DCDGX vs. HSPGX

Last updated Jun 24, 2026

DCDGX (Dunham Small Cap Growth Fund) and HSPGX (Emerald Growth Fund) are both Small Cap Growth Equities funds. Over the past 10 years, DCDGX returned 13.81%/yr vs 17.32%/yr for HSPGX. Their correlation of 0.94 suggests significant overlap in exposure. DCDGX charges 2.83%/yr vs 1.03%/yr for HSPGX.

Performance

DCDGX vs. HSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Small Cap Growth Fund (DCDGX) and Emerald Growth Fund (HSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCDGX achieves a 23.45% return, which is significantly lower than HSPGX's 34.80% return. Over the past 10 years, DCDGX has underperformed HSPGX with an annualized return of 13.81%, while HSPGX has yielded a comparatively higher 17.32% annualized return.

DCDGX

• 1D: 0.46%
• 1M: 6.09%
• YTD: 23.45%
• 6M: 20.23%
• 1Y: 42.47%
• 3Y*: 18.31%
• 5Y*: 3.32%
• 10Y*: 13.81%

HSPGX

• 1D: 1.23%
• 1M: 10.18%
• YTD: 34.80%
• 6M: 30.34%
• 1Y: 74.36%
• 3Y*: 35.13%
• 5Y*: 14.66%
• 10Y*: 17.32%

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

DCDGX vs. HSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCDGX Dunham Small Cap Growth Fund	23.45%	11.14%	13.01%	20.48%	-33.69%	4.19%	67.17%	23.96%	-4.54%	28.81%
HSPGX Emerald Growth Fund	34.80%	31.62%	28.04%	18.66%	-24.65%	3.59%	38.49%	28.33%	-12.16%	27.72%

Correlation

The correlation between DCDGX and HSPGX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 10, 2004	0.94

The correlation between DCDGX and HSPGX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

DCDGX vs. HSPGX — Risk / Return Rank

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

DCDGX

DCDGX Risk / Return Rank: 59
DCDGX Sharpe Ratio Rank: 51
DCDGX Sortino Ratio Rank: 46
DCDGX Omega Ratio Rank: 43
DCDGX Calmar Ratio Rank: 77
DCDGX Martin Ratio Rank: 76

HSPGX

HSPGX Risk / Return Rank: 88
HSPGX Sharpe Ratio Rank: 93
HSPGX Sortino Ratio Rank: 82
HSPGX Omega Ratio Rank: 76
HSPGX Calmar Ratio Rank: 95
HSPGX Martin Ratio Rank: 96

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.

DCDGX vs. HSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Small Cap Growth Fund (DCDGX) and Emerald Growth Fund (HSPGX). 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.

	DCDGX	HSPGX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.93	-0.99
Sortino ratio: Return per unit of downside risk	2.63	3.58	-0.94
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.13
Calmar ratio: Return relative to maximum drawdown	3.31	5.38	-2.07
Martin ratio: Return relative to average drawdown	13.33	22.46	-9.13

DCDGX vs. HSPGX - Sharpe Ratio Comparison

The current DCDGX Sharpe Ratio is 1.94, which is lower than the HSPGX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of DCDGX and HSPGX, 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

DCDGX vs. HSPGX - Drawdown Comparison

The maximum DCDGX drawdown since its inception was -56.02%, smaller than the maximum HSPGX drawdown of -60.28%. Use the drawdown chart below to compare losses from any high point for DCDGX and HSPGX.

Drawdown Indicators

	DCDGX	HSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.02%	-60.28%	+4.26%
Max Drawdown (1Y) Largest decline over 1 year	-13.42%	-14.41%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-27.95%	-28.63%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-48.05%	-38.65%	-9.40%
Max Drawdown (10Y) Largest decline over 10 years	-48.05%	-41.48%	-6.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-14.89%	-18.98%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.43%	-0.10%

Volatility

DCDGX vs. HSPGX - Volatility Comparison

The current volatility for Dunham Small Cap Growth Fund (DCDGX) is 8.41%, while Emerald Growth Fund (HSPGX) has a volatility of 9.24%. This indicates that DCDGX experiences smaller price fluctuations and is considered to be less risky than HSPGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCDGX	HSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	9.24%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	17.82%	20.44%	-2.62%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	26.53%	-3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.86%	25.71%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.88%	25.25%	-0.37%

DCDGX vs. HSPGX - Expense Ratio Comparison

DCDGX has a 2.83% expense ratio, which is higher than HSPGX's 1.03% expense ratio.

Dividends

DCDGX vs. HSPGX - Dividend Comparison

DCDGX's dividend yield for the trailing twelve months is around 5.46%, less than HSPGX's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCDGX Dunham Small Cap Growth Fund	5.46%	6.74%	0.00%	0.00%	0.00%	29.30%	22.33%	2.06%	38.51%	20.51%	0.00%	11.22%
HSPGX Emerald Growth Fund	9.45%	12.74%	21.85%	6.43%	8.77%	19.11%	8.48%	1.45%	11.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DCDGX and HSPGX in my portfolio?

With a correlation of 0.91, DCDGX and HSPGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DCDGX or HSPGX?

HSPGX has higher volatility (9.24%) compared to DCDGX (8.41%). In terms of maximum drawdown, DCDGX dropped -56.02% vs HSPGX's -60.28%.

Which has better risk-adjusted returns?

HSPGX currently has the higher Sharpe Ratio (2.93 vs 1.94), 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.