DAIOX vs. DCDGX

Last updated Jun 3, 2026

DAIOX (Dunham International Opportunity Bond Fund) and DCDGX (Dunham Small Cap Growth Fund) are both mutual funds - DAIOX is a Global Bonds fund managed by Dunham, while DCDGX is a Small Cap Growth Equities fund managed by Dunham. Over the past 10 years, DAIOX returned 1.02%/yr vs 12.98%/yr for DCDGX. At a 0.09 correlation, their price movements are largely independent. DAIOX charges 1.58%/yr vs 2.83%/yr for DCDGX.

Performance

DAIOX vs. DCDGX - Performance Comparison

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

Returns By Period

In the year-to-date period, DAIOX achieves a 2.62% return, which is significantly lower than DCDGX's 18.29% return. Over the past 10 years, DAIOX has underperformed DCDGX with an annualized return of 1.02%, while DCDGX has yielded a comparatively higher 12.98% annualized return.

DAIOX

• 1D: -0.13%
• 1M: 0.92%
• YTD: 2.62%
• 6M: 2.86%
• 1Y: 6.48%
• 3Y*: 7.48%
• 5Y*: 1.61%
• 10Y*: 1.02%

DCDGX

• 1D: 0.14%
• 1M: 3.89%
• YTD: 18.29%
• 6M: 19.06%
• 1Y: 38.70%
• 3Y*: 17.19%
• 5Y*: 3.36%
• 10Y*: 12.98%

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

DAIOX vs. DCDGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAIOX Dunham International Opportunity Bond Fund	2.62%	5.68%	5.33%	12.18%	-14.11%	-2.18%	3.85%	3.82%	-5.00%	9.50%
DCDGX Dunham Small Cap Growth Fund	18.29%	11.14%	13.01%	20.48%	-33.69%	4.19%	67.17%	23.96%	-4.54%	28.81%

Correlation

The correlation between DAIOX and DCDGX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.09

Over the past year, DAIOX and DCDGX have become more correlated (0.31) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

DAIOX vs. DCDGX — Risk / Return Rank

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

DAIOX

DAIOX Risk / Return Rank: 55
DAIOX Sharpe Ratio Rank: 48
DAIOX Sortino Ratio Rank: 59
DAIOX Omega Ratio Rank: 72
DAIOX Calmar Ratio Rank: 44
DAIOX Martin Ratio Rank: 51

DCDGX

DCDGX Risk / Return Rank: 44
DCDGX Sharpe Ratio Rank: 37
DCDGX Sortino Ratio Rank: 34
DCDGX Omega Ratio Rank: 33
DCDGX Calmar Ratio Rank: 56
DCDGX Martin Ratio Rank: 58

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.

DAIOX vs. DCDGX - Risk-Adjusted Trends Comparison

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

	DAIOX	DCDGX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.78	+0.26
Sortino ratio Return per unit of downside risk	3.22	2.46	+0.75
Omega ratio Gain probability vs. loss probability	1.48	1.30	+0.18
Calmar ratio Return relative to maximum drawdown	2.54	2.87	-0.34
Martin ratio Return relative to average drawdown	10.61	11.66	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAIOX vs. DCDGX - Sharpe Ratio Comparison

The current DAIOX Sharpe Ratio is 2.04, which is comparable to the DCDGX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of DAIOX and DCDGX, 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

	DAIOX	DCDGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.78	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.13	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.53	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.33	-0.26

Drawdowns

DAIOX vs. DCDGX - Drawdown Comparison

The maximum DAIOX drawdown since its inception was -27.58%, smaller than the maximum DCDGX drawdown of -56.02%. Use the drawdown chart below to compare losses from any high point for DAIOX and DCDGX.

Drawdown Indicators

	DAIOX	DCDGX	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-56.02%	+28.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-13.42%	+10.84%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-27.95%	+24.04%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-48.05%	+23.25%
Max Drawdown (10Y) Largest decline over 10 years	-24.96%	-48.05%	+23.09%
Current Drawdown Current decline from peak	-0.13%	-0.54%	+0.41%
Average Drawdown Average peak-to-trough decline	-9.22%	-14.93%	+5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	3.31%	-2.69%

Volatility

DAIOX vs. DCDGX - Volatility Comparison

The current volatility for Dunham International Opportunity Bond Fund (DAIOX) is 0.95%, while Dunham Small Cap Growth Fund (DCDGX) has a volatility of 6.22%. This indicates that DAIOX experiences smaller price fluctuations and is considered to be less risky than DCDGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAIOX	DCDGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	6.22%	-5.27%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	16.60%	-13.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.19%	21.89%	-18.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	25.66%	-21.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	24.78%	-18.89%

DAIOX vs. DCDGX - Expense Ratio Comparison

DAIOX has a 1.58% expense ratio, which is lower than DCDGX's 2.83% expense ratio.

Dividends

DAIOX vs. DCDGX - Dividend Comparison

DAIOX's dividend yield for the trailing twelve months is around 3.96%, less than DCDGX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAIOX Dunham International Opportunity Bond Fund	3.96%	4.22%	4.16%	4.56%	7.17%	2.88%	2.23%	0.23%	0.42%	0.11%	1.10%	0.05%
DCDGX Dunham Small Cap Growth Fund	5.70%	6.74%	0.00%	0.00%	0.00%	29.30%	22.33%	2.06%	38.51%	20.51%	0.00%	11.22%

Frequently Asked Questions

Can I hold both DAIOX and DCDGX in my portfolio?

DAIOX and DCDGX have a correlation of 0.31, 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 DCDGX?

DCDGX has higher volatility (6.22%) compared to DAIOX (0.95%). In terms of maximum drawdown, DAIOX dropped -27.58% vs DCDGX's -56.02%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (2.04 vs 1.78), 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.