DCAIX vs. STBNX

Last updated Jun 4, 2026

DCAIX (Dunham Long/Short Credit Fund) and STBNX (Sierra Tactical Bond Fund) are both Nontraditional Bonds funds. Over the past 5 years, DCAIX returned 1.12%/yr vs 1.63%/yr for STBNX. At a correlation of -0.09, they often move in opposite directions. DCAIX charges 1.98%/yr vs 1.63%/yr for STBNX.

Performance

DCAIX vs. STBNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Long/Short Credit Fund (DCAIX) and Sierra Tactical Bond Fund (STBNX). 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 higher than STBNX's 1.08% 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%

STBNX

• 1D: 0.08%
• 1M: 0.49%
• YTD: 1.08%
• 6M: 1.38%
• 1Y: 5.51%
• 3Y*: 4.00%
• 5Y*: 1.63%
• 10Y*: —

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

DCAIX vs. STBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DCAIX Dunham Long/Short Credit Fund	1.25%	2.47%	3.78%	0.60%	-2.64%	1.47%	4.11%	0.75%
STBNX Sierra Tactical Bond Fund	1.08%	-0.37%	6.36%	6.76%	-4.47%	1.11%	15.56%	2.41%

Correlation

The correlation between DCAIX and STBNX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	-0.09

The correlation between DCAIX and STBNX shifts across timeframes, from -0.19 (3 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DCAIX vs. STBNX — 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

STBNX

STBNX Risk / Return Rank: 45
STBNX Sharpe Ratio Rank: 41
STBNX Sortino Ratio Rank: 46
STBNX Omega Ratio Rank: 45
STBNX Calmar Ratio Rank: 39
STBNX Martin Ratio Rank: 52

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. STBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Long/Short Credit Fund (DCAIX) and Sierra Tactical Bond Fund (STBNX). 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	STBNX	Difference
Sharpe ratio: Return per unit of total volatility	2.80	1.89	+0.92
Sortino ratio: Return per unit of downside risk	4.68	2.85	+1.84
Omega ratio: Gain probability vs. loss probability	1.99	1.37	+0.62
Calmar ratio: Return relative to maximum drawdown	7.55	2.34	+5.21
Martin ratio: Return relative to average drawdown	23.57	10.61	+12.96
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. STBNX - Sharpe Ratio Comparison

The current DCAIX Sharpe Ratio is 2.80, which is higher than the STBNX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of DCAIX and STBNX, 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	STBNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.89	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.41	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.83	-0.58

Drawdowns

DCAIX vs. STBNX - Drawdown Comparison

The maximum DCAIX drawdown since its inception was -46.34%, which is greater than STBNX's maximum drawdown of -8.04%. Use the drawdown chart below to compare losses from any high point for DCAIX and STBNX.

Drawdown Indicators

	DCAIX	STBNX	Difference
Max Drawdown Largest peak-to-trough decline	-46.34%	-8.04%	-38.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-2.44%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	-0.85%	-6.96%	+6.11%
Max Drawdown (5Y) Largest decline over 5 years	-5.45%	-8.04%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-6.53%	—	—
Current Drawdown Current decline from peak	-0.00%	-0.93%	+0.93%
Average Drawdown Average peak-to-trough decline	-5.97%	-2.64%	-3.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.54%	-0.42%

Volatility

DCAIX vs. STBNX - Volatility Comparison

The current volatility for Dunham Long/Short Credit Fund (DCAIX) is 0.33%, while Sierra Tactical Bond Fund (STBNX) has a volatility of 0.96%. This indicates that DCAIX experiences smaller price fluctuations and is considered to be less risky than STBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCAIX	STBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.96%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	2.38%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	3.02%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.58%	3.96%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	4.95%	-0.98%

DCAIX vs. STBNX - Expense Ratio Comparison

DCAIX has a 1.98% expense ratio, which is higher than STBNX's 1.63% expense ratio.

Dividends

DCAIX vs. STBNX - Dividend Comparison

DCAIX's dividend yield for the trailing twelve months is around 3.64%, less than STBNX's 5.25% 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%
STBNX Sierra Tactical Bond Fund	5.25%	4.98%	5.17%	4.53%	1.41%	2.74%	6.55%	0.87%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DCAIX and STBNX in my portfolio?

DCAIX and STBNX have a correlation of 0.18, 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 STBNX?

STBNX has higher volatility (0.96%) compared to DCAIX (0.33%). In terms of maximum drawdown, DCAIX dropped -46.34% vs STBNX's -8.04%.

Which has better risk-adjusted returns?

DCAIX currently has the higher Sharpe Ratio (2.80 vs 1.89), 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.