DAIOX vs. DAFGX

Last updated Aug 1, 2026

DAIOX (Dunham International Opportunity Bond Fund) and DAFGX (Dunham Focused Large Cap Growth Fund) are both mutual funds - DAIOX is a Global Bonds fund managed by Dunham, while DAFGX is a Large Cap Growth Equities fund managed by Dunham. Over the past 10 years, DAIOX returned 0.80%/yr vs 11.98%/yr for DAFGX. Their 0.09 correlation means their historical movements had little consistent relationship. DAIOX charges 1.58%/yr vs 1.37%/yr for DAFGX.

Performance

DAIOX vs. DAFGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham International Opportunity Bond Fund (DAIOX) and Dunham Focused Large Cap Growth Fund (DAFGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAIOX achieves a 2.42% return, which is significantly higher than DAFGX's -2.60% return. Over the past 10 years, DAIOX has underperformed DAFGX with an annualized return of 0.80%, while DAFGX has yielded a comparatively higher 11.98% annualized return.

DAIOX

• 1D: -0.13%
• 1M: -0.63%
• 6M: 1.39%
• YTD: 2.42%
• 1Y: 4.19%
• 3Y*: 6.50%
• 5Y*: 1.39%
• 10Y*: 0.80%
• ALL TIME*: 0.44%

DAFGX

• 1D: 3.25%
• 1M: -4.22%
• 6M: 2.49%
• YTD: -2.60%
• 1Y: -5.81%
• 3Y*: 5.94%
• 5Y*: 0.72%
• 10Y*: 11.98%
• ALL TIME*: 11.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAFGX Dunham Focused Large Cap Growth Fund	$0.00	$0.00	$0.00
DAIOX Dunham International Opportunity Bond Fund	$0.00	$0.00	$0.00

DAIOX vs. DAFGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAIOX Dunham International Opportunity Bond Fund	2.42%	5.68%	5.33%	12.18%	-14.11%	-2.18%	3.85%	3.82%	-5.00%	9.50%
DAFGX Dunham Focused Large Cap Growth Fund	-2.60%	1.72%	11.42%	54.81%	-38.96%	13.01%	49.42%	35.17%	9.80%	26.10%

Correlation

The correlation between DAIOX and DAFGX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.16
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013	0.09

Over the past year, DAIOX and DAFGX have become more correlated (0.32) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

DAIOX vs. DAFGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAIOX

DAIOX Risk / Return Rank: 49
DAIOX Sharpe Ratio Rank: 46
DAIOX Sortino Ratio Rank: 54
DAIOX Omega Ratio Rank: 62
DAIOX Calmar Ratio Rank: 39
DAIOX Martin Ratio Rank: 45

DAFGX

DAFGX Risk / Return Rank: 2
DAFGX Sharpe Ratio Rank: 2
DAFGX Sortino Ratio Rank: 2
DAFGX Omega Ratio Rank: 2
DAFGX Calmar Ratio Rank: 2
DAFGX Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAIOX vs. DAFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham International Opportunity Bond Fund (DAIOX) and Dunham Focused Large Cap Growth Fund (DAFGX). 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.

	DAIOX	DAFGX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	-0.40	+1.69
Sortino ratio: Return per unit of downside risk	2.01	-0.42	+2.43
Omega ratio: Gain probability vs. loss probability	1.28	0.95	+0.33
Calmar ratio: Return relative to maximum drawdown	1.63	-0.30	+1.93
Martin ratio: Return relative to average drawdown	6.44	-0.66	+7.10

DAIOX vs. DAFGX - Sharpe Ratio Comparison

The current DAIOX Sharpe Ratio is 1.30, which is higher than the DAFGX Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of DAIOX and DAFGX, 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

DAIOX vs. DAFGX - Drawdown Comparison

The maximum DAIOX drawdown since its inception was -27.58%, smaller than the maximum DAFGX drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for DAIOX and DAFGX.

Drawdown Indicators

	DAIOX	DAFGX	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-47.69%	+20.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-27.70%	+25.12%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-34.81%	+30.90%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-47.69%	+22.89%
Max Drawdown (10Y) Largest decline over 10 years	-24.96%	-47.69%	+22.73%
Current Drawdown Current decline from peak	-0.95%	-17.92%	+16.97%
Average Drawdown Average peak-to-trough decline	-9.11%	-9.61%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	12.63%	-11.98%

Volatility

DAIOX vs. DAFGX - Volatility Comparison

The current volatility for Dunham International Opportunity Bond Fund (DAIOX) is 0.69%, while Dunham Focused Large Cap Growth Fund (DAFGX) has a volatility of 7.02%. This indicates that DAIOX experiences smaller price fluctuations and is considered to be less risky than DAFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAIOX	DAFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	7.02%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	17.33%	-14.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	21.16%	-17.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	26.49%	-21.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	25.53%	-19.72%

DAIOX vs. DAFGX - Expense Ratio Comparison

DAIOX has a 1.58% expense ratio, which is higher than DAFGX's 1.37% expense ratio.

Dividends

DAIOX vs. DAFGX - Dividend Comparison

DAIOX's dividend yield for the trailing twelve months is around 3.59%, less than DAFGX's 16.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFGX Dunham Focused Large Cap Growth Fund	16.95%	16.51%	0.00%	2.40%	0.00%	8.61%	2.31%	3.33%	8.90%	0.95%	0.00%	0.58%
DAIOX Dunham International Opportunity Bond Fund	3.59%	4.22%	4.16%	4.56%	7.17%	2.88%	2.23%	0.23%	0.42%	0.11%	1.10%	0.05%

Frequently Asked Questions

Can I hold both DAIOX and DAFGX in my portfolio?

DAIOX and DAFGX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAIOX or DAFGX?

DAFGX has higher volatility (7.02%) compared to DAIOX (0.69%). In terms of maximum drawdown, DAIOX dropped -27.58% vs DAFGX's -47.69%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (1.30 vs -0.40), 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.