DAMDX vs. AEDNX

Last updated Jun 3, 2026

DAMDX (Dunham Monthly Distribution Fund) and AEDNX (Water Island Event-Driven Fund) are both Event Driven funds. Over the past 10 years, DAMDX returned 2.96%/yr vs 4.25%/yr for AEDNX. A 0.56 correlation means they provide meaningful diversification when combined. DAMDX charges 2.38%/yr vs 1.44%/yr for AEDNX.

Performance

DAMDX vs. AEDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Monthly Distribution Fund (DAMDX) and Water Island Event-Driven Fund (AEDNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DAMDX achieves a 1.24% return, which is significantly lower than AEDNX's 1.88% return. Over the past 10 years, DAMDX has underperformed AEDNX with an annualized return of 2.96%, while AEDNX has yielded a comparatively higher 4.25% annualized return.

DAMDX

• 1D: -0.04%
• 1M: -0.58%
• YTD: 1.24%
• 6M: 1.93%
• 1Y: 5.81%
• 3Y*: 6.85%
• 5Y*: 3.10%
• 10Y*: 2.96%

AEDNX

• 1D: -0.08%
• 1M: 0.23%
• YTD: 1.88%
• 6M: 2.60%
• 1Y: 7.46%
• 3Y*: 6.82%
• 5Y*: 2.96%
• 10Y*: 4.25%

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

DAMDX vs. AEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAMDX Dunham Monthly Distribution Fund	1.24%	7.93%	5.29%	4.06%	0.57%	0.12%	0.44%	5.54%	-1.01%	4.08%
AEDNX Water Island Event-Driven Fund	1.88%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%

Correlation

The correlation between DAMDX and AEDNX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.56

The correlation between DAMDX and AEDNX shifts across timeframes, from 0.43 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DAMDX vs. AEDNX — Risk / Return Rank

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

DAMDX

DAMDX Risk / Return Rank: 96
DAMDX Sharpe Ratio Rank: 96
DAMDX Sortino Ratio Rank: 97
DAMDX Omega Ratio Rank: 97
DAMDX Calmar Ratio Rank: 95
DAMDX Martin Ratio Rank: 98

AEDNX

AEDNX Risk / Return Rank: 94
AEDNX Sharpe Ratio Rank: 92
AEDNX Sortino Ratio Rank: 96
AEDNX Omega Ratio Rank: 94
AEDNX Calmar Ratio Rank: 94
AEDNX Martin Ratio Rank: 92

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.

DAMDX vs. AEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Monthly Distribution Fund (DAMDX) and Water Island Event-Driven Fund (AEDNX). 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.

	DAMDX	AEDNX	Difference
Sharpe ratio Return per unit of total volatility	3.48	3.13	+0.36
Sortino ratio Return per unit of downside risk	5.67	5.34	+0.33
Omega ratio Gain probability vs. loss probability	1.90	1.76	+0.14
Calmar ratio Return relative to maximum drawdown	5.74	5.50	+0.25
Martin ratio Return relative to average drawdown	36.64	19.69	+16.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAMDX vs. AEDNX - Sharpe Ratio Comparison

The current DAMDX Sharpe Ratio is 3.48, which is comparable to the AEDNX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of DAMDX and AEDNX, 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

	DAMDX	AEDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.48	3.13	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.74	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.83	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.64	-0.78

Drawdowns

DAMDX vs. AEDNX - Drawdown Comparison

The maximum DAMDX drawdown since its inception was -69.68%, which is greater than AEDNX's maximum drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for DAMDX and AEDNX.

Drawdown Indicators

	DAMDX	AEDNX	Difference
Max Drawdown Largest peak-to-trough decline	-69.68%	-13.03%	-56.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-1.37%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-2.79%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-8.44%	-8.94%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-8.44%	-12.24%	+3.80%
Current Drawdown Current decline from peak	-35.48%	-0.53%	-34.95%
Average Drawdown Average peak-to-trough decline	-48.77%	-2.71%	-46.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.38%	-0.22%

Volatility

DAMDX vs. AEDNX - Volatility Comparison

The current volatility for Dunham Monthly Distribution Fund (DAMDX) is 0.81%, while Water Island Event-Driven Fund (AEDNX) has a volatility of 0.92%. This indicates that DAMDX experiences smaller price fluctuations and is considered to be less risky than AEDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAMDX	AEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.92%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	2.12%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	1.72%	2.46%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.34%	4.05%	+0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	5.15%	-1.15%

DAMDX vs. AEDNX - Expense Ratio Comparison

DAMDX has a 2.38% expense ratio, which is higher than AEDNX's 1.44% expense ratio.

Dividends

DAMDX vs. AEDNX - Dividend Comparison

DAMDX's dividend yield for the trailing twelve months is around 7.65%, more than AEDNX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDNX Water Island Event-Driven Fund	0.93%	0.95%	0.20%	0.72%	0.00%	0.00%	0.24%	0.46%	1.78%	0.62%	0.00%	2.79%
DAMDX Dunham Monthly Distribution Fund	7.65%	7.83%	8.84%	8.77%	5.35%	3.47%	3.64%	6.31%	4.86%	4.27%	3.54%	4.39%

Frequently Asked Questions

Can I hold both DAMDX and AEDNX in my portfolio?

DAMDX and AEDNX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAMDX or AEDNX?

AEDNX has higher volatility (0.92%) compared to DAMDX (0.81%). In terms of maximum drawdown, DAMDX dropped -69.68% vs AEDNX's -13.03%.

Which has better risk-adjusted returns?

DAMDX currently has the higher Sharpe Ratio (3.48 vs 3.13), 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.