CEMIX vs. DODIX

Last updated Jun 6, 2026

CEMIX (Causeway Emerging Markets Fund) and DODIX (Dodge & Cox Income Fund) are both mutual funds - CEMIX is a Emerging Markets Diversified fund managed by Causeway, while DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox. Over the past 10 years, CEMIX returned 12.07%/yr vs 2.92%/yr for DODIX. At a correlation of -0.03, they often move in opposite directions. CEMIX charges 1.10%/yr vs 0.41%/yr for DODIX.

Performance

CEMIX vs. DODIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Causeway Emerging Markets Fund (CEMIX) and Dodge & Cox Income Fund (DODIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEMIX achieves a 34.33% return, which is significantly higher than DODIX's 0.36% return. Over the past 10 years, CEMIX has outperformed DODIX with an annualized return of 12.07%, while DODIX has yielded a comparatively lower 2.92% annualized return.

CEMIX

• 1D: -1.32%
• 1M: 4.24%
• YTD: 34.33%
• 6M: 37.20%
• 1Y: 65.08%
• 3Y*: 32.10%
• 5Y*: 11.40%
• 10Y*: 12.07%

DODIX

• 1D: 0.08%
• 1M: -0.31%
• YTD: 0.36%
• 6M: 0.71%
• 1Y: 5.84%
• 3Y*: 5.21%
• 5Y*: 1.22%
• 10Y*: 2.92%

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

CEMIX vs. DODIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMIX Causeway Emerging Markets Fund	34.33%	36.22%	14.90%	17.13%	-23.05%	-0.83%	16.95%	16.73%	-17.91%	39.79%
DODIX Dodge & Cox Income Fund	0.36%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%

Correlation

The correlation between CEMIX and DODIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 2, 2007	-0.03

The correlation between CEMIX and DODIX shifts across timeframes, from -0.03 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CEMIX vs. DODIX — Risk / Return Rank

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

CEMIX

CEMIX Risk / Return Rank: 91
CEMIX Sharpe Ratio Rank: 95
CEMIX Sortino Ratio Rank: 87
CEMIX Omega Ratio Rank: 87
CEMIX Calmar Ratio Rank: 92
CEMIX Martin Ratio Rank: 93

DODIX

DODIX Risk / Return Rank: 25
DODIX Sharpe Ratio Rank: 25
DODIX Sortino Ratio Rank: 26
DODIX Omega Ratio Rank: 24
DODIX Calmar Ratio Rank: 25
DODIX Martin Ratio Rank: 23

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.

CEMIX vs. DODIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Causeway Emerging Markets Fund (CEMIX) and Dodge & Cox Income Fund (DODIX). 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.

	CEMIX	DODIX	Difference
Sharpe ratio: Return per unit of total volatility	3.32	1.38	+1.94
Sortino ratio: Return per unit of downside risk	4.13	2.03	+2.09
Omega ratio: Gain probability vs. loss probability	1.60	1.25	+0.35
Calmar ratio: Return relative to maximum drawdown	4.88	1.77	+3.11
Martin ratio: Return relative to average drawdown	19.45	5.35	+14.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMIX vs. DODIX - Sharpe Ratio Comparison

The current CEMIX Sharpe Ratio is 3.32, which is higher than the DODIX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of CEMIX and DODIX, 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

	CEMIX	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.32	1.38	+1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.22	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.66	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.47	-1.14

Drawdowns

CEMIX vs. DODIX - Drawdown Comparison

The maximum CEMIX drawdown since its inception was -68.90%, which is greater than DODIX's maximum drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for CEMIX and DODIX.

Drawdown Indicators

	CEMIX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	-16.89%	-52.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-3.17%	-10.44%
Max Drawdown (3Y) Largest decline over 3 years	-17.92%	-5.68%	-12.24%
Max Drawdown (5Y) Largest decline over 5 years	-36.29%	-16.89%	-19.40%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-16.89%	-22.70%
Current Drawdown Current decline from peak	-1.72%	-1.78%	+0.06%
Average Drawdown Average peak-to-trough decline	-15.78%	-1.50%	-14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	1.05%	+2.35%

Volatility

CEMIX vs. DODIX - Volatility Comparison

Causeway Emerging Markets Fund (CEMIX) has a higher volatility of 8.33% compared to Dodge & Cox Income Fund (DODIX) at 1.38%. This indicates that CEMIX's price experiences larger fluctuations and is considered to be riskier than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMIX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.33%	1.38%	+6.95%
Volatility (6M) Calculated over the trailing 6-month period	17.13%	2.98%	+14.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.09%	4.12%	+15.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	5.56%	+12.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.40%	4.45%	+13.95%

CEMIX vs. DODIX - Expense Ratio Comparison

CEMIX has a 1.10% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

CEMIX vs. DODIX - Dividend Comparison

CEMIX's dividend yield for the trailing twelve months is around 1.86%, less than DODIX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMIX Causeway Emerging Markets Fund	1.86%	2.49%	3.73%	4.85%	4.87%	23.35%	1.36%	2.03%	2.01%	1.58%	1.55%	1.69%
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%

Frequently Asked Questions

Can I hold both CEMIX and DODIX in my portfolio?

CEMIX and DODIX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEMIX or DODIX?

CEMIX has higher volatility (8.33%) compared to DODIX (1.38%). In terms of maximum drawdown, CEMIX dropped -68.90% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

CEMIX currently has the higher Sharpe Ratio (3.32 vs 1.38), 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.