DCHYX vs. DAFGX

Last updated Jun 23, 2026

DCHYX (Dunham High Yield Bond Fund) and DAFGX (Dunham Focused Large Cap Growth Fund) are both mutual funds - DCHYX is a High Yield Bonds fund managed by Dunham, while DAFGX is a Large Cap Growth Equities fund managed by Dunham. Over the past 10 years, DCHYX returned 4.53%/yr vs 13.02%/yr for DAFGX. At a 0.37 correlation, their price movements are largely independent. DCHYX charges 1.92%/yr vs 1.37%/yr for DAFGX.

Performance

DCHYX vs. DAFGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham High Yield Bond Fund (DCHYX) and Dunham Focused Large Cap Growth Fund (DAFGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCHYX achieves a 1.44% return, which is significantly higher than DAFGX's 0.79% return. Over the past 10 years, DCHYX has underperformed DAFGX with an annualized return of 4.53%, while DAFGX has yielded a comparatively higher 13.02% annualized return.

DCHYX

• 1D: 0.00%
• 1M: 0.66%
• YTD: 1.44%
• 6M: 1.82%
• 1Y: 5.75%
• 3Y*: 7.40%
• 5Y*: 3.35%
• 10Y*: 4.53%

DAFGX

• 1D: 1.80%
• 1M: 1.98%
• YTD: 0.79%
• 6M: -0.46%
• 1Y: 1.38%
• 3Y*: 8.32%
• 5Y*: 2.74%
• 10Y*: 13.02%

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

DCHYX vs. DAFGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCHYX Dunham High Yield Bond Fund	1.44%	6.74%	5.42%	13.87%	-10.93%	4.22%	6.92%	13.64%	-4.88%	5.92%
DAFGX Dunham Focused Large Cap Growth Fund	0.79%	1.72%	11.42%	54.81%	-38.96%	13.01%	49.42%	35.17%	9.80%	26.10%

Correlation

The correlation between DCHYX and DAFGX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 8, 2011	0.37

The correlation between DCHYX and DAFGX shifts across timeframes, from 0.37 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DCHYX vs. DAFGX — Risk / Return Rank

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

DCHYX

DCHYX Risk / Return Rank: 70
DCHYX Sharpe Ratio Rank: 71
DCHYX Sortino Ratio Rank: 79
DCHYX Omega Ratio Rank: 81
DCHYX Calmar Ratio Rank: 51
DCHYX Martin Ratio Rank: 67

DAFGX

DAFGX Risk / Return Rank: 3
DAFGX Sharpe Ratio Rank: 3
DAFGX Sortino Ratio Rank: 3
DAFGX Omega Ratio Rank: 3
DAFGX Calmar Ratio Rank: 3
DAFGX Martin Ratio Rank: 3

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.

DCHYX vs. DAFGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham High Yield Bond Fund (DCHYX) and Dunham Focused Large Cap Growth Fund (DAFGX). 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.

	DCHYX	DAFGX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.04	+2.21
Sortino ratio: Return per unit of downside risk	3.43	0.19	+3.24
Omega ratio: Gain probability vs. loss probability	1.48	1.02	+0.46
Calmar ratio: Return relative to maximum drawdown	2.63	0.03	+2.60
Martin ratio: Return relative to average drawdown	12.23	0.06	+12.17

DCHYX vs. DAFGX - Sharpe Ratio Comparison

The current DCHYX Sharpe Ratio is 2.24, which is higher than the DAFGX Sharpe Ratio of 0.04. The chart below compares the historical Sharpe Ratios of DCHYX and DAFGX, 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

DCHYX vs. DAFGX - Drawdown Comparison

The maximum DCHYX drawdown since its inception was -33.54%, smaller than the maximum DAFGX drawdown of -47.69%. Use the drawdown chart below to compare losses from any high point for DCHYX and DAFGX.

Drawdown Indicators

	DCHYX	DAFGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.54%	-47.69%	+14.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-27.70%	+25.46%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-34.81%	+29.85%
Max Drawdown (5Y) Largest decline over 5 years	-15.01%	-47.69%	+32.68%
Max Drawdown (10Y) Largest decline over 10 years	-18.26%	-47.69%	+29.43%
Current Drawdown Current decline from peak	-0.12%	-15.06%	+14.94%
Average Drawdown Average peak-to-trough decline	-3.58%	-9.57%	+5.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	12.15%	-11.67%

Volatility

DCHYX vs. DAFGX - Volatility Comparison

The current volatility for Dunham High Yield Bond Fund (DCHYX) is 0.66%, while Dunham Focused Large Cap Growth Fund (DAFGX) has a volatility of 8.49%. This indicates that DCHYX experiences smaller price fluctuations and is considered to be less risky than DAFGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCHYX	DAFGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	8.49%	-7.83%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	16.13%	-14.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	20.07%	-17.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.78%	26.31%	-21.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	25.48%	-20.34%

DCHYX vs. DAFGX - Expense Ratio Comparison

DCHYX has a 1.92% expense ratio, which is higher than DAFGX's 1.37% expense ratio.

Dividends

DCHYX vs. DAFGX - Dividend Comparison

DCHYX's dividend yield for the trailing twelve months is around 5.38%, less than DAFGX's 16.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFGX Dunham Focused Large Cap Growth Fund	16.38%	16.51%	0.00%	2.40%	0.00%	8.61%	2.31%	3.33%	8.90%	0.95%	0.00%	0.58%
DCHYX Dunham High Yield Bond Fund	5.38%	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 DCHYX and DAFGX in my portfolio?

DCHYX and DAFGX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCHYX or DAFGX?

DAFGX has higher volatility (8.49%) compared to DCHYX (0.66%). In terms of maximum drawdown, DCHYX dropped -33.54% vs DAFGX's -47.69%.

Which has better risk-adjusted returns?

DCHYX currently has the higher Sharpe Ratio (2.24 vs 0.04), 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.