IWC vs. DMCRX

Last updated Jun 5, 2026

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 11.44%/yr vs 22.33%/yr for DMCRX. Their correlation of 0.88 suggests significant overlap in exposure. IWC charges 0.60%/yr vs 1.38%/yr for DMCRX.

Performance

IWC vs. DMCRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) 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, IWC achieves a 21.41% return, which is significantly lower than DMCRX's 23.52% return. Over the past 10 years, IWC has underperformed DMCRX with an annualized return of 11.44%, while DMCRX has yielded a comparatively higher 22.33% annualized return.

IWC

• 1D: 2.06%
• 1M: 2.80%
• YTD: 21.41%
• 6M: 19.33%
• 1Y: 58.00%
• 3Y*: 22.83%
• 5Y*: 5.88%
• 10Y*: 11.44%

DMCRX

• 1D: -1.59%
• 1M: 1.28%
• YTD: 23.52%
• 6M: 24.75%
• 1Y: 76.43%
• 3Y*: 29.83%
• 5Y*: 10.66%
• 10Y*: 22.33%

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

IWC vs. DMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWC iShares Micro-Cap ETF	21.41%	22.45%	13.63%	8.99%	-21.93%	18.67%	20.88%	22.20%	-13.13%	12.79%
DMCRX Driehaus Micro Cap Growth Fund	23.52%	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 0.90, 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	0.90
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	0.88
Correlation (All Time) Calculated using the full available price history since Nov 21, 2013	0.88

The correlation between IWC and DMCRX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

IWC vs. DMCRX — Risk / Return Rank

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

IWC

IWC Risk / Return Rank: 76
IWC Sharpe Ratio Rank: 77
IWC Sortino Ratio Rank: 72
IWC Omega Ratio Rank: 64
IWC Calmar Ratio Rank: 86
IWC Martin Ratio Rank: 80

DMCRX

DMCRX Risk / Return Rank: 77
DMCRX Sharpe Ratio Rank: 84
DMCRX Sortino Ratio Rank: 60
DMCRX Omega Ratio Rank: 57
DMCRX Calmar Ratio Rank: 92
DMCRX Martin Ratio Rank: 90

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.

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.

	IWC	DMCRX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.73	-0.26
Sortino ratio: Return per unit of downside risk	3.22	3.25	-0.03
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	4.69	5.02	-0.33
Martin ratio: Return relative to average drawdown	15.50	17.80	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWC vs. DMCRX - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.47, which is comparable to the DMCRX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of IWC 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.

Sharpe Ratios by Period

	IWC	DMCRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.73	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.27	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.66	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.59	-0.27

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 -59.16%. Use the drawdown chart below to compare losses from any high point for IWC and DMCRX.

Drawdown Indicators

	IWC	DMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-64.61%	-59.16%	-5.45%
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	-40.68%	-59.16%	+18.48%
Max Drawdown (10Y) Largest decline over 10 years	-47.21%	-59.16%	+11.95%
Current Drawdown Current decline from peak	-0.91%	-2.70%	+1.79%
Average Drawdown Average peak-to-trough decline	-15.27%	-20.10%	+4.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	4.35%	-0.60%

Volatility

IWC vs. DMCRX - Volatility Comparison

The current volatility for iShares Micro-Cap ETF (IWC) is 7.26%, while Driehaus Micro Cap Growth Fund (DMCRX) has a volatility of 8.50%. 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.

Volatility by Period

	IWC	DMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	8.50%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	21.12%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	23.63%	28.50%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.44%	39.48%	-15.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	33.98%	-9.56%

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 0.89%, less than DMCRX's 11.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMCRX Driehaus Micro Cap Growth Fund	11.11%	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	0.89%	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

Can I hold both IWC and DMCRX in my portfolio?

With a correlation of 0.90, 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.

Which is riskier, IWC or DMCRX?

DMCRX has higher volatility (8.50%) compared to IWC (7.26%). In terms of maximum drawdown, IWC dropped -64.61% vs DMCRX's -59.16%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (2.73 vs 2.47), 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.