DAMDX vs. DCEMX

Last updated Jun 24, 2026

DAMDX (Dunham Monthly Distribution Fund) and DCEMX (Dunham Emerging Markets Stock Fund) are both mutual funds - DAMDX is a Event Driven fund managed by Dunham, while DCEMX is a Emerging Markets Diversified fund managed by Dunham. Over the past 10 years, DAMDX returned 3.20%/yr vs 8.77%/yr for DCEMX. At a 0.47 correlation, their price movements are largely independent. DAMDX charges 2.38%/yr vs 2.03%/yr for DCEMX.

Performance

DAMDX vs. DCEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, DAMDX achieves a 2.08% return, which is significantly lower than DCEMX's 35.90% return. Over the past 10 years, DAMDX has underperformed DCEMX with an annualized return of 3.20%, while DCEMX has yielded a comparatively higher 8.77% annualized return.

DAMDX

• 1D: 0.11%
• 1M: -0.10%
• YTD: 2.08%
• 6M: 2.17%
• 1Y: 6.34%
• 3Y*: 7.03%
• 5Y*: 3.45%
• 10Y*: 3.20%

DCEMX

• 1D: 1.29%
• 1M: 7.63%
• YTD: 35.90%
• 6M: 37.25%
• 1Y: 61.21%
• 3Y*: 23.39%
• 5Y*: 5.83%
• 10Y*: 8.77%

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

DAMDX vs. DCEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DAMDX Dunham Monthly Distribution Fund	2.08%	7.93%	5.29%	4.06%	0.57%	0.12%	0.44%	5.54%	-1.01%	4.08%
DCEMX Dunham Emerging Markets Stock Fund	35.90%	28.90%	4.84%	6.16%	-25.20%	-7.30%	23.89%	21.88%	-20.99%	32.42%

Correlation

The correlation between DAMDX and DCEMX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 10, 2004	0.47

Over the past year, the correlation between DAMDX and DCEMX has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

DAMDX vs. DCEMX — Risk / Return Rank

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

DAMDX

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

DCEMX

DCEMX Risk / Return Rank: 84
DCEMX Sharpe Ratio Rank: 87
DCEMX Sortino Ratio Rank: 72
DCEMX Omega Ratio Rank: 80
DCEMX Calmar Ratio Rank: 91
DCEMX Martin Ratio Rank: 89

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. DCEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Monthly Distribution Fund (DAMDX) and Dunham Emerging Markets Stock Fund (DCEMX). 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.

	DAMDX	DCEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.43	2.64	+0.79
Sortino ratio: Return per unit of downside risk	5.75	3.23	+2.52
Omega ratio: Gain probability vs. loss probability	1.89	1.48	+0.41
Calmar ratio: Return relative to maximum drawdown	6.28	4.45	+1.82
Martin ratio: Return relative to average drawdown	31.92	15.89	+16.03

DAMDX vs. DCEMX - Sharpe Ratio Comparison

The current DAMDX Sharpe Ratio is 3.43, which is comparable to the DCEMX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of DAMDX and DCEMX, 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

DAMDX vs. DCEMX - Drawdown Comparison

The maximum DAMDX drawdown since its inception was -69.68%, roughly equal to the maximum DCEMX drawdown of -70.65%. Use the drawdown chart below to compare losses from any high point for DAMDX and DCEMX.

Drawdown Indicators

	DAMDX	DCEMX	Difference
Max Drawdown Largest peak-to-trough decline	-69.68%	-70.65%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-13.89%	+12.86%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-16.83%	+14.94%
Max Drawdown (5Y) Largest decline over 5 years	-7.30%	-40.74%	+33.44%
Max Drawdown (10Y) Largest decline over 10 years	-8.44%	-45.88%	+37.44%
Current Drawdown Current decline from peak	-34.95%	0.00%	-34.95%
Average Drawdown Average peak-to-trough decline	-48.73%	-26.09%	-22.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	3.89%	-3.69%

Volatility

DAMDX vs. DCEMX - Volatility Comparison

The current volatility for Dunham Monthly Distribution Fund (DAMDX) is 1.09%, while Dunham Emerging Markets Stock Fund (DCEMX) has a volatility of 12.18%. This indicates that DAMDX experiences smaller price fluctuations and is considered to be less risky than DCEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAMDX	DCEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	12.18%	-11.09%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	20.93%	-19.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.88%	23.51%	-21.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.34%	18.79%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	18.55%	-14.55%

DAMDX vs. DCEMX - Expense Ratio Comparison

DAMDX has a 2.38% expense ratio, which is higher than DCEMX's 2.03% expense ratio.

Dividends

DAMDX vs. DCEMX - Dividend Comparison

DAMDX's dividend yield for the trailing twelve months is around 7.59%, more than DCEMX's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAMDX Dunham Monthly Distribution Fund	7.59%	7.83%	8.84%	8.77%	5.35%	3.47%	3.64%	6.31%	4.86%	4.27%	3.54%	4.39%
DCEMX Dunham Emerging Markets Stock Fund	1.59%	2.17%	0.00%	0.12%	0.00%	9.47%	0.00%	0.26%	1.00%	0.38%	1.27%	0.00%

Frequently Asked Questions

Can I hold both DAMDX and DCEMX in my portfolio?

DAMDX and DCEMX have a correlation of 0.26, 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 DCEMX?

DCEMX has higher volatility (12.18%) compared to DAMDX (1.09%). In terms of maximum drawdown, DAMDX dropped -69.68% vs DCEMX's -70.65%.

Which has better risk-adjusted returns?

DAMDX currently has the higher Sharpe Ratio (3.43 vs 2.64), 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.