DAFGX vs. QQQX

Last updated Jul 14, 2026

DAFGX (Dunham Focused Large Cap Growth Fund) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both mutual funds - DAFGX is a Large Cap Growth Equities fund managed by Dunham, while QQQX is a Derivative Income fund actively managed by Nuveen. Over the past 10 years, DAFGX returned 13.09%/yr vs 13.19%/yr for QQQX. A 0.72 correlation means they provide meaningful diversification when combined. DAFGX charges 1.37%/yr vs 0.89%/yr for QQQX.

Performance

DAFGX vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Focused Large Cap Growth Fund (DAFGX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAFGX achieves a 4.06% return, which is significantly lower than QQQX's 11.14% return. Both investments have delivered pretty close results over the past 10 years, with DAFGX having a 13.09% annualized return and QQQX not far ahead at 13.19%.

DAFGX

• 1D: -0.11%
• 1M: 5.57%
• 6M: 3.19%
• YTD: 4.06%
• 1Y: 0.11%
• 3Y*: 9.13%
• 5Y*: 2.29%
• 10Y*: 13.09%

QQQX

• 1D: -0.72%
• 1M: 0.23%
• 6M: 11.06%
• YTD: 11.14%
• 1Y: 25.81%
• 3Y*: 15.57%
• 5Y*: 8.69%
• 10Y*: 13.19%

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

DAFGX vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAFGX Dunham Focused Large Cap Growth Fund	4.06%	1.72%	11.42%	54.81%	-38.96%	13.01%	49.42%	35.17%	9.80%	26.10%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	11.14%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%	-11.68%	39.19%

Correlation

The correlation between DAFGX and QQQX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011	0.72

The correlation between DAFGX and QQQX has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

Return for Risk

DAFGX vs. QQQX — Risk / Return Rank

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

DAFGX

DAFGX Risk / Return Rank: 3
DAFGX Sharpe Ratio Rank: 3
DAFGX Sortino Ratio Rank: 3
DAFGX Omega Ratio Rank: 3
DAFGX Calmar Ratio Rank: 3
DAFGX Martin Ratio Rank: 3

QQQX

QQQX Risk / Return Rank: 64
QQQX Sharpe Ratio Rank: 54
QQQX Sortino Ratio Rank: 56
QQQX Omega Ratio Rank: 54
QQQX Calmar Ratio Rank: 78
QQQX Martin Ratio Rank: 77

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.

DAFGX vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Focused Large Cap Growth Fund (DAFGX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	DAFGX	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.65	-1.69
Sortino ratio: Return per unit of downside risk	0.08	2.38	-2.30
Omega ratio: Gain probability vs. loss probability	1.01	1.30	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.03	2.84	-2.88
Martin ratio: Return relative to average drawdown	-0.07	10.99	-11.07

DAFGX vs. QQQX - Sharpe Ratio Comparison

The current DAFGX Sharpe Ratio is -0.04, which is lower than the QQQX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of DAFGX and QQQX, 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

DAFGX vs. QQQX - Drawdown Comparison

The maximum DAFGX drawdown since its inception was -47.69%, smaller than the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for DAFGX and QQQX.

Drawdown Indicators

	DAFGX	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-47.69%	-57.25%	+9.56%
Max Drawdown (1Y) Largest decline over 1 year	-27.70%	-9.11%	-18.59%
Max Drawdown (3Y) Largest decline over 3 years	-34.81%	-22.80%	-12.01%
Max Drawdown (5Y) Largest decline over 5 years	-47.69%	-29.33%	-18.36%
Max Drawdown (10Y) Largest decline over 10 years	-47.69%	-35.96%	-11.73%
Current Drawdown Current decline from peak	-12.31%	-2.36%	-9.95%
Average Drawdown Average peak-to-trough decline	-9.59%	-8.00%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.36%	2.35%	+10.01%

Volatility

DAFGX vs. QQQX - Volatility Comparison

Dunham Focused Large Cap Growth Fund (DAFGX) has a higher volatility of 7.48% compared to Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) at 6.75%. This indicates that DAFGX's price experiences larger fluctuations and is considered to be riskier than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAFGX	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	6.75%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	16.60%	13.26%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	20.38%	15.75%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	20.05%	+6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.46%	21.14%	+4.32%

DAFGX vs. QQQX - Expense Ratio Comparison

DAFGX has a 1.37% expense ratio, which is higher than QQQX's 0.89% expense ratio.

Dividends

DAFGX vs. QQQX - Dividend Comparison

DAFGX's dividend yield for the trailing twelve months is around 15.87%, more than QQQX's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFGX Dunham Focused Large Cap Growth Fund	15.87%	16.51%	0.00%	2.40%	0.00%	8.61%	2.31%	3.33%	8.90%	0.95%	0.00%	0.58%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.17%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%

Frequently Asked Questions

Can I hold both DAFGX and QQQX in my portfolio?

DAFGX and QQQX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAFGX or QQQX?

DAFGX has higher volatility (7.48%) compared to QQQX (6.75%). In terms of maximum drawdown, DAFGX dropped -47.69% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

QQQX currently has the higher Sharpe Ratio (1.65 vs -0.04), 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.