DCREX vs. SOAAX

Last updated Jun 4, 2026

DCREX (Dunham Real Estate Stock Fund) and SOAAX (Spirit of America Real Estate Income & Growth Fund) are both REIT funds. Over the past 10 years, DCREX returned 1.21%/yr vs 5.14%/yr for SOAAX. Their correlation of 0.94 suggests significant overlap in exposure. DCREX charges 2.37%/yr vs 1.52%/yr for SOAAX.

Performance

DCREX vs. SOAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Real Estate Stock Fund (DCREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCREX achieves a 8.35% return, which is significantly lower than SOAAX's 11.76% return. Over the past 10 years, DCREX has underperformed SOAAX with an annualized return of 1.21%, while SOAAX has yielded a comparatively higher 5.14% annualized return.

DCREX

• 1D: 0.23%
• 1M: -2.06%
• YTD: 8.35%
• 6M: 6.98%
• 1Y: 5.84%
• 3Y*: 5.73%
• 5Y*: -6.20%
• 10Y*: 1.21%

SOAAX

• 1D: 0.34%
• 1M: -1.65%
• YTD: 11.76%
• 6M: 10.35%
• 1Y: 11.63%
• 3Y*: 8.63%
• 5Y*: 2.84%
• 10Y*: 5.14%

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

DCREX vs. SOAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCREX Dunham Real Estate Stock Fund	8.35%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	3.20%
SOAAX Spirit of America Real Estate Income & Growth Fund	11.76%	-0.90%	7.57%	9.60%	-28.40%	42.01%	-5.06%	28.09%	-6.82%	6.80%

Correlation

The correlation between DCREX and SOAAX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 13, 2004	0.94

The correlation between DCREX and SOAAX has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

Return for Risk

DCREX vs. SOAAX — Risk / Return Rank

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

DCREX

DCREX Risk / Return Rank: 6
DCREX Sharpe Ratio Rank: 6
DCREX Sortino Ratio Rank: 6
DCREX Omega Ratio Rank: 6
DCREX Calmar Ratio Rank: 8
DCREX Martin Ratio Rank: 6

SOAAX

SOAAX Risk / Return Rank: 13
SOAAX Sharpe Ratio Rank: 11
SOAAX Sortino Ratio Rank: 10
SOAAX Omega Ratio Rank: 11
SOAAX Calmar Ratio Rank: 16
SOAAX Martin Ratio Rank: 15

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.

DCREX vs. SOAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Real Estate Stock Fund (DCREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX). 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.

	DCREX	SOAAX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.87	-0.40
Sortino ratio: Return per unit of downside risk	0.73	1.24	-0.51
Omega ratio: Gain probability vs. loss probability	1.09	1.16	-0.06
Calmar ratio: Return relative to maximum drawdown	0.77	1.44	-0.67
Martin ratio: Return relative to average drawdown	1.44	4.32	-2.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCREX vs. SOAAX - Sharpe Ratio Comparison

The current DCREX Sharpe Ratio is 0.48, which is lower than the SOAAX Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of DCREX and SOAAX, 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

	DCREX	SOAAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	0.87	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.16	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.26	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.26	-0.16

Drawdowns

DCREX vs. SOAAX - Drawdown Comparison

The maximum DCREX drawdown since its inception was -74.32%, roughly equal to the maximum SOAAX drawdown of -78.19%. Use the drawdown chart below to compare losses from any high point for DCREX and SOAAX.

Drawdown Indicators

	DCREX	SOAAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.32%	-78.19%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-7.74%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-19.29%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-49.40%	-36.03%	-13.37%
Max Drawdown (10Y) Largest decline over 10 years	-49.40%	-41.24%	-8.16%
Current Drawdown Current decline from peak	-31.56%	-6.51%	-25.05%
Average Drawdown Average peak-to-trough decline	-19.25%	-14.62%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	2.58%	+1.91%

Volatility

DCREX vs. SOAAX - Volatility Comparison

Dunham Real Estate Stock Fund (DCREX) and Spirit of America Real Estate Income & Growth Fund (SOAAX) have volatilities of 3.56% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DCREX	SOAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.68%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	9.19%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	12.80%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	18.24%	+3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	19.72%	+1.41%

DCREX vs. SOAAX - Expense Ratio Comparison

DCREX has a 2.37% expense ratio, which is higher than SOAAX's 1.52% expense ratio.

Dividends

DCREX vs. SOAAX - Dividend Comparison

DCREX's dividend yield for the trailing twelve months is around 0.52%, less than SOAAX's 9.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCREX Dunham Real Estate Stock Fund	0.52%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%
SOAAX Spirit of America Real Estate Income & Growth Fund	9.52%	10.64%	9.53%	9.32%	9.32%	6.12%	8.13%	7.11%	8.47%	6.87%	7.18%	8.97%

Frequently Asked Questions

Can I hold both DCREX and SOAAX in my portfolio?

DCREX and SOAAX have a correlation of 0.87, 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 SOAAX?

SOAAX has higher volatility (3.68%) compared to DCREX (3.56%). In terms of maximum drawdown, DCREX dropped -74.32% vs SOAAX's -78.19%.

Which has better risk-adjusted returns?

SOAAX currently has the higher Sharpe Ratio (0.87 vs 0.48), 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.