DAFRX vs. BXFIX

Last updated Jun 25, 2026

DAFRX (Dunham Floating Rate Bond Fund) and BXFIX (MassMutual Global Floating Rate Fund) are both Bank Loan funds. Over the past 3 years, DAFRX returned 7.33%/yr vs 5.48%/yr for BXFIX. A 0.54 correlation means they provide meaningful diversification when combined. DAFRX charges 1.29%/yr vs 0.77%/yr for BXFIX.

Performance

DAFRX vs. BXFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, DAFRX achieves a 2.14% return, which is significantly higher than BXFIX's 0.32% return.

DAFRX

• 1D: -0.12%
• 1M: 0.31%
• YTD: 2.14%
• 6M: 2.38%
• 1Y: 4.67%
• 3Y*: 7.33%
• 5Y*: 5.11%
• 10Y*: 4.01%

BXFIX

• 1D: -0.12%
• 1M: 0.45%
• YTD: 0.32%
• 6M: 0.93%
• 1Y: 3.44%
• 3Y*: 5.48%
• 5Y*: —
• 10Y*: —

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

DAFRX vs. BXFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DAFRX Dunham Floating Rate Bond Fund	2.14%	5.04%	7.26%	13.05%	-2.54%	0.21%
BXFIX MassMutual Global Floating Rate Fund	0.32%	4.72%	6.83%	10.26%	-5.65%	0.41%

Correlation

The correlation between DAFRX and BXFIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 15, 2021	0.54

The correlation between DAFRX and BXFIX shifts across timeframes, from 0.37 (3 years) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DAFRX vs. BXFIX — Risk / Return Rank

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

DAFRX

DAFRX Risk / Return Rank: 85
DAFRX Sharpe Ratio Rank: 94
DAFRX Sortino Ratio Rank: 95
DAFRX Omega Ratio Rank: 95
DAFRX Calmar Ratio Rank: 80
DAFRX Martin Ratio Rank: 61

BXFIX

BXFIX Risk / Return Rank: 48
BXFIX Sharpe Ratio Rank: 30
BXFIX Sortino Ratio Rank: 65
BXFIX Omega Ratio Rank: 78
BXFIX Calmar Ratio Rank: 35
BXFIX Martin Ratio Rank: 29

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.

DAFRX vs. BXFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Floating Rate Bond Fund (DAFRX) and MassMutual Global Floating Rate Fund (BXFIX). 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.

	DAFRX	BXFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.38	+1.47
Sortino ratio: Return per unit of downside risk	4.52	2.90	+1.63
Omega ratio: Gain probability vs. loss probability	1.72	1.44	+0.27
Calmar ratio: Return relative to maximum drawdown	3.31	2.01	+1.30
Martin ratio: Return relative to average drawdown	10.66	5.95	+4.71

DAFRX vs. BXFIX - Sharpe Ratio Comparison

The current DAFRX Sharpe Ratio is 2.85, which is higher than the BXFIX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DAFRX and BXFIX, 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

DAFRX vs. BXFIX - Drawdown Comparison

The maximum DAFRX drawdown since its inception was -19.42%, which is greater than BXFIX's maximum drawdown of -9.12%. Use the drawdown chart below to compare losses from any high point for DAFRX and BXFIX.

Drawdown Indicators

	DAFRX	BXFIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-9.12%	-10.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-1.72%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-3.34%	-2.92%	-0.42%
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.42%	—	—
Current Drawdown Current decline from peak	-0.12%	-0.24%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.97%	-1.49%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.58%	-0.13%

Volatility

DAFRX vs. BXFIX - Volatility Comparison

The current volatility for Dunham Floating Rate Bond Fund (DAFRX) is 0.35%, while MassMutual Global Floating Rate Fund (BXFIX) has a volatility of 0.68%. This indicates that DAFRX experiences smaller price fluctuations and is considered to be less risky than BXFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAFRX	BXFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.68%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.29%	1.91%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	1.69%	2.52%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.24%	3.00%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	3.00%	+0.38%

DAFRX vs. BXFIX - Expense Ratio Comparison

DAFRX has a 1.29% expense ratio, which is higher than BXFIX's 0.77% expense ratio.

Dividends

DAFRX vs. BXFIX - Dividend Comparison

DAFRX's dividend yield for the trailing twelve months is around 7.37%, which matches BXFIX's 7.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BXFIX MassMutual Global Floating Rate Fund	7.31%	7.58%	7.30%	6.10%	4.35%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DAFRX Dunham Floating Rate Bond Fund	7.37%	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 DAFRX and BXFIX in my portfolio?

DAFRX and BXFIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAFRX or BXFIX?

BXFIX has higher volatility (0.68%) compared to DAFRX (0.35%). In terms of maximum drawdown, DAFRX dropped -19.42% vs BXFIX's -9.12%.

Which has better risk-adjusted returns?

DAFRX currently has the higher Sharpe Ratio (2.85 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.