DCEMX vs. DCAIX

Last updated Aug 1, 2026

DCEMX (Dunham Emerging Markets Stock Fund) and DCAIX (Dunham Long/Short Credit Fund) are both mutual funds - DCEMX is a Emerging Markets Equities fund managed by Dunham, while DCAIX is a Nontraditional Bonds fund managed by Dunham. Over the past 10 years, DCEMX returned 6.03%/yr vs 3.17%/yr for DCAIX. Their 0.48 correlation means their historical movements had little consistent relationship. DCEMX charges 2.03%/yr vs 1.98%/yr for DCAIX.

Performance

DCEMX vs. DCAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, DCEMX achieves a 14.96% return, which is significantly higher than DCAIX's 1.17% return. Over the past 10 years, DCEMX has outperformed DCAIX with an annualized return of 6.03%, while DCAIX has yielded a comparatively lower 3.17% annualized return.

DCEMX

• 1D: 4.68%
• 1M: -8.02%
• 6M: 5.11%
• YTD: 14.96%
• 1Y: 32.80%
• 3Y*: 15.09%
• 5Y*: 3.34%
• 10Y*: 6.03%
• ALL TIME*: 3.90%

DCAIX

• 1D: 0.00%
• 1M: -0.12%
• 6M: 0.83%
• YTD: 1.17%
• 1Y: 1.95%
• 3Y*: 3.00%
• 5Y*: 1.06%
• 10Y*: 3.17%
• ALL TIME*: 2.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DCAIX Dunham Long/Short Credit Fund	$0.00	$0.00	$0.00
DCEMX Dunham Emerging Markets Stock Fund	$0.00	$0.00	$0.00

DCEMX vs. DCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCEMX Dunham Emerging Markets Stock Fund	14.96%	28.90%	4.84%	6.16%	-25.20%	-7.30%	23.89%	21.88%	-20.99%	32.42%
DCAIX Dunham Long/Short Credit Fund	1.17%	2.47%	3.78%	0.60%	-2.64%	1.47%	4.11%	5.81%	4.17%	10.40%

Correlation

The correlation between DCEMX and DCAIX is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	-0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.18
Correlation (10Y) Provides a long-term view across more market conditions.	0.09
Correlation (All Time) Calculated using the full available price history since Dec 10, 2004	0.48

Over the past year, the correlation between DCEMX and DCAIX has dropped to 0.06 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

DCEMX vs. DCAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DCEMX

DCEMX Risk / Return Rank: 38
DCEMX Sharpe Ratio Rank: 38
DCEMX Sortino Ratio Rank: 34
DCEMX Omega Ratio Rank: 41
DCEMX Calmar Ratio Rank: 38
DCEMX Martin Ratio Rank: 40

DCAIX

DCAIX Risk / Return Rank: 94
DCAIX Sharpe Ratio Rank: 88
DCAIX Sortino Ratio Rank: 92
DCAIX Omega Ratio Rank: 97
DCAIX Calmar Ratio Rank: 98
DCAIX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DCEMX vs. DCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Emerging Markets Stock Fund (DCEMX) and Dunham Long/Short Credit Fund (DCAIX). 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.

	DCEMX	DCAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.18	-1.00
Sortino ratio: Return per unit of downside risk	1.63	3.53	-1.90
Omega ratio: Gain probability vs. loss probability	1.23	1.72	-0.49
Calmar ratio: Return relative to maximum drawdown	1.63	5.84	-4.21
Martin ratio: Return relative to average drawdown	5.97	17.05	-11.08

DCEMX vs. DCAIX - Sharpe Ratio Comparison

The current DCEMX Sharpe Ratio is 1.18, which is lower than the DCAIX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of DCEMX and DCAIX, 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

DCEMX vs. DCAIX - Drawdown Comparison

The maximum DCEMX drawdown since its inception was -70.65%, which is greater than DCAIX's maximum drawdown of -46.34%. Use the drawdown chart below to compare losses from any high point for DCEMX and DCAIX.

Drawdown Indicators

	DCEMX	DCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-70.65%	-46.34%	-24.31%
Max Drawdown (1Y) Largest decline over 1 year	-19.19%	-0.37%	-18.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-0.85%	-18.34%
Max Drawdown (5Y) Largest decline over 5 years	-38.89%	-5.45%	-33.44%
Max Drawdown (10Y) Largest decline over 10 years	-45.88%	-6.53%	-39.35%
Current Drawdown Current decline from peak	-15.41%	-0.12%	-15.29%
Average Drawdown Average peak-to-trough decline	-26.01%	-5.93%	-20.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	0.13%	+5.11%

Volatility

DCEMX vs. DCAIX - Volatility Comparison

Dunham Emerging Markets Stock Fund (DCEMX) has a higher volatility of 10.90% compared to Dunham Long/Short Credit Fund (DCAIX) at 0.25%. This indicates that DCEMX's price experiences larger fluctuations and is considered to be riskier than DCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCEMX	DCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.90%	0.25%	+10.65%
Volatility (6M) Calculated over the trailing 6-month period	24.24%	0.70%	+23.54%
Volatility (1Y) Calculated over the trailing 1-year period	26.59%	1.00%	+25.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	1.57%	+17.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	3.79%	+15.08%

DCEMX vs. DCAIX - Expense Ratio Comparison

DCEMX has a 2.03% expense ratio, which is higher than DCAIX's 1.98% expense ratio.

Dividends

DCEMX vs. DCAIX - Dividend Comparison

DCEMX's dividend yield for the trailing twelve months is around 1.88%, less than DCAIX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCAIX Dunham Long/Short Credit Fund	3.28%	3.79%	3.72%	4.04%	2.63%	2.25%	2.39%	2.27%	1.31%	1.33%	2.28%	5.72%
DCEMX Dunham Emerging Markets Stock Fund	1.88%	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 DCEMX and DCAIX in my portfolio?

DCEMX and DCAIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCEMX or DCAIX?

DCEMX has higher volatility (10.90%) compared to DCAIX (0.25%). In terms of maximum drawdown, DCEMX dropped -70.65% vs DCAIX's -46.34%.

Which has better risk-adjusted returns?

DCAIX currently has the higher Sharpe Ratio (2.18 vs 1.18), 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.