IWC vs. DMCRX
IWC (iShares Micro-Cap ETF) and DMCRX (Driehaus Micro Cap Growth Fund) are both funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while DMCRX is a Small Cap Growth Equities fund managed by Driehaus. Over the past 10 years, IWC returned 11.12%/yr vs 20.71%/yr for DMCRX. Their correlation of 0.89 means they have usually moved in the same direction. IWC charges 0.60%/yr vs 1.38%/yr for DMCRX.
Performance
IWC vs. DMCRX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with IWC having a 19.50% return and DMCRX slightly higher at 19.65%. Over the past 10 years, IWC has underperformed DMCRX with an annualized return of 11.12%, while DMCRX has yielded a comparatively higher 20.71% annualized return.
IWC
- 1D
- -0.70%
- 1M
- -5.03%
- 6M
- 12.92%
- YTD
- 19.50%
- 1Y
- 48.46%
- 3Y*
- 19.06%
- 5Y*
- 6.69%
- 10Y*
- 11.12%
- ALL TIME*
- 7.67%
DMCRX
- 1D
- 3.45%
- 1M
- -6.39%
- 6M
- 13.29%
- YTD
- 19.65%
- 1Y
- 61.22%
- 3Y*
- 25.66%
- 5Y*
- 10.01%
- 10Y*
- 20.71%
- ALL TIME*
- 18.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $9.94M | $13.29M | $20.50M |
IWC vs. DMCRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Micro-Cap ETF | 19.50% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
DMCRX Driehaus Micro Cap Growth Fund | 19.65% | 31.17% | 30.58% | 11.47% | -33.54% | 22.23% | 86.43% | 34.03% | 2.52% | 24.35% |
Correlation
The correlation between IWC and DMCRX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.91 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2013 | 0.89 |
The correlation between IWC and DMCRX has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.
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Return for Risk
IWC vs. DMCRX — Risk / Return Rank
IWC
DMCRX
IWC vs. DMCRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.
| IWC | DMCRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 3.86 | -0.20 |
| Martin ratioReturn relative to average drawdown | 11.65 | 12.20 | -0.55 |
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Drawdowns
IWC vs. DMCRX - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than DMCRX's maximum drawdown of -46.68%. Use the drawdown chart below to compare losses from any high point for IWC and DMCRX.
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Drawdown Indicators
| IWC | DMCRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -46.68% | -17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -15.46% | +3.03% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -34.92% | +5.46% |
Max Drawdown (5Y)Largest decline over 5 years | -40.61% | -46.68% | +6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | -46.68% | -0.53% |
Current DrawdownCurrent decline from peak | -6.31% | -10.71% | +4.40% |
Average DrawdownAverage peak-to-trough decline | -15.18% | -14.71% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 4.88% | -0.97% |
Volatility
IWC vs. DMCRX - Volatility Comparison
The current volatility for iShares Micro-Cap ETF (IWC) is 4.63%, while Driehaus Micro Cap Growth Fund (DMCRX) has a volatility of 9.43%. This indicates that IWC 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.
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Volatility by Period
| IWC | DMCRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 9.43% | -4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 18.22% | 23.94% | -5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.13% | 30.55% | -6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.46% | 28.79% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.48% | 28.12% | -3.64% |
IWC vs. DMCRX - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is lower than DMCRX's 1.38% expense ratio.
Dividends
IWC vs. DMCRX - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 1.01%, less than DMCRX's 11.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DMCRX Driehaus Micro Cap Growth Fund | 11.47% | 13.72% | 3.86% | 0.87% | 8.20% | 48.23% | 19.79% | 14.70% | 33.22% | 8.91% | 0.00% | 4.20% |
IWC iShares Micro-Cap ETF | 1.01% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
Frequently Asked Questions
With a correlation of 0.92, IWC 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.
DMCRX has higher volatility (9.43%) compared to IWC (4.63%). In terms of maximum drawdown, IWC dropped -64.61% vs DMCRX's -46.68%.
DMCRX currently has the higher Sharpe Ratio (1.95 vs 1.89), 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.
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