with DRESX:
DRESX vs. EEMSDRESX vs. BADEXDRESX vs. DSMDXDRESX vs. DEVDXDRESX vs. DRIOXDRESX vs. EMPTXDRESX vs. EITEX

IPOAX vs. DRESX - Expense Ratio Comparison

IPOAX has a 1.15% expense ratio, which is lower than DRESX's 1.24% expense ratio.

DRESX
Driehaus Emerging Markets Small Cap Growth Fund
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund

Return for Risk

IPOAX vs. DRESX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IPOAX
IPOAX Risk / Return Rank: 7676
Overall Rank
IPOAX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IPOAX Sortino Ratio Rank: 7676
Sortino Ratio Rank
IPOAX Omega Ratio Rank: 7575
Omega Ratio Rank
IPOAX Calmar Ratio Rank: 7777
Calmar Ratio Rank
IPOAX Martin Ratio Rank: 7272
Martin Ratio Rank
DRESX
DRESX Risk / Return Rank: 9595
Overall Rank
DRESX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
DRESX Sortino Ratio Rank: 9595
Sortino Ratio Rank
DRESX Omega Ratio Rank: 9292
Omega Ratio Rank
DRESX Calmar Ratio Rank: 9696
Calmar Ratio Rank
DRESX Martin Ratio Rank: 9494
Martin Ratio Rank
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.

IPOAX vs. DRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Driehaus Emerging Markets Small Cap Growth Fund (DRESX). 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.

IPOAXDRESXDifference

Sharpe ratio

Return per unit of total volatility

1.46

2.39

-0.93

Sortino ratio

Return per unit of downside risk

1.92

3.15

-1.24

Omega ratio

Gain probability vs. loss probability

1.29

1.44

-0.16

Calmar ratio

Return relative to maximum drawdown

1.83

3.42

-1.59

Martin ratio

Return relative to average drawdown

6.85

12.23

-5.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPOAX vs. DRESX - Sharpe Ratio Comparison

The current IPOAX Sharpe Ratio is 1.46, which is lower than the DRESX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IPOAX and DRESX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Loading graphics...

Sharpe Ratios by Period

IPOAXDRESXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

2.39

-0.93

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.04

0.57

-0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.64

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.53

-0.30

Correlation

The correlation between IPOAX and DRESX is 0.75, 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

IPOAX vs. DRESX - Dividend Comparison

IPOAX's dividend yield for the trailing twelve months is around 9.80%, more than DRESX's 2.14% yield.

TTM20252024202320222021202020192018201720162015
IPOAX
Delaware Ivy Systematic Emerging Markets Equity Fund		9.80%10.01%3.35%3.23%14.83%0.55%0.75%0.74%0.68%0.00%0.00%0.93%
DRESX
Driehaus Emerging Markets Small Cap Growth Fund		2.14%2.25%0.68%1.09%0.00%0.04%0.65%0.41%0.00%0.00%0.00%0.00%

Drawdowns

IPOAX vs. DRESX - Drawdown Comparison

The maximum IPOAX drawdown since its inception was -67.11%, which is greater than DRESX's maximum drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for IPOAX and DRESX.

Loading graphics...

Drawdown Indicators

IPOAXDRESXDifference

Max Drawdown

Largest peak-to-trough decline

-67.11%

-33.38%

-33.73%

Max Drawdown (1Y)

Largest decline over 1 year

-13.39%

-10.16%

-3.23%

Max Drawdown (5Y)

Largest decline over 5 years

-42.92%

-25.88%

-17.04%

Max Drawdown (10Y)

Largest decline over 10 years

-45.79%

-33.38%

-12.41%

Current Drawdown

Current decline from peak

-13.31%

-10.16%

-3.15%

Average Drawdown

Average peak-to-trough decline

-23.79%

-9.99%

-13.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.58%

2.84%

+0.74%

Volatility

IPOAX vs. DRESX - Volatility Comparison

Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) has a higher volatility of 8.95% compared to Driehaus Emerging Markets Small Cap Growth Fund (DRESX) at 6.63%. This indicates that IPOAX's price experiences larger fluctuations and is considered to be riskier than DRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

IPOAXDRESXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.95%

6.63%

+2.32%

Volatility (6M)

Calculated over the trailing 6-month period

13.68%

11.15%

+2.53%

Volatility (1Y)

Calculated over the trailing 1-year period

18.26%

15.26%

+3.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.62%

14.42%

+5.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.12%

15.67%

+4.45%