DCAIX vs. JNJ

Last updated Jun 4, 2026

DCAIX (Dunham Long/Short Credit Fund) is Nontraditional Bonds fund managed by Dunham Funds, while JNJ (Johnson & Johnson) is a stock. Over the past 10 years, DCAIX returned 3.71%/yr vs 9.85%/yr for JNJ. At a 0.32 correlation, their price movements are largely independent.

Performance

DCAIX vs. JNJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Long/Short Credit Fund (DCAIX) and Johnson & Johnson (JNJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCAIX achieves a 1.25% return, which is significantly lower than JNJ's 9.07% return. Over the past 10 years, DCAIX has underperformed JNJ with an annualized return of 3.71%, while JNJ has yielded a comparatively higher 9.85% annualized return.

DCAIX

• 1D: 0.12%
• 1M: 0.50%
• YTD: 1.25%
• 6M: 1.43%
• 1Y: 2.81%
• 3Y*: 3.39%
• 5Y*: 1.12%
• 10Y*: 3.71%

JNJ

• 1D: 0.16%
• 1M: 0.14%
• YTD: 9.07%
• 6M: 9.93%
• 1Y: 48.18%
• 3Y*: 15.79%
• 5Y*: 9.14%
• 10Y*: 9.85%

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

DCAIX vs. JNJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCAIX Dunham Long/Short Credit Fund	1.25%	2.47%	3.78%	0.60%	-2.64%	1.47%	4.11%	5.81%	4.17%	10.40%
JNJ Johnson & Johnson	9.07%	47.48%	-4.81%	-8.58%	5.97%	11.44%	10.82%	16.22%	-5.13%	24.43%

Correlation

The correlation between DCAIX and JNJ is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 13, 2004	0.32

The correlation between DCAIX and JNJ shifts across timeframes, from -0.11 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DCAIX vs. JNJ — Risk / Return Rank

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

DCAIX

DCAIX Risk / Return Rank: 94
DCAIX Sharpe Ratio Rank: 86
DCAIX Sortino Ratio Rank: 93
DCAIX Omega Ratio Rank: 97
DCAIX Calmar Ratio Rank: 97
DCAIX Martin Ratio Rank: 96

JNJ

JNJ Risk / Return Rank: 92
JNJ Sharpe Ratio Rank: 94
JNJ Sortino Ratio Rank: 95
JNJ Omega Ratio Rank: 93
JNJ Calmar Ratio Rank: 89
JNJ Martin Ratio Rank: 91

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.

DCAIX vs. JNJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Long/Short Credit Fund (DCAIX) and Johnson & Johnson (JNJ). 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.

	DCAIX	JNJ	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.91	-0.10
Sortino ratio: Return per unit of downside risk	4.68	4.26	+0.42
Omega ratio: Gain probability vs. loss probability	1.99	1.52	+0.47
Calmar ratio: Return relative to maximum drawdown	7.55	4.42	+3.13
Martin ratio: Return relative to average drawdown	23.57	13.33	+10.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCAIX vs. JNJ - Sharpe Ratio Comparison

The current DCAIX Sharpe Ratio is 2.80, which is comparable to the JNJ Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of DCAIX and JNJ, 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

	DCAIX	JNJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.91	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.55	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.54	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.53	-0.29

Drawdowns

DCAIX vs. JNJ - Drawdown Comparison

The maximum DCAIX drawdown since its inception was -46.34%, smaller than the maximum JNJ drawdown of -50.67%. Use the drawdown chart below to compare losses from any high point for DCAIX and JNJ.

Drawdown Indicators

	DCAIX	JNJ	Difference
Max Drawdown Largest peak-to-trough decline	-46.34%	-50.67%	+4.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-10.96%	+10.59%
Max Drawdown (3Y) Largest decline over 3 years	-0.85%	-15.95%	+15.10%
Max Drawdown (5Y) Largest decline over 5 years	-5.45%	-18.41%	+12.96%
Max Drawdown (10Y) Largest decline over 10 years	-6.53%	-27.37%	+20.84%
Current Drawdown Current decline from peak	-0.00%	-9.67%	+9.67%
Average Drawdown Average peak-to-trough decline	-5.97%	-11.88%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	3.63%	-3.51%

Volatility

DCAIX vs. JNJ - Volatility Comparison

The current volatility for Dunham Long/Short Credit Fund (DCAIX) is 0.33%, while Johnson & Johnson (JNJ) has a volatility of 5.20%. This indicates that DCAIX experiences smaller price fluctuations and is considered to be less risky than JNJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCAIX	JNJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	5.20%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	12.17%	-11.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	16.67%	-15.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.58%	16.82%	-15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	18.45%	-14.48%

Dividends

DCAIX vs. JNJ - Dividend Comparison

DCAIX's dividend yield for the trailing twelve months is around 3.64%, more than JNJ's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCAIX Dunham Long/Short Credit Fund	3.64%	3.79%	3.72%	4.04%	2.63%	2.25%	2.39%	2.27%	1.31%	1.33%	2.28%	5.72%
JNJ Johnson & Johnson	2.35%	2.48%	3.40%	3.00%	2.52%	2.45%	2.53%	2.57%	2.74%	2.38%	2.73%	2.87%

Frequently Asked Questions

Can I hold both DCAIX and JNJ in my portfolio?

DCAIX and JNJ have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCAIX or JNJ?

JNJ has higher volatility (5.20%) compared to DCAIX (0.33%). In terms of maximum drawdown, DCAIX dropped -46.34% vs JNJ's -50.67%.

Which has better risk-adjusted returns?

JNJ currently has the higher Sharpe Ratio (2.91 vs 2.80), 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.