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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Dunham Emerging Markets Stock Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Dunham Emerging Markets Stock Fund (DCEMX) has returned 1.93% so far this year and 29.40% over the past 12 months. Over the last ten years, DCEMX has returned 5.47% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Dunham Emerging Markets Stock Fund
- 1D
- -1.00%
- 1M
- -12.80%
- YTD
- 1.93%
- 6M
- 6.88%
- 1Y
- 29.40%
- 3Y*
- 11.95%
- 5Y*
- -0.02%
- 10Y*
- 5.47%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Dec 10, 2004, DCEMX's average daily return is +0.02%, while the average monthly return is +0.48%. At this rate, your investment would double in approximately 12.1 years.
Historically, 56% of months were positive and 44% were negative. The best month was May 2009 with a return of +26.4%, while the worst month was Oct 2008 at -25.8%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, DCEMX closed higher 52% of trading days. The best single day was Oct 30, 2008 with a return of +8.8%, while the worst single day was Dec 27, 2005 at -15.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.38% | 6.87% | -12.80% | 1.93% | |||||||||
| 2025 | -0.08% | -0.24% | 1.87% | 0.56% | 3.57% | 6.13% | 0.43% | 2.01% | 6.91% | 4.55% | -3.22% | 3.63% | 28.90% |
| 2024 | -3.14% | 4.74% | 1.51% | -0.50% | 1.91% | 5.04% | -1.86% | 0.79% | 2.74% | -3.89% | -2.14% | 0.00% | 4.84% |
| 2023 | 10.00% | -7.86% | 2.84% | -2.68% | -1.15% | 4.31% | 3.45% | -5.50% | -3.79% | -2.84% | 8.01% | 2.83% | 6.16% |
| 2022 | -1.82% | -5.28% | -4.93% | -6.40% | 1.30% | -4.82% | -1.52% | -1.03% | -11.27% | -3.71% | 15.82% | -2.80% | -25.20% |
| 2021 | 2.91% | 1.44% | -2.79% | 1.12% | -0.44% | 0.22% | -5.24% | 1.70% | -3.64% | 2.40% | -5.04% | 0.25% | -7.30% |
Benchmark Metrics
Dunham Emerging Markets Stock Fund has an annualized alpha of -2.19%, beta of 0.78, and R² of 0.55 versus S&P 500 Index. Calculated based on daily prices since December 13, 2004.
- This fund participated in 108.55% of S&P 500 Index downside but only 86.61% of its upside — more exposed to losses than it benefited from rallies.
- This fund had an annualized alpha of -2.19% versus S&P 500 Index — delivering less than market exposure alone would predict.
- Alpha
- -2.19%
- Beta
- 0.78
- R²
- 0.55
- Upside Capture
- 86.61%
- Downside Capture
- 108.55%
Expense Ratio
DCEMX has a high expense ratio of 2.03%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DCEMX ranks 76 for risk / return — better than 76% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Dunham Emerging Markets Stock Fund (DCEMX) and compare them to a chosen benchmark (S&P 500 Index).
| DCEMX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.47 | 0.90 | +0.57 |
Sortino ratioReturn per unit of downside risk | 1.95 | 1.39 | +0.56 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.21 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.91 | 1.40 | +0.51 |
Martin ratioReturn relative to average drawdown | 7.33 | 6.61 | +0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore DCEMX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Dunham Emerging Markets Stock Fund provided a 2.12% dividend yield over the last twelve months, with an annual payout of $0.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.34 | $0.34 | $0.00 | $0.01 | $0.00 | $1.40 | $0.00 | $0.04 | $0.12 | $0.06 | $0.14 |
Dividend yield | 2.12% | 2.17% | 0.00% | 0.12% | 0.00% | 9.47% | 0.00% | 0.26% | 1.00% | 0.38% | 1.27% |
Monthly Dividends
The table displays the monthly dividend distributions for Dunham Emerging Markets Stock Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.34 | $0.34 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.40 | $1.40 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Dunham Emerging Markets Stock Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Dunham Emerging Markets Stock Fund was 70.65%, occurring on Nov 20, 2008. Recovery took 3053 trading sessions.
The current Dunham Emerging Markets Stock Fund drawdown is 13.89%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -70.65% | Nov 1, 2007 | 267 | Nov 20, 2008 | 3053 | Jan 8, 2021 | 3320 |
| -45.88% | Feb 18, 2021 | 425 | Oct 24, 2022 | 827 | Feb 11, 2026 | 1252 |
| -20.05% | May 11, 2006 | 23 | Jun 13, 2006 | 109 | Nov 15, 2006 | 132 |
| -19.94% | Jul 24, 2007 | 18 | Aug 16, 2007 | 50 | Oct 26, 2007 | 68 |
| -15.68% | Dec 27, 2005 | 1 | Dec 27, 2005 | 67 | Apr 4, 2006 | 68 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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