- ISIN
- US2654585882
- CUSIP
- 265458588
- Issuer
- Dunham
- Inception Date
- Apr 28, 2010
- Category
- Macro Trading
- Min. Investment
- $100,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
DNAVX Performance Chart
Dunham Dynamic Macro Fund (DNAVX) is up 1.4% since the beginning of the year. DNAVX is currently trading at $11 per share. Investors who bought $1,000 worth of DNAVX shares 5 years ago would now be looking at an investment worth $1,207.
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Returns By Period
Dunham Dynamic Macro Fund (DNAVX) has returned 1.42% so far this year and 2.41% over the past 12 months. Over the last ten years, DNAVX has returned 3.77% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
Dunham Dynamic Macro Fund
- 1D
- -0.17%
- 1M
- -2.06%
- YTD
- 1.42%
- 6M
- 1.35%
- 1Y
- 2.41%
- 3Y*
- 6.92%
- 5Y*
- 3.83%
- 10Y*
- 3.77%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
DNAVX Monthly Returns History
Based on dividend-adjusted daily data since May 3, 2010, DNAVX's average daily return is +0.01%, while the average monthly return is +0.24%. At this rate, an investment would double in approximately 24.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Oct 2011 with a return of +7.7%, while the worst month was Mar 2020 at -7.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 4 months.
On a daily basis, DNAVX closed higher 48% of trading days. The best single day was Mar 24, 2020 with a return of +3.9%, while the worst single day was Mar 12, 2020 at -4.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.95% | 2.09% | -1.11% | 1.21% | -1.28% | -1.38% | 1.42% | ||||||
| 2025 | 0.59% | 0.25% | -0.25% | 1.83% | 1.23% | 0.65% | 0.16% | 0.40% | 0.24% | -0.16% | 0.32% | -0.23% | 5.12% |
| 2024 | 2.31% | 2.86% | 2.62% | -1.48% | 1.75% | 0.90% | 0.57% | 0.65% | 0.56% | -1.12% | 1.21% | -4.63% | 6.13% |
| 2023 | 3.57% | -1.87% | 1.50% | 1.68% | 1.07% | 5.67% | 2.00% | -1.61% | -0.63% | -1.46% | 4.35% | 3.32% | 18.70% |
| 2022 | -3.33% | -0.91% | 0.27% | -6.02% | 1.17% | -5.95% | 5.10% | -3.01% | -5.01% | 2.53% | 3.70% | -2.78% | -14.02% |
| 2021 | -0.67% | -0.58% | 1.16% | 2.88% | 1.03% | 1.38% | 1.73% | 1.25% | -2.21% | 1.26% | -1.34% | 3.16% | 9.29% |
Benchmark Metrics
Dunham Dynamic Macro Fund has an annualized alpha of -1.71%, beta of 0.36, and R2 of 0.58 versus S&P 500 Index. Calculated based on daily prices since May 03, 2010.
- This fund participated in 54.00% of S&P 500 Index downside but only 32.89% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.36 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -1.71%
- Beta
- 0.36
- R²
- 0.58
- Upside Capture
- 32.89%
- Downside Capture
- 54.00%
Expense Ratio
DNAVX has a high expense ratio of 1.88%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DNAVX ranks 9 for risk / return — in the bottom 9% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Dunham Dynamic Macro Fund (DNAVX) and compare them to S&P 500 Index.
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.
| DNAVX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.32 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 2.46 | -1.51 |
| Martin ratioReturn relative to average drawdown | 3.16 | 10.92 | -7.76 |
Dividends
Dividend History
Dunham Dynamic Macro Fund provided a 11.40% dividend yield over the last twelve months, with an annual payout of $1.30 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.30 | $1.30 | $0.00 | $0.38 | $0.00 | $0.00 | $0.08 | $0.00 | $0.22 |
Dividend yield | 11.40% | 11.56% | 0.00% | 3.41% | 0.00% | 0.00% | 0.75% | 0.00% | 2.42% |
Monthly Dividends
The table displays the monthly dividend distributions for Dunham Dynamic Macro 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 | $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 | $1.30 | $1.30 |
| 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 | $0.38 | $0.38 |
| 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 | $0.00 | $0.00 |
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 Dynamic Macro 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 Dynamic Macro Fund was 17.73%, occurring on Mar 23, 2020. Recovery took 187 trading sessions.
The current Dunham Dynamic Macro Fund drawdown is 2.73%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -17.73%Mar 2020 | 1mo 9d | 8mo 28d | 10mo 7dFeb 2020 - Dec 2020 |
Bear market2022 | -17.12%Sep 2022 | 9mo 4d | 1y 2mo | 1y 11moDec 2021 - Dec 2023 |
2016 correction2016 | -14.56%Feb 2016 | 8mo 25d | 3y 8mo | 4y 5moMay 2015 - Nov 2019 |
2011 correction2011 | -12.75%Oct 2011 | 2mo 24d | 3mo 19d | 6mo 13dJul 2011 - Jan 2012 |
2024 pullback2024 | -8.05%Aug 2024 | 21d | 1mo 22d | 2mo 13dJul 2024 - Sep 2024 |
Drawdown Indicators
| DNAVX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -56.78% | +39.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -9.10% | +6.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.05% | -18.90% | +10.85% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -25.43% | +8.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.73% | -33.92% | +16.19% |
Current DrawdownCurrent decline from peak | -2.73% | -3.21% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -10.71% | +6.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 2.04% | -1.22% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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