DAIOX vs. TNBMX

Last updated Jun 3, 2026

DAIOX (Dunham International Opportunity Bond Fund) and TNBMX (T. Rowe Price International Bond Fund (USD Hedged)) are both Global Bonds funds. Over the past 5 years, DAIOX returned 1.61%/yr vs 1.47%/yr for TNBMX. A 0.58 correlation means they provide meaningful diversification when combined. DAIOX charges 1.58%/yr vs 0.53%/yr for TNBMX.

Performance

DAIOX vs. TNBMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham International Opportunity Bond Fund (DAIOX) and T. Rowe Price International Bond Fund (USD Hedged) (TNBMX). 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 higher than TNBMX's 0.86% 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%

TNBMX

• 1D: -0.23%
• 1M: 0.47%
• YTD: 0.86%
• 6M: 1.29%
• 1Y: 4.39%
• 3Y*: 5.71%
• 5Y*: 1.47%
• 10Y*: —

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

DAIOX vs. TNBMX - 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%	-0.10%
TNBMX T. Rowe Price International Bond Fund (USD Hedged)	0.86%	5.25%	5.00%	10.32%	-12.30%	-1.63%	5.73%	10.77%	1.72%	1.35%

Correlation

The correlation between DAIOX and TNBMX 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	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 14, 2017	0.58

The correlation between DAIOX and TNBMX shifts across timeframes, from 0.58 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DAIOX vs. TNBMX — 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

TNBMX

TNBMX Risk / Return Rank: 35
TNBMX Sharpe Ratio Rank: 34
TNBMX Sortino Ratio Rank: 42
TNBMX Omega Ratio Rank: 49
TNBMX Calmar Ratio Rank: 25
TNBMX Martin Ratio Rank: 26

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. TNBMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham International Opportunity Bond Fund (DAIOX) and T. Rowe Price International Bond Fund (USD Hedged) (TNBMX). 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	TNBMX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.69	+0.35
Sortino ratio Return per unit of downside risk	3.22	2.71	+0.50
Omega ratio Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio Return relative to maximum drawdown	2.54	1.89	+0.65
Martin ratio Return relative to average drawdown	10.61	6.48	+4.13
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. TNBMX - Sharpe Ratio Comparison

The current DAIOX Sharpe Ratio is 2.04, which is comparable to the TNBMX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of DAIOX and TNBMX, 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	TNBMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.69	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.41	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.87	-0.79

Drawdowns

DAIOX vs. TNBMX - Drawdown Comparison

The maximum DAIOX drawdown since its inception was -27.58%, which is greater than TNBMX's maximum drawdown of -15.78%. Use the drawdown chart below to compare losses from any high point for DAIOX and TNBMX.

Drawdown Indicators

	DAIOX	TNBMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-15.78%	-11.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.32%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-3.91%	-2.32%	-1.59%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-15.48%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-24.96%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.51%	+0.38%
Average Drawdown Average peak-to-trough decline	-9.22%	-3.07%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.68%	-0.06%

Volatility

DAIOX vs. TNBMX - Volatility Comparison

Dunham International Opportunity Bond Fund (DAIOX) has a higher volatility of 0.95% compared to T. Rowe Price International Bond Fund (USD Hedged) (TNBMX) at 0.88%. This indicates that DAIOX's price experiences larger fluctuations and is considered to be riskier than TNBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAIOX	TNBMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.88%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	2.14%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.19%	2.54%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	3.63%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	3.33%	+2.56%

DAIOX vs. TNBMX - Expense Ratio Comparison

DAIOX has a 1.58% expense ratio, which is higher than TNBMX's 0.53% expense ratio.

Dividends

DAIOX vs. TNBMX - Dividend Comparison

DAIOX's dividend yield for the trailing twelve months is around 3.96%, less than TNBMX's 4.78% 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%
TNBMX T. Rowe Price International Bond Fund (USD Hedged)	4.78%	4.76%	4.24%	2.85%	10.20%	2.84%	1.90%	4.65%	8.20%	0.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAIOX and TNBMX in my portfolio?

DAIOX and TNBMX 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 TNBMX?

DAIOX has higher volatility (0.95%) compared to TNBMX (0.88%). In terms of maximum drawdown, DAIOX dropped -27.58% vs TNBMX's -15.78%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (2.04 vs 1.69), 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.