BTSIX vs. DCAIX

Last updated Apr 1, 2026

Compare and contrast key facts about BTS Managed Income Fund (BTSIX) and Dunham Long/Short Credit Fund (DCAIX).

BTSIX is managed by BTS. It was launched on Dec 30, 2018. DCAIX is managed by Dunham Funds. It was launched on Dec 9, 2004.

Performance

BTSIX vs. DCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BTS Managed Income Fund (BTSIX) and Dunham Long/Short Credit Fund (DCAIX). The values are adjusted to include any dividend payments, if applicable.

BTSIX vs. DCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTSIX BTS Managed Income Fund	-0.81%	5.68%	4.37%	5.65%	-12.34%	-1.14%	8.63%	4.06%
DCAIX Dunham Long/Short Credit Fund	0.24%	2.47%	3.78%	0.60%	-2.64%	1.47%	4.11%	5.81%

Returns By Period

In the year-to-date period, BTSIX achieves a -0.81% return, which is significantly lower than DCAIX's 0.24% return.

BTSIX

• 1D: 0.03%
• 1M: -2.55%
• YTD: -0.81%
• 6M: 0.38%
• 1Y: 4.27%
• 3Y*: 4.37%
• 5Y*: 0.37%
• 10Y*: —

DCAIX

• 1D: 0.12%
• 1M: -0.00%
• YTD: 0.24%
• 6M: 0.66%
• 1Y: 1.99%
• 3Y*: 3.22%
• 5Y*: 1.01%
• 10Y*: 3.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTSIX vs. DCAIX - Expense Ratio Comparison

BTSIX has a 1.50% expense ratio, which is lower than DCAIX's 1.98% expense ratio.

DCAIX

Dunham Long/Short Credit Fund

BTSIX

BTS Managed Income Fund

Return for Risk

BTSIX vs. DCAIX — Risk / Return Rank

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

BTSIX

BTSIX Risk / Return Rank: 42
BTSIX Sharpe Ratio Rank: 45
BTSIX Sortino Ratio Rank: 38
BTSIX Omega Ratio Rank: 46
BTSIX Calmar Ratio Rank: 37
BTSIX Martin Ratio Rank: 43

DCAIX

DCAIX Risk / Return Rank: 86
DCAIX Sharpe Ratio Rank: 76
DCAIX Sortino Ratio Rank: 74
DCAIX Omega Ratio Rank: 94
DCAIX Calmar Ratio Rank: 89
DCAIX Martin Ratio Rank: 96

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.

BTSIX vs. DCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BTS Managed Income Fund (BTSIX) and Dunham Long/Short Credit Fund (DCAIX). 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.

	BTSIX	DCAIX	Difference
Sharpe ratio Return per unit of total volatility	0.92	1.37	-0.45
Sortino ratio Return per unit of downside risk	1.26	1.84	-0.58
Omega ratio Gain probability vs. loss probability	1.20	1.47	-0.28
Calmar ratio Return relative to maximum drawdown	1.00	2.48	-1.48
Martin ratio Return relative to average drawdown	4.46	14.20	-9.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTSIX vs. DCAIX - Sharpe Ratio Comparison

The current BTSIX Sharpe Ratio is 0.92, which is lower than the DCAIX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of BTSIX and DCAIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTSIX	DCAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.37	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.64	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.24	+0.09

Correlation

The correlation between BTSIX and DCAIX is -0.13. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BTSIX vs. DCAIX - Dividend Comparison

BTSIX's dividend yield for the trailing twelve months is around 5.72%, more than DCAIX's 3.44% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTSIX BTS Managed Income Fund	5.72%	5.62%	2.59%	2.51%	2.59%	1.37%	1.34%	2.01%	0.00%	0.00%	0.00%	0.00%
DCAIX Dunham Long/Short Credit Fund	3.44%	3.79%	3.72%	4.04%	2.63%	2.25%	2.39%	2.27%	1.31%	1.33%	2.28%	5.72%

Drawdowns

BTSIX vs. DCAIX - Drawdown Comparison

The maximum BTSIX drawdown since its inception was -16.28%, smaller than the maximum DCAIX drawdown of -46.34%. Use the drawdown chart below to compare losses from any high point for BTSIX and DCAIX.

Drawdown Indicators

	BTSIX	DCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-46.34%	+30.06%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-0.84%	-3.34%
Max Drawdown (5Y) Largest decline over 5 years	-16.28%	-5.45%	-10.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.53%	—
Current Drawdown Current decline from peak	-2.55%	-0.10%	-2.45%
Average Drawdown Average peak-to-trough decline	-4.74%	-6.02%	+1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.15%	+0.79%

Volatility

BTSIX vs. DCAIX - Volatility Comparison

BTS Managed Income Fund (BTSIX) has a higher volatility of 1.45% compared to Dunham Long/Short Credit Fund (DCAIX) at 0.30%. This indicates that BTSIX's price experiences larger fluctuations and is considered to be riskier than DCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTSIX	DCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	0.30%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	0.71%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	1.45%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.23%	1.57%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	4.07%	+1.22%