CREDX vs. DAFRX

Last updated Jul 14, 2026

CREDX (BlackRock Credit Strategies Fund) and DAFRX (Dunham Floating Rate Bond Fund) are both Bank Loan funds. Over the past 5 years, CREDX returned 2.65%/yr vs 5.09%/yr for DAFRX. At a 0.40 correlation, their price movements are largely independent. CREDX charges 2.19%/yr vs 1.29%/yr for DAFRX.

Performance

CREDX vs. DAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Credit Strategies Fund (CREDX) and Dunham Floating Rate Bond Fund (DAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CREDX having a 2.19% return and DAFRX slightly higher at 2.24%.

CREDX

• 1D: -0.12%
• 1M: 0.38%
• 6M: 1.94%
• YTD: 2.19%
• 1Y: 4.50%
• 3Y*: 7.55%
• 5Y*: 2.65%
• 10Y*: —

DAFRX

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.76%
• YTD: 2.24%
• 1Y: 3.84%
• 3Y*: 6.88%
• 5Y*: 5.09%
• 10Y*: 3.93%

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

CREDX vs. DAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CREDX BlackRock Credit Strategies Fund	2.19%	5.55%	8.41%	12.18%	-12.08%	1.03%
DAFRX Dunham Floating Rate Bond Fund	2.24%	5.04%	7.26%	13.05%	-2.54%	3.51%

Correlation

The correlation between CREDX and DAFRX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.40

The correlation between CREDX and DAFRX shifts across timeframes, from 0.29 (3 years) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CREDX vs. DAFRX — Risk / Return Rank

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

CREDX

CREDX Risk / Return Rank: 69
CREDX Sharpe Ratio Rank: 40
CREDX Sortino Ratio Rank: 76
CREDX Omega Ratio Rank: 80
CREDX Calmar Ratio Rank: 87
CREDX Martin Ratio Rank: 59

DAFRX

DAFRX Risk / Return Rank: 79
DAFRX Sharpe Ratio Rank: 87
DAFRX Sortino Ratio Rank: 89
DAFRX Omega Ratio Rank: 91
DAFRX Calmar Ratio Rank: 73
DAFRX Martin Ratio Rank: 53

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.

CREDX vs. DAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Credit Strategies Fund (CREDX) and Dunham Floating Rate Bond Fund (DAFRX). 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.

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.

	CREDX	DAFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.31	-0.89
Sortino ratio: Return per unit of downside risk	2.79	3.62	-0.83
Omega ratio: Gain probability vs. loss probability	1.40	1.56	-0.16
Calmar ratio: Return relative to maximum drawdown	3.40	2.65	+0.75
Martin ratio: Return relative to average drawdown	9.18	8.51	+0.67

CREDX vs. DAFRX - Sharpe Ratio Comparison

The current CREDX Sharpe Ratio is 1.41, which is lower than the DAFRX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of CREDX and DAFRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CREDX vs. DAFRX - Drawdown Comparison

The maximum CREDX drawdown since its inception was -15.13%, smaller than the maximum DAFRX drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for CREDX and DAFRX.

Drawdown Indicators

	CREDX	DAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-19.42%	+4.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.33%	-1.45%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-2.47%	-3.34%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.13%	-7.08%	-8.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-0.12%	-0.02%	-0.10%
Average Drawdown Average peak-to-trough decline	-3.72%	-0.96%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.45%	+0.04%

Volatility

CREDX vs. DAFRX - Volatility Comparison

BlackRock Credit Strategies Fund (CREDX) has a higher volatility of 0.78% compared to Dunham Floating Rate Bond Fund (DAFRX) at 0.34%. This indicates that CREDX's price experiences larger fluctuations and is considered to be riskier than DAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CREDX	DAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.34%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	1.29%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	1.67%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.43%	2.24%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	3.38%	-0.07%

CREDX vs. DAFRX - Expense Ratio Comparison

CREDX has a 2.19% expense ratio, which is higher than DAFRX's 1.29% expense ratio.

Dividends

CREDX vs. DAFRX - Dividend Comparison

CREDX's dividend yield for the trailing twelve months is around 9.23%, more than DAFRX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CREDX BlackRock Credit Strategies Fund	9.23%	9.16%	9.78%	9.98%	3.41%	5.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DAFRX Dunham Floating Rate Bond Fund	7.42%	7.26%	7.87%	8.91%	5.76%	3.13%	3.27%	4.36%	4.30%	3.31%	3.01%	3.13%

Frequently Asked Questions

Can I hold both CREDX and DAFRX in my portfolio?

CREDX and DAFRX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CREDX or DAFRX?

CREDX has higher volatility (0.78%) compared to DAFRX (0.34%). In terms of maximum drawdown, CREDX dropped -15.13% vs DAFRX's -19.42%.

Which has better risk-adjusted returns?

DAFRX currently has the higher Sharpe Ratio (2.31 vs 1.41), 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.