DCSVX vs. ICISX

Last updated Aug 4, 2026

DCSVX (Dunham Small Cap Value Fund) and ICISX (VY Columbia Small Cap Value II Portfolio) are both Small Cap Value Equities funds. Over the past 10 years, DCSVX returned 7.36%/yr vs 10.97%/yr for ICISX. Their 0.95 correlation means they have historically moved very closely together. DCSVX charges 2.05%/yr vs 0.92%/yr for ICISX.

Performance

DCSVX vs. ICISX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Small Cap Value Fund (DCSVX) and VY Columbia Small Cap Value II Portfolio (ICISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DCSVX achieves a 21.97% return, which is significantly lower than ICISX's 25.20% return. Over the past 10 years, DCSVX has underperformed ICISX with an annualized return of 7.36%, while ICISX has yielded a comparatively higher 10.97% annualized return.

DCSVX

• 1D: 0.28%
• 1M: -0.91%
• 6M: 12.62%
• YTD: 21.97%
• 1Y: 38.88%
• 3Y*: 8.19%
• 5Y*: 5.39%
• 10Y*: 7.36%
• ALL TIME*: 5.23%

ICISX

• 1D: 0.17%
• 1M: 0.86%
• 6M: 16.62%
• YTD: 25.20%
• 1Y: 39.05%
• 3Y*: 15.89%
• 5Y*: 10.26%
• 10Y*: 10.97%
• ALL TIME*: 8.10%

*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)
DCSVX Dunham Small Cap Value Fund	$0.00	$0.00	$0.00
ICISX VY Columbia Small Cap Value II Portfolio	$0.00	$0.00	$0.00

DCSVX vs. ICISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCSVX Dunham Small Cap Value Fund	21.97%	8.67%	-8.49%	14.23%	-13.01%	31.15%	-3.67%	20.13%	-12.04%	7.93%
ICISX VY Columbia Small Cap Value II Portfolio	25.20%	8.38%	11.15%	14.13%	-13.57%	34.53%	9.95%	20.26%	-17.54%	11.24%

Correlation

The correlation between DCSVX and ICISX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since May 4, 2006	0.95

The correlation between DCSVX and ICISX shifts across timeframes, from 0.82 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DCSVX vs. ICISX — Risk / Return Rank

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

DCSVX

DCSVX Risk / Return Rank: 86
DCSVX Sharpe Ratio Rank: 87
DCSVX Sortino Ratio Rank: 85
DCSVX Omega Ratio Rank: 80
DCSVX Calmar Ratio Rank: 89
DCSVX Martin Ratio Rank: 90

ICISX

ICISX Risk / Return Rank: 93
ICISX Sharpe Ratio Rank: 95
ICISX Sortino Ratio Rank: 94
ICISX Omega Ratio Rank: 87
ICISX Calmar Ratio Rank: 95
ICISX Martin Ratio Rank: 95

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.

DCSVX vs. ICISX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Small Cap Value Fund (DCSVX) and VY Columbia Small Cap Value II Portfolio (ICISX). 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.

	DCSVX	ICISX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.56	-0.40
Sortino ratio: Return per unit of downside risk	3.09	3.70	-0.60
Omega ratio: Gain probability vs. loss probability	1.38	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	3.43	4.51	-1.08
Martin ratio: Return relative to average drawdown	13.04	15.81	-2.77

DCSVX vs. ICISX - Sharpe Ratio Comparison

The current DCSVX Sharpe Ratio is 2.16, which is comparable to the ICISX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of DCSVX and ICISX, 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

DCSVX vs. ICISX - Drawdown Comparison

The maximum DCSVX drawdown since its inception was -62.83%, roughly equal to the maximum ICISX drawdown of -59.91%. Use the drawdown chart below to compare losses from any high point for DCSVX and ICISX.

Drawdown Indicators

	DCSVX	ICISX	Difference
Max Drawdown Largest peak-to-trough decline	-62.83%	-59.91%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.55%	-9.50%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-37.13%	-28.05%	-9.08%
Max Drawdown (5Y) Largest decline over 5 years	-37.13%	-28.05%	-9.08%
Max Drawdown (10Y) Largest decline over 10 years	-46.71%	-49.01%	+2.30%
Current Drawdown Current decline from peak	-2.35%	-1.68%	-0.67%
Average Drawdown Average peak-to-trough decline	-11.78%	-10.74%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.64%	+0.13%

Volatility

DCSVX vs. ICISX - Volatility Comparison

Dunham Small Cap Value Fund (DCSVX) and VY Columbia Small Cap Value II Portfolio (ICISX) have volatilities of 3.64% and 3.70%, 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

	DCSVX	ICISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.70%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	11.70%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	16.74%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	21.45%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	23.61%	-0.31%

DCSVX vs. ICISX - Expense Ratio Comparison

DCSVX has a 2.05% expense ratio, which is higher than ICISX's 0.92% expense ratio.

Dividends

DCSVX vs. ICISX - Dividend Comparison

DCSVX's dividend yield for the trailing twelve months is around 6.12%, less than ICISX's 22.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCSVX Dunham Small Cap Value Fund	6.12%	7.47%	0.00%	3.00%	10.28%	13.90%	0.21%	0.00%	15.82%	12.82%	3.28%	3.92%
ICISX VY Columbia Small Cap Value II Portfolio	22.32%	27.95%	11.14%	7.68%	17.24%	0.74%	4.30%	13.90%	14.67%	4.45%	4.26%	0.62%

Frequently Asked Questions

Can I hold both DCSVX and ICISX in my portfolio?

DCSVX and ICISX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCSVX or ICISX?

ICISX has higher volatility (3.70%) compared to DCSVX (3.64%). In terms of maximum drawdown, DCSVX dropped -62.83% vs ICISX's -59.91%.

Which has better risk-adjusted returns?

ICISX currently has the higher Sharpe Ratio (2.56 vs 2.16), 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.