DAMDX vs. ARBNX

Last updated Jun 3, 2026

DAMDX (Dunham Monthly Distribution Fund) and ARBNX (The Arbitrage Fund Class Institutional) are both Event Driven funds. Over the past 10 years, DAMDX returned 2.96%/yr vs 3.48%/yr for ARBNX. A 0.51 correlation means they provide meaningful diversification when combined. DAMDX charges 2.38%/yr vs 1.49%/yr for ARBNX.

Performance

DAMDX vs. ARBNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Monthly Distribution Fund (DAMDX) and The Arbitrage Fund Class Institutional (ARBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DAMDX having a 1.24% return and ARBNX slightly lower at 1.21%. Over the past 10 years, DAMDX has underperformed ARBNX with an annualized return of 2.96%, while ARBNX has yielded a comparatively higher 3.48% 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%

ARBNX

• 1D: 0.07%
• 1M: 0.21%
• YTD: 1.21%
• 6M: 1.86%
• 1Y: 6.43%
• 3Y*: 6.73%
• 5Y*: 3.10%
• 10Y*: 3.48%

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

DAMDX vs. ARBNX - 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%
ARBNX The Arbitrage Fund Class Institutional	1.21%	8.29%	2.95%	6.05%	-0.67%	1.05%	5.71%	3.84%	2.33%	2.87%

Correlation

The correlation between DAMDX and ARBNX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 20, 2003	0.51

The correlation between DAMDX and ARBNX shifts across timeframes, from 0.51 (all time) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DAMDX vs. ARBNX — 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

ARBNX

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

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. ARBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Monthly Distribution Fund (DAMDX) and The Arbitrage Fund Class Institutional (ARBNX). 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	ARBNX	Difference
Sharpe ratio Return per unit of total volatility	3.48	3.56	-0.08
Sortino ratio Return per unit of downside risk	5.67	6.35	-0.68
Omega ratio Gain probability vs. loss probability	1.90	1.84	+0.06
Calmar ratio Return relative to maximum drawdown	5.74	7.20	-1.45
Martin ratio Return relative to average drawdown	36.64	34.43	+2.21
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. ARBNX - Sharpe Ratio Comparison

The current DAMDX Sharpe Ratio is 3.48, which is comparable to the ARBNX Sharpe Ratio of 3.56. The chart below compares the historical Sharpe Ratios of DAMDX and ARBNX, 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	ARBNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.48	3.56	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.86	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.79	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.58	-0.72

Drawdowns

DAMDX vs. ARBNX - Drawdown Comparison

The maximum DAMDX drawdown since its inception was -69.68%, which is greater than ARBNX's maximum drawdown of -14.42%. Use the drawdown chart below to compare losses from any high point for DAMDX and ARBNX.

Drawdown Indicators

	DAMDX	ARBNX	Difference
Max Drawdown Largest peak-to-trough decline	-69.68%	-14.42%	-55.26%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-0.92%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-2.24%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-8.44%	-7.44%	-1.00%
Max Drawdown (10Y) Largest decline over 10 years	-8.44%	-11.90%	+3.46%
Current Drawdown Current decline from peak	-35.48%	-0.07%	-35.41%
Average Drawdown Average peak-to-trough decline	-48.77%	-1.22%	-47.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.19%	-0.03%

Volatility

DAMDX vs. ARBNX - Volatility Comparison

Dunham Monthly Distribution Fund (DAMDX) has a higher volatility of 0.81% compared to The Arbitrage Fund Class Institutional (ARBNX) at 0.29%. This indicates that DAMDX's price experiences larger fluctuations and is considered to be riskier than ARBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAMDX	ARBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.29%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	1.14%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	1.72%	1.86%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.34%	3.63%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	4.42%	-0.42%

DAMDX vs. ARBNX - Expense Ratio Comparison

DAMDX has a 2.38% expense ratio, which is higher than ARBNX's 1.49% expense ratio.

Dividends

DAMDX vs. ARBNX - Dividend Comparison

DAMDX's dividend yield for the trailing twelve months is around 7.65%, more than ARBNX's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARBNX The Arbitrage Fund Class Institutional	3.68%	3.72%	1.18%	2.11%	3.85%	0.51%	6.70%	2.12%	1.93%	3.80%	0.93%	2.30%
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 ARBNX in my portfolio?

DAMDX and ARBNX have a correlation of 0.54, 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 ARBNX?

DAMDX has higher volatility (0.81%) compared to ARBNX (0.29%). In terms of maximum drawdown, DAMDX dropped -69.68% vs ARBNX's -14.42%.

Which has better risk-adjusted returns?

ARBNX currently has the higher Sharpe Ratio (3.56 vs 3.48), 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.