^TNX vs. DODGX
^TNX (Treasury Yield 10 Years) is an index, while DODGX (Dodge & Cox Stock Fund Class I) is Large Cap Value Equities fund actively managed by Dodge & Cox. Over the past 10 years, ^TNX returned 10.75%/yr vs 12.65%/yr for DODGX. At a 0.12 correlation, their price movements are largely independent.
Performance
^TNX vs. DODGX - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 9.34% return, which is significantly higher than DODGX's 3.91% return. Over the past 10 years, ^TNX has underperformed DODGX with an annualized return of 10.75%, while DODGX has yielded a comparatively higher 12.65% annualized return.
^TNX
- 1D
- 0.35%
- 1M
- 4.31%
- YTD
- 9.34%
- 6M
- 9.11%
- 1Y
- 0.93%
- 3Y*
- 6.72%
- 5Y*
- 25.04%
- 10Y*
- 10.75%
DODGX
- 1D
- -0.70%
- 1M
- 0.89%
- YTD
- 3.91%
- 6M
- 6.39%
- 1Y
- 12.33%
- 3Y*
- 15.24%
- 5Y*
- 8.58%
- 10Y*
- 12.65%
^TNX vs. DODGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Treasury Yield 10 Years | 9.34% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
DODGX Dodge & Cox Stock Fund Class I | 3.91% | 13.66% | 14.36% | 17.49% | -7.25% | 31.72% | 7.10% | 24.30% | -7.15% | 18.33% |
Correlation
The correlation between ^TNX and DODGX is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1980 | 0.12 |
The correlation between ^TNX and DODGX shifts across timeframes, from -0.24 (1 year) to 0.21 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
^TNX vs. DODGX — Risk / Return Rank
^TNX
DODGX
^TNX vs. DODGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 10 Years (^TNX) and Dodge & Cox Stock Fund Class I (DODGX). 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.
| ^TNX | DODGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.21 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.08 | 1.82 | -1.74 |
| Martin ratioReturn relative to average drawdown | 0.14 | 6.39 | -6.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ^TNX | DODGX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | 1.21 | -1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.54 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.66 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.63 | -0.66 |
Drawdowns
^TNX vs. DODGX - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, which is greater than DODGX's maximum drawdown of -63.24%. Use the drawdown chart below to compare losses from any high point for ^TNX and DODGX.
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Drawdown Indicators
| ^TNX | DODGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.85% | -63.24% | -33.61% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -7.48% | -4.46% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -14.89% | -12.52% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -21.85% | -5.56% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -40.41% | -44.16% |
Current DrawdownCurrent decline from peak | -71.26% | -0.70% | -70.56% |
Average DrawdownAverage peak-to-trough decline | -55.00% | -7.51% | -47.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 2.12% | +4.86% |
Volatility
^TNX vs. DODGX - Volatility Comparison
Treasury Yield 10 Years (^TNX) has a higher volatility of 4.91% compared to Dodge & Cox Stock Fund Class I (DODGX) at 2.97%. This indicates that ^TNX's price experiences larger fluctuations and is considered to be riskier than DODGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^TNX | DODGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.91% | 2.97% | +1.94% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 8.21% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.21% | 11.24% | +3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.40% | 15.97% | +16.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.99% | 19.22% | +28.77% |
Frequently Asked Questions
^TNX and DODGX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (4.91%) compared to DODGX (2.97%). In terms of maximum drawdown, ^TNX dropped -96.85% vs DODGX's -63.24%.
DODGX currently has the higher Sharpe Ratio (1.21 vs 0.06), 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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