DCREX vs. DAFRX

Last updated Aug 1, 2026

DCREX (Dunham Real Estate Stock Fund) and DAFRX (Dunham Floating Rate Bond Fund) are both mutual funds - DCREX is a REIT fund managed by Dunham, while DAFRX is a Bank Loan fund managed by Dunham. Over the past 10 years, DCREX returned 1.01%/yr vs 3.90%/yr for DAFRX. Their 0.19 correlation means their historical movements had little consistent relationship. DCREX charges 2.37%/yr vs 1.29%/yr for DAFRX.

Performance

DCREX vs. DAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Real Estate Stock Fund (DCREX) and Dunham Floating Rate Bond Fund (DAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCREX achieves a 16.96% return, which is significantly higher than DAFRX's 2.36% return. Over the past 10 years, DCREX has underperformed DAFRX with an annualized return of 1.01%, while DAFRX has yielded a comparatively higher 3.90% annualized return.

DCREX

• 1D: -0.72%
• 1M: 2.06%
• 6M: 13.79%
• YTD: 16.96%
• 1Y: 13.87%
• 3Y*: 6.70%
• 5Y*: -4.35%
• 10Y*: 1.01%
• ALL TIME*: 3.22%

DAFRX

• 1D: 0.00%
• 1M: 0.24%
• 6M: 2.26%
• YTD: 2.36%
• 1Y: 3.55%
• 3Y*: 6.64%
• 5Y*: 5.14%
• 10Y*: 3.90%
• ALL TIME*: 3.39%

*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)
DAFRX Dunham Floating Rate Bond Fund	$0.00	$0.00	$0.00
DCREX Dunham Real Estate Stock Fund	$0.00	$0.00	$0.00

DCREX vs. DAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCREX Dunham Real Estate Stock Fund	16.96%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	3.20%
DAFRX Dunham Floating Rate Bond Fund	2.36%	5.04%	7.26%	13.05%	-2.54%	3.51%	-0.09%	7.18%	-1.06%	2.71%

Correlation

The correlation between DCREX and DAFRX is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.25
Correlation (10Y) Provides a long-term view across more market conditions.	0.21
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013	0.19

The correlation between DCREX and DAFRX shifts across timeframes, from 0.14 (1 year) to 0.25 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DCREX vs. DAFRX — Risk / Return Rank

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

DCREX

DCREX Risk / Return Rank: 24
DCREX Sharpe Ratio Rank: 22
DCREX Sortino Ratio Rank: 22
DCREX Omega Ratio Rank: 22
DCREX Calmar Ratio Rank: 32
DCREX Martin Ratio Rank: 23

DAFRX

DAFRX Risk / Return Rank: 76
DAFRX Sharpe Ratio Rank: 82
DAFRX Sortino Ratio Rank: 85
DAFRX Omega Ratio Rank: 89
DAFRX Calmar Ratio Rank: 69
DAFRX Martin Ratio Rank: 53

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.

DCREX vs. DAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Real Estate Stock Fund (DCREX) and Dunham Floating Rate Bond Fund (DAFRX). 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.

	DCREX	DAFRX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.00	-1.19
Sortino ratio: Return per unit of downside risk	1.21	3.12	-1.91
Omega ratio: Gain probability vs. loss probability	1.15	1.47	-0.32
Calmar ratio: Return relative to maximum drawdown	1.41	2.32	-0.91
Martin ratio: Return relative to average drawdown	3.37	7.46	-4.09

DCREX vs. DAFRX - Sharpe Ratio Comparison

The current DCREX Sharpe Ratio is 0.82, which is lower than the DAFRX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of DCREX and DAFRX, 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

DCREX vs. DAFRX - Drawdown Comparison

The maximum DCREX drawdown since its inception was -74.32%, which is greater than DAFRX's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for DCREX and DAFRX.

Drawdown Indicators

	DCREX	DAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-74.32%	-19.42%	-54.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.86%	-1.45%	-6.41%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-3.34%	-21.61%
Max Drawdown (5Y) Largest decline over 5 years	-49.40%	-7.08%	-42.32%
Max Drawdown (10Y) Largest decline over 10 years	-49.40%	-19.42%	-29.98%
Current Drawdown Current decline from peak	-26.13%	-0.12%	-26.01%
Average Drawdown Average peak-to-trough decline	-19.31%	-0.96%	-18.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	0.45%	+2.89%

Volatility

DCREX vs. DAFRX - Volatility Comparison

Dunham Real Estate Stock Fund (DCREX) has a higher volatility of 3.91% compared to Dunham Floating Rate Bond Fund (DAFRX) at 0.36%. This indicates that DCREX's price experiences larger fluctuations and is considered to be riskier than DAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCREX	DAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	0.36%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	1.30%	+8.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	1.69%	+11.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	2.25%	+19.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	3.38%	+17.77%

DCREX vs. DAFRX - Expense Ratio Comparison

DCREX has a 2.37% expense ratio, which is higher than DAFRX's 1.29% expense ratio.

Dividends

DCREX vs. DAFRX - Dividend Comparison

DCREX's dividend yield for the trailing twelve months is around 0.48%, less than DAFRX's 6.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFRX Dunham Floating Rate Bond Fund	6.75%	7.26%	7.87%	8.91%	5.76%	3.13%	3.27%	4.36%	4.30%	3.31%	3.01%	3.13%
DCREX Dunham Real Estate Stock Fund	0.48%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%

Frequently Asked Questions

Can I hold both DCREX and DAFRX in my portfolio?

DCREX and DAFRX 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, DCREX or DAFRX?

DCREX has higher volatility (3.91%) compared to DAFRX (0.36%). In terms of maximum drawdown, DCREX dropped -74.32% vs DAFRX's -19.42%.

Which has better risk-adjusted returns?

DAFRX currently has the higher Sharpe Ratio (2.00 vs 0.82), 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.