USNQX vs. DMCRX

Last updated Jun 5, 2026

USNQX (USAA Nasdaq 100 Index Fund) and DMCRX (Driehaus Micro Cap Growth Fund) are both mutual funds - USNQX is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while DMCRX is a Small Cap Growth Equities fund managed by Driehaus. Over the past 10 years, USNQX returned 21.64%/yr vs 22.33%/yr for DMCRX. A 0.72 correlation means they provide meaningful diversification when combined. USNQX charges 0.42%/yr vs 1.38%/yr for DMCRX.

Performance

USNQX vs. DMCRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) 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, USNQX achieves a 21.19% return, which is significantly lower than DMCRX's 23.52% return. Both investments have delivered pretty close results over the past 10 years, with USNQX having a 21.64% annualized return and DMCRX not far ahead at 22.33%.

USNQX

• 1D: -0.29%
• 1M: 9.17%
• YTD: 21.19%
• 6M: 19.57%
• 1Y: 41.10%
• 3Y*: 28.54%
• 5Y*: 17.67%
• 10Y*: 21.64%

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)

USNQX vs. DMCRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USNQX USAA Nasdaq 100 Index Fund	21.19%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%
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 USNQX and DMCRX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 21, 2013	0.72

The correlation between USNQX and DMCRX has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

USNQX vs. DMCRX — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 70
USNQX Sharpe Ratio Rank: 78
USNQX Sortino Ratio Rank: 65
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 77
USNQX Martin Ratio Rank: 69

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.

USNQX vs. DMCRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) 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.

	USNQX	DMCRX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.73	-0.13
Sortino ratio: Return per unit of downside risk	3.39	3.25	+0.14
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.03
Calmar ratio: Return relative to maximum drawdown	3.45	5.02	-1.57
Martin ratio: Return relative to average drawdown	13.21	17.80	-4.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNQX vs. DMCRX - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 2.59, which is comparable to the DMCRX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of USNQX 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

	USNQX	DMCRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.73	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.27	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.96	0.66	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.59	-0.22

Drawdowns

USNQX vs. DMCRX - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, which is greater than DMCRX's maximum drawdown of -59.16%. Use the drawdown chart below to compare losses from any high point for USNQX and DMCRX.

Drawdown Indicators

	USNQX	DMCRX	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-59.16%	-17.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-15.46%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-34.92%	+12.04%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	-59.16%	+22.21%
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	-59.16%	+22.21%
Current Drawdown Current decline from peak	-0.29%	-2.70%	+2.41%
Average Drawdown Average peak-to-trough decline	-26.75%	-20.10%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	4.35%	-1.20%

Volatility

USNQX vs. DMCRX - Volatility Comparison

The current volatility for USAA Nasdaq 100 Index Fund (USNQX) is 4.53%, while Driehaus Micro Cap Growth Fund (DMCRX) has a volatility of 8.50%. This indicates that USNQX 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

	USNQX	DMCRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	8.50%	-3.97%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	21.12%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	28.50%	-12.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	39.48%	-16.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	33.98%	-11.32%

USNQX vs. DMCRX - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is lower than DMCRX's 1.38% expense ratio.

Dividends

USNQX vs. DMCRX - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.49%, 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%
USNQX USAA Nasdaq 100 Index Fund	2.49%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both USNQX and DMCRX in my portfolio?

USNQX and DMCRX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNQX or DMCRX?

DMCRX has higher volatility (8.50%) compared to USNQX (4.53%). In terms of maximum drawdown, USNQX dropped -76.24% vs DMCRX's -59.16%.

Which has better risk-adjusted returns?

DMCRX currently has the higher Sharpe Ratio (2.73 vs 2.59), 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.