DCEMX vs. DCHYX

Last updated Aug 1, 2026

DCEMX (Dunham Emerging Markets Stock Fund) and DCHYX (Dunham High Yield Bond Fund) are both mutual funds - DCEMX is a Emerging Markets Equities fund managed by Dunham, while DCHYX is a High Yield Bonds fund managed by Dunham. Over the past 10 years, DCEMX returned 6.03%/yr vs 4.25%/yr for DCHYX. Their 0.33 correlation means their historical movements had little consistent relationship. DCEMX charges 2.03%/yr vs 1.92%/yr for DCHYX.

Performance

DCEMX vs. DCHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Emerging Markets Stock Fund (DCEMX) and Dunham High Yield Bond Fund (DCHYX). 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 DCHYX's 0.94% return. Over the past 10 years, DCEMX has outperformed DCHYX with an annualized return of 6.03%, while DCHYX has yielded a comparatively lower 4.25% 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%

DCHYX

• 1D: 0.12%
• 1M: -0.58%
• 6M: 0.58%
• YTD: 0.94%
• 1Y: 3.90%
• 3Y*: 6.55%
• 5Y*: 3.16%
• 10Y*: 4.25%
• ALL TIME*: 3.36%

*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)
DCEMX Dunham Emerging Markets Stock Fund	$0.00	$0.00	$0.00
DCHYX Dunham High Yield Bond Fund	$0.00	$0.00	$0.00

DCEMX vs. DCHYX - 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%
DCHYX Dunham High Yield Bond Fund	0.94%	6.74%	5.42%	13.87%	-10.93%	4.22%	6.92%	13.64%	-4.88%	5.92%

Correlation

The correlation between DCEMX and DCHYX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.43
Correlation (All Time) Calculated using the full available price history since Jul 1, 2005	0.33

Over the past year, DCEMX and DCHYX have become more correlated (0.53) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

DCEMX vs. DCHYX — 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

DCHYX

DCHYX Risk / Return Rank: 55
DCHYX Sharpe Ratio Rank: 55
DCHYX Sortino Ratio Rank: 60
DCHYX Omega Ratio Rank: 64
DCHYX Calmar Ratio Rank: 41
DCHYX Martin Ratio Rank: 57

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. DCHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Emerging Markets Stock Fund (DCEMX) and Dunham High Yield Bond Fund (DCHYX). 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	DCHYX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.45	-0.28
Sortino ratio: Return per unit of downside risk	1.63	2.18	-0.55
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.63	1.70	-0.07
Martin ratio: Return relative to average drawdown	5.97	7.70	-1.73

DCEMX vs. DCHYX - Sharpe Ratio Comparison

The current DCEMX Sharpe Ratio is 1.18, which is comparable to the DCHYX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of DCEMX and DCHYX, 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. DCHYX - Drawdown Comparison

The maximum DCEMX drawdown since its inception was -70.65%, which is greater than DCHYX's maximum drawdown of -33.54%. Use the drawdown chart below to compare losses from any high point for DCEMX and DCHYX.

Drawdown Indicators

	DCEMX	DCHYX	Difference
Max Drawdown Largest peak-to-trough decline	-70.65%	-33.54%	-37.11%
Max Drawdown (1Y) Largest decline over 1 year	-19.19%	-2.24%	-16.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.19%	-4.96%	-14.23%
Max Drawdown (5Y) Largest decline over 5 years	-38.89%	-15.01%	-23.88%
Max Drawdown (10Y) Largest decline over 10 years	-45.88%	-18.26%	-27.62%
Current Drawdown Current decline from peak	-15.41%	-0.70%	-14.71%
Average Drawdown Average peak-to-trough decline	-26.01%	-3.56%	-22.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	0.50%	+4.74%

Volatility

DCEMX vs. DCHYX - Volatility Comparison

Dunham Emerging Markets Stock Fund (DCEMX) has a higher volatility of 10.90% compared to Dunham High Yield Bond Fund (DCHYX) at 0.60%. This indicates that DCEMX's price experiences larger fluctuations and is considered to be riskier than DCHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCEMX	DCHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.90%	0.60%	+10.30%
Volatility (6M) Calculated over the trailing 6-month period	24.24%	2.16%	+22.08%
Volatility (1Y) Calculated over the trailing 1-year period	26.59%	2.63%	+23.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	4.78%	+14.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	5.11%	+13.76%

DCEMX vs. DCHYX - Expense Ratio Comparison

DCEMX has a 2.03% expense ratio, which is higher than DCHYX's 1.92% expense ratio.

Dividends

DCEMX vs. DCHYX - Dividend Comparison

DCEMX's dividend yield for the trailing twelve months is around 1.88%, less than DCHYX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
DCHYX Dunham High Yield Bond Fund	4.94%	5.58%	4.58%	5.47%	5.36%	3.26%	3.74%	4.17%	4.70%	3.67%	4.03%	4.32%

Frequently Asked Questions

Can I hold both DCEMX and DCHYX in my portfolio?

DCEMX and DCHYX have a correlation of 0.53, 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 DCHYX?

DCEMX has higher volatility (10.90%) compared to DCHYX (0.60%). In terms of maximum drawdown, DCEMX dropped -70.65% vs DCHYX's -33.54%.

Which has better risk-adjusted returns?

DCHYX currently has the higher Sharpe Ratio (1.45 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.