DCEMX vs. DNAVX

Last updated Jun 3, 2026

DCEMX (Dunham Emerging Markets Stock Fund) and DNAVX (Dunham Dynamic Macro Fund) are both mutual funds - DCEMX is a Emerging Markets Diversified fund managed by Dunham, while DNAVX is a Macro Trading fund managed by Dunham. Over the past 10 years, DCEMX returned 8.32%/yr vs 3.79%/yr for DNAVX. A 0.59 correlation means they provide meaningful diversification when combined. DCEMX charges 2.03%/yr vs 1.88%/yr for DNAVX.

Performance

DCEMX vs. DNAVX - Performance Comparison

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

Returns By Period

In the year-to-date period, DCEMX achieves a 33.14% return, which is significantly higher than DNAVX's 3.11% return. Over the past 10 years, DCEMX has outperformed DNAVX with an annualized return of 8.32%, while DNAVX has yielded a comparatively lower 3.79% annualized return.

DCEMX

• 1D: 2.47%
• 1M: 9.86%
• YTD: 33.14%
• 6M: 37.52%
• 1Y: 60.81%
• 3Y*: 22.94%
• 5Y*: 5.01%
• 10Y*: 8.32%

DNAVX

• 1D: 0.26%
• 1M: -0.77%
• YTD: 3.11%
• 6M: 3.12%
• 1Y: 4.37%
• 3Y*: 7.91%
• 5Y*: 4.25%
• 10Y*: 3.79%

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

DCEMX vs. DNAVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCEMX Dunham Emerging Markets Stock Fund	33.14%	28.90%	4.84%	6.16%	-25.20%	-7.30%	23.89%	21.88%	-20.99%	32.42%
DNAVX Dunham Dynamic Macro Fund	3.11%	5.12%	6.13%	18.70%	-14.02%	9.29%	1.63%	13.99%	-8.44%	8.09%

Correlation

The correlation between DCEMX and DNAVX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since May 4, 2010	0.59

Over the past year, the correlation between DCEMX and DNAVX has dropped to 0.14 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

DCEMX vs. DNAVX — Risk / Return Rank

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

DCEMX

DCEMX Risk / Return Rank: 84
DCEMX Sharpe Ratio Rank: 90
DCEMX Sortino Ratio Rank: 78
DCEMX Omega Ratio Rank: 81
DCEMX Calmar Ratio Rank: 88
DCEMX Martin Ratio Rank: 85

DNAVX

DNAVX Risk / Return Rank: 22
DNAVX Sharpe Ratio Rank: 15
DNAVX Sortino Ratio Rank: 15
DNAVX Omega Ratio Rank: 16
DNAVX Calmar Ratio Rank: 31
DNAVX Martin Ratio Rank: 30

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.

DCEMX vs. DNAVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Emerging Markets Stock Fund (DCEMX) and Dunham Dynamic Macro Fund (DNAVX). 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.

	DCEMX	DNAVX	Difference
Sharpe ratio Return per unit of total volatility	2.99	1.13	+1.87
Sortino ratio Return per unit of downside risk	3.73	1.62	+2.12
Omega ratio Gain probability vs. loss probability	1.53	1.21	+0.32
Calmar ratio Return relative to maximum drawdown	4.33	2.13	+2.20
Martin ratio Return relative to average drawdown	16.34	7.15	+9.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCEMX vs. DNAVX - Sharpe Ratio Comparison

The current DCEMX Sharpe Ratio is 2.99, which is higher than the DNAVX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of DCEMX and DNAVX, 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

	DCEMX	DNAVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	1.13	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.49	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.45	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.33	-0.10

Drawdowns

DCEMX vs. DNAVX - Drawdown Comparison

The maximum DCEMX drawdown since its inception was -70.65%, which is greater than DNAVX's maximum drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for DCEMX and DNAVX.

Drawdown Indicators

	DCEMX	DNAVX	Difference
Max Drawdown Largest peak-to-trough decline	-70.65%	-17.73%	-52.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-2.13%	-11.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-8.05%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	-41.04%	-17.12%	-23.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.88%	-17.73%	-28.15%
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-26.15%	-3.88%	-22.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.68%	0.63%	+3.05%

Volatility

DCEMX vs. DNAVX - Volatility Comparison

Dunham Emerging Markets Stock Fund (DCEMX) has a higher volatility of 8.96% compared to Dunham Dynamic Macro Fund (DNAVX) at 1.39%. This indicates that DCEMX's price experiences larger fluctuations and is considered to be riskier than DNAVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCEMX	DNAVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	1.39%	+7.57%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	3.54%	+14.37%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	4.05%	+16.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	8.63%	+9.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	8.42%	+9.86%

DCEMX vs. DNAVX - Expense Ratio Comparison

DCEMX has a 2.03% expense ratio, which is higher than DNAVX's 1.88% expense ratio.

Dividends

DCEMX vs. DNAVX - Dividend Comparison

DCEMX's dividend yield for the trailing twelve months is around 1.63%, less than DNAVX's 11.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DCEMX Dunham Emerging Markets Stock Fund	1.63%	2.17%	0.00%	0.12%	0.00%	9.47%	0.00%	0.26%	1.00%	0.38%	1.27%
DNAVX Dunham Dynamic Macro Fund	11.21%	11.56%	0.00%	3.41%	0.00%	0.00%	0.75%	0.00%	2.42%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DCEMX and DNAVX in my portfolio?

DCEMX and DNAVX have a correlation of 0.14, 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 DNAVX?

DCEMX has higher volatility (8.96%) compared to DNAVX (1.39%). In terms of maximum drawdown, DCEMX dropped -70.65% vs DNAVX's -17.73%.

Which has better risk-adjusted returns?

DCEMX currently has the higher Sharpe Ratio (2.99 vs 1.13), 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.