CWBFX vs. DODLX

Last updated Jun 4, 2026

CWBFX (American Funds Capital World Bond Fund) and DODLX (Dodge & Cox Global Bond Fund) are both Global Bonds funds. Over the past 10 years, CWBFX returned 0.27%/yr vs 4.90%/yr for DODLX. A 0.70 correlation means they provide meaningful diversification when combined. CWBFX charges 0.95%/yr vs 0.45%/yr for DODLX.

Performance

CWBFX vs. DODLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Capital World Bond Fund (CWBFX) and Dodge & Cox Global Bond Fund (DODLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWBFX achieves a -0.48% return, which is significantly lower than DODLX's 1.32% return. Over the past 10 years, CWBFX has underperformed DODLX with an annualized return of 0.27%, while DODLX has yielded a comparatively higher 4.90% annualized return.

CWBFX

• 1D: 0.12%
• 1M: 0.37%
• YTD: -0.48%
• 6M: -0.30%
• 1Y: 1.53%
• 3Y*: 2.85%
• 5Y*: -2.43%
• 10Y*: 0.27%

DODLX

• 1D: 0.09%
• 1M: 0.71%
• YTD: 1.32%
• 6M: 1.12%
• 1Y: 7.27%
• 3Y*: 6.99%
• 5Y*: 3.14%
• 10Y*: 4.90%

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

CWBFX vs. DODLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWBFX American Funds Capital World Bond Fund	-0.48%	7.78%	-3.25%	5.81%	-17.52%	-5.17%	9.91%	7.66%	-1.81%	7.26%
DODLX Dodge & Cox Global Bond Fund	1.32%	11.51%	0.55%	12.30%	-8.21%	-0.85%	11.87%	12.23%	-1.45%	8.31%

Correlation

The correlation between CWBFX and DODLX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 2, 2014	0.70

Over the past year, CWBFX and DODLX have become more correlated (0.91) than their long-term average of 0.70, meaning their price movements have been converging.

Return for Risk

CWBFX vs. DODLX — Risk / Return Rank

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

CWBFX

CWBFX Risk / Return Rank: 4
CWBFX Sharpe Ratio Rank: 4
CWBFX Sortino Ratio Rank: 4
CWBFX Omega Ratio Rank: 4
CWBFX Calmar Ratio Rank: 4
CWBFX Martin Ratio Rank: 4

DODLX

DODLX Risk / Return Rank: 32
DODLX Sharpe Ratio Rank: 35
DODLX Sortino Ratio Rank: 36
DODLX Omega Ratio Rank: 37
DODLX Calmar Ratio Rank: 28
DODLX Martin Ratio Rank: 26

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.

CWBFX vs. DODLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Capital World Bond Fund (CWBFX) and Dodge & Cox Global Bond Fund (DODLX). 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.

	CWBFX	DODLX	Difference
Sharpe ratio: Return per unit of total volatility	0.25	1.70	-1.45
Sortino ratio: Return per unit of downside risk	0.39	2.49	-2.11
Omega ratio: Gain probability vs. loss probability	1.05	1.32	-0.27
Calmar ratio: Return relative to maximum drawdown	0.29	1.99	-1.70
Martin ratio: Return relative to average drawdown	0.80	6.37	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWBFX vs. DODLX - Sharpe Ratio Comparison

The current CWBFX Sharpe Ratio is 0.25, which is lower than the DODLX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CWBFX and DODLX, 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

	CWBFX	DODLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.25	1.70	-1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.37	0.60	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	1.02	-0.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.80	+0.06

Drawdowns

CWBFX vs. DODLX - Drawdown Comparison

The maximum CWBFX drawdown since its inception was -27.91%, which is greater than DODLX's maximum drawdown of -16.30%. Use the drawdown chart below to compare losses from any high point for CWBFX and DODLX.

Drawdown Indicators

	CWBFX	DODLX	Difference
Max Drawdown Largest peak-to-trough decline	-27.91%	-16.30%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-3.67%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-7.69%	-6.21%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.34%	-16.30%	-10.04%
Max Drawdown (10Y) Largest decline over 10 years	-27.91%	-16.30%	-11.61%
Current Drawdown Current decline from peak	-14.34%	-1.40%	-12.94%
Average Drawdown Average peak-to-trough decline	-4.19%	-3.04%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.14%	+0.47%

Volatility

CWBFX vs. DODLX - Volatility Comparison

American Funds Capital World Bond Fund (CWBFX) has a higher volatility of 1.81% compared to Dodge & Cox Global Bond Fund (DODLX) at 1.70%. This indicates that CWBFX's price experiences larger fluctuations and is considered to be riskier than DODLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWBFX	DODLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.70%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	3.77%	3.37%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.16%	4.30%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	5.25%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.65%	4.81%	+0.84%

CWBFX vs. DODLX - Expense Ratio Comparison

CWBFX has a 0.95% expense ratio, which is higher than DODLX's 0.45% expense ratio.

Dividends

CWBFX vs. DODLX - Dividend Comparison

CWBFX's dividend yield for the trailing twelve months is around 2.78%, less than DODLX's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWBFX American Funds Capital World Bond Fund	2.78%	2.68%	3.01%	2.47%	1.99%	2.63%	3.18%	2.26%	1.87%	1.80%	2.05%	0.58%
DODLX Dodge & Cox Global Bond Fund	4.03%	4.07%	4.73%	3.31%	5.05%	3.86%	2.66%	3.40%	5.19%	2.45%	1.69%	0.00%

Frequently Asked Questions

Can I hold both CWBFX and DODLX in my portfolio?

With a correlation of 0.91, CWBFX and DODLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CWBFX or DODLX?

CWBFX has higher volatility (1.81%) compared to DODLX (1.70%). In terms of maximum drawdown, CWBFX dropped -27.91% vs DODLX's -16.30%.

Which has better risk-adjusted returns?

DODLX currently has the higher Sharpe Ratio (1.70 vs 0.25), 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.