DAIOX vs. DGCFX

Last updated Jun 23, 2026

DAIOX (Dunham International Opportunity Bond Fund) and DGCFX (DFA Global Core Plus Fixed Income Portfolio) are both Global Bonds funds. Over the past 5 years, DAIOX returned 1.65%/yr vs 0.63%/yr for DGCFX. A 0.57 correlation means they provide meaningful diversification when combined. DAIOX charges 1.58%/yr vs 0.25%/yr for DGCFX.

Performance

DAIOX vs. DGCFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham International Opportunity Bond Fund (DAIOX) and DFA Global Core Plus Fixed Income Portfolio (DGCFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAIOX achieves a 3.27% return, which is significantly higher than DGCFX's 1.78% return.

DAIOX

• 1D: -0.13%
• 1M: 1.29%
• YTD: 3.27%
• 6M: 3.64%
• 1Y: 6.33%
• 3Y*: 7.37%
• 5Y*: 1.65%
• 10Y*: 0.96%

DGCFX

• 1D: 0.22%
• 1M: 1.19%
• YTD: 1.78%
• 6M: 2.11%
• 1Y: 4.98%
• 3Y*: 6.03%
• 5Y*: 0.63%
• 10Y*: —

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

DAIOX vs. DGCFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DAIOX Dunham International Opportunity Bond Fund	3.27%	5.68%	5.33%	12.18%	-14.11%	-2.18%	3.85%	3.82%	-8.48%
DGCFX DFA Global Core Plus Fixed Income Portfolio	1.78%	6.12%	3.57%	10.01%	-15.88%	-2.04%	8.51%	11.55%	1.13%

Correlation

The correlation between DAIOX and DGCFX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 27, 2018	0.57

The correlation between DAIOX and DGCFX shifts across timeframes, from 0.57 (all time) to 0.71 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DAIOX vs. DGCFX — Risk / Return Rank

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

DAIOX

DAIOX Risk / Return Rank: 56
DAIOX Sharpe Ratio Rank: 50
DAIOX Sortino Ratio Rank: 63
DAIOX Omega Ratio Rank: 73
DAIOX Calmar Ratio Rank: 43
DAIOX Martin Ratio Rank: 52

DGCFX

DGCFX Risk / Return Rank: 28
DGCFX Sharpe Ratio Rank: 30
DGCFX Sortino Ratio Rank: 31
DGCFX Omega Ratio Rank: 32
DGCFX Calmar Ratio Rank: 22
DGCFX Martin Ratio Rank: 23

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. DGCFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham International Opportunity Bond Fund (DAIOX) and DFA Global Core Plus Fixed Income Portfolio (DGCFX). 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	DGCFX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.46	+0.46
Sortino ratio: Return per unit of downside risk	3.02	2.15	+0.87
Omega ratio: Gain probability vs. loss probability	1.44	1.28	+0.16
Calmar ratio: Return relative to maximum drawdown	2.41	1.61	+0.80
Martin ratio: Return relative to average drawdown	9.99	5.15	+4.85

DAIOX vs. DGCFX - Sharpe Ratio Comparison

The current DAIOX Sharpe Ratio is 1.92, which is higher than the DGCFX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of DAIOX and DGCFX, 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. DGCFX - Drawdown Comparison

The maximum DAIOX drawdown since its inception was -27.58%, which is greater than DGCFX's maximum drawdown of -21.77%. Use the drawdown chart below to compare losses from any high point for DAIOX and DGCFX.

Drawdown Indicators

	DAIOX	DGCFX	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-21.77%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-3.19%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-4.20%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-21.77%	-3.03%
Max Drawdown (10Y) Largest decline over 10 years	-24.96%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.28%	+0.15%
Average Drawdown Average peak-to-trough decline	-9.18%	-5.34%	-3.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.99%	-0.37%

Volatility

DAIOX vs. DGCFX - Volatility Comparison

The current volatility for Dunham International Opportunity Bond Fund (DAIOX) is 0.87%, while DFA Global Core Plus Fixed Income Portfolio (DGCFX) has a volatility of 1.02%. This indicates that DAIOX experiences smaller price fluctuations and is considered to be less risky than DGCFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAIOX	DGCFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	1.02%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	2.86%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	3.52%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.66%	5.47%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	4.91%	+0.95%

DAIOX vs. DGCFX - Expense Ratio Comparison

DAIOX has a 1.58% expense ratio, which is higher than DGCFX's 0.25% expense ratio.

Dividends

DAIOX vs. DGCFX - Dividend Comparison

DAIOX's dividend yield for the trailing twelve months is around 3.93%, less than DGCFX's 4.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAIOX Dunham International Opportunity Bond Fund	3.93%	4.22%	4.16%	4.56%	7.17%	2.88%	2.23%	0.23%	0.42%	0.11%	1.10%	0.05%
DGCFX DFA Global Core Plus Fixed Income Portfolio	4.73%	4.22%	4.40%	4.03%	2.26%	2.45%	1.78%	1.92%	6.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAIOX and DGCFX in my portfolio?

DAIOX and DGCFX have a correlation of 0.62, 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 DGCFX?

DGCFX has higher volatility (1.02%) compared to DAIOX (0.87%). In terms of maximum drawdown, DAIOX dropped -27.58% vs DGCFX's -21.77%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (1.92 vs 1.46), 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.