TEMUX vs. DRESX
TEMUX (Morgan Stanley Pathway Funds Emerging Markets Equity Fund) and DRESX (Driehaus Emerging Markets Small Cap Growth Fund) are both Emerging Markets Equities funds. Over the past 10 years, TEMUX returned 7.84%/yr vs 9.10%/yr for DRESX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. TEMUX charges 0.81%/yr vs 1.24%/yr for DRESX.
Performance
TEMUX vs. DRESX - Performance Comparison
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Returns By Period
In the year-to-date period, TEMUX achieves a 19.24% return, which is significantly higher than DRESX's 4.11% return. Over the past 10 years, TEMUX has underperformed DRESX with an annualized return of 7.84%, while DRESX has yielded a comparatively higher 9.10% annualized return.
TEMUX
- 1D
- 2.50%
- 1M
- -1.04%
- 6M
- 10.47%
- YTD
- 19.24%
- 1Y
- 37.83%
- 3Y*
- 18.63%
- 5Y*
- 6.84%
- 10Y*
- 7.84%
- ALL TIME*
- 5.49%
DRESX
- 1D
- 1.44%
- 1M
- -8.67%
- 6M
- -3.73%
- YTD
- 4.11%
- 1Y
- 17.57%
- 3Y*
- 13.48%
- 5Y*
- 5.49%
- 10Y*
- 9.10%
- ALL TIME*
- 7.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TEMUX vs. DRESX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TEMUX Morgan Stanley Pathway Funds Emerging Markets Equity Fund | 19.24% | 34.68% | 5.47% | 9.87% | -21.75% | -3.50% | 11.18% | 22.44% | -18.73% | 39.16% |
DRESX Driehaus Emerging Markets Small Cap Growth Fund | 4.11% | 24.08% | 14.86% | 10.30% | -21.17% | 15.93% | 33.56% | 33.70% | -24.00% | 33.30% |
Correlation
The correlation between TEMUX and DRESX is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2011 | 0.73 |
The correlation between TEMUX and DRESX has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
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Return for Risk
TEMUX vs. DRESX — Risk / Return Rank
TEMUX
DRESX
TEMUX vs. DRESX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds Emerging Markets Equity Fund (TEMUX) 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.
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.
| TEMUX | DRESX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.18 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 0.85 | +2.36 |
| Martin ratioReturn relative to average drawdown | 9.72 | 3.08 | +6.64 |
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Drawdowns
TEMUX vs. DRESX - Drawdown Comparison
The maximum TEMUX drawdown since its inception was -68.20%, which is greater than DRESX's maximum drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for TEMUX and DRESX.
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Drawdown Indicators
| TEMUX | DRESX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.20% | -33.38% | -34.82% |
Max Drawdown (1Y)Largest decline over 1 year | -13.10% | -20.40% | +7.30% |
Max Drawdown (3Y)Largest decline over 3 years | -16.86% | -20.40% | +3.54% |
Max Drawdown (5Y)Largest decline over 5 years | -36.42% | -25.88% | -10.54% |
Max Drawdown (10Y)Largest decline over 10 years | -40.17% | -33.38% | -6.79% |
Current DrawdownCurrent decline from peak | -7.53% | -17.88% | +10.35% |
Average DrawdownAverage peak-to-trough decline | -21.75% | -9.92% | -11.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 5.63% | -1.47% |
Volatility
TEMUX vs. DRESX - Volatility Comparison
Morgan Stanley Pathway Funds Emerging Markets Equity Fund (TEMUX) has a higher volatility of 9.32% compared to Driehaus Emerging Markets Small Cap Growth Fund (DRESX) at 7.46%. This indicates that TEMUX'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.
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Volatility by Period
| TEMUX | DRESX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.32% | 7.46% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 18.96% | 16.69% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.41% | 18.55% | +2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.12% | 15.42% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.07% | 16.23% | +1.84% |
TEMUX vs. DRESX - Expense Ratio Comparison
TEMUX has a 0.81% expense ratio, which is lower than DRESX's 1.24% expense ratio.
Dividends
TEMUX vs. DRESX - Dividend Comparison
TEMUX's dividend yield for the trailing twelve months is around 2.03%, less than DRESX's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRESX Driehaus Emerging Markets Small Cap Growth Fund | 2.16% | 2.25% | 0.68% | 1.09% | 0.00% | 0.04% | 0.65% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% |
TEMUX Morgan Stanley Pathway Funds Emerging Markets Equity Fund | 2.03% | 2.43% | 2.09% | 2.41% | 1.92% | 4.47% | 1.96% | 1.81% | 1.67% | 1.26% | 1.10% | 1.44% |
Frequently Asked Questions
TEMUX and DRESX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TEMUX has higher volatility (9.32%) compared to DRESX (7.46%). In terms of maximum drawdown, TEMUX dropped -68.20% vs DRESX's -33.38%.
TEMUX currently has the higher Sharpe Ratio (1.97 vs 0.94), 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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