DHIAX vs. DHRAX

Last updated Jun 24, 2026

DHIAX (Diamond Hill International Fund) and DHRAX (Diamond Hill Core Bond Fund) are both mutual funds - DHIAX is a Foreign Large Cap Equities fund managed by Diamond Hill, while DHRAX is a Intermediate Core Bond fund managed by Diamond Hill. Over the past 5 years, DHIAX returned 7.88%/yr vs 0.64%/yr for DHRAX. At a 0.07 correlation, their price movements are largely independent. DHIAX charges 1.13%/yr vs 0.76%/yr for DHRAX.

Performance

DHIAX vs. DHRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamond Hill International Fund (DHIAX) and Diamond Hill Core Bond Fund (DHRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHIAX achieves a 11.69% return, which is significantly higher than DHRAX's 0.48% return.

DHIAX

• 1D: 0.17%
• 1M: 2.28%
• YTD: 11.69%
• 6M: 11.89%
• 1Y: 26.76%
• 3Y*: 16.09%
• 5Y*: 7.88%
• 10Y*: —

DHRAX

• 1D: -0.22%
• 1M: 0.60%
• YTD: 0.48%
• 6M: 0.63%
• 1Y: 4.01%
• 3Y*: 4.48%
• 5Y*: 0.64%
• 10Y*: —

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

DHIAX vs. DHRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DHIAX Diamond Hill International Fund	11.69%	27.86%	3.55%	17.88%	-13.82%	12.41%	6.48%	7.92%
DHRAX Diamond Hill Core Bond Fund	0.48%	6.55%	3.18%	6.20%	-12.05%	-1.24%	7.60%	1.85%

Correlation

The correlation between DHIAX and DHRAX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 2, 2019	0.07

Over the past year, DHIAX and DHRAX have become more correlated (0.37) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

DHIAX vs. DHRAX — Risk / Return Rank

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

DHIAX

DHIAX Risk / Return Rank: 50
DHIAX Sharpe Ratio Rank: 50
DHIAX Sortino Ratio Rank: 45
DHIAX Omega Ratio Rank: 49
DHIAX Calmar Ratio Rank: 56
DHIAX Martin Ratio Rank: 50

DHRAX

DHRAX Risk / Return Rank: 21
DHRAX Sharpe Ratio Rank: 21
DHRAX Sortino Ratio Rank: 22
DHRAX Omega Ratio Rank: 21
DHRAX Calmar Ratio Rank: 21
DHRAX Martin Ratio Rank: 19

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.

DHIAX vs. DHRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamond Hill International Fund (DHIAX) and Diamond Hill Core Bond Fund (DHRAX). 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.

	DHIAX	DHRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.22	+0.69
Sortino ratio: Return per unit of downside risk	2.59	1.83	+0.76
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	2.73	1.57	+1.16
Martin ratio: Return relative to average drawdown	9.75	4.50	+5.25

DHIAX vs. DHRAX - Sharpe Ratio Comparison

The current DHIAX Sharpe Ratio is 1.91, which is higher than the DHRAX Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of DHIAX and DHRAX, 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

DHIAX vs. DHRAX - Drawdown Comparison

The maximum DHIAX drawdown since its inception was -36.15%, which is greater than DHRAX's maximum drawdown of -16.15%. Use the drawdown chart below to compare losses from any high point for DHIAX and DHRAX.

Drawdown Indicators

	DHIAX	DHRAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.15%	-16.15%	-20.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.02%	-2.71%	-7.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	-5.63%	-8.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.92%	-16.15%	-13.77%
Current Drawdown Current decline from peak	-0.21%	-1.47%	+1.26%
Average Drawdown Average peak-to-trough decline	-7.03%	-3.69%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.94%	+1.86%

Volatility

DHIAX vs. DHRAX - Volatility Comparison

Diamond Hill International Fund (DHIAX) has a higher volatility of 5.72% compared to Diamond Hill Core Bond Fund (DHRAX) at 0.96%. This indicates that DHIAX's price experiences larger fluctuations and is considered to be riskier than DHRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHIAX	DHRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	0.96%	+4.76%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	2.59%	+9.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	3.48%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.39%	5.50%	+9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	4.65%	+13.16%

DHIAX vs. DHRAX - Expense Ratio Comparison

DHIAX has a 1.13% expense ratio, which is higher than DHRAX's 0.76% expense ratio.

Dividends

DHIAX vs. DHRAX - Dividend Comparison

DHIAX's dividend yield for the trailing twelve months is around 4.04%, less than DHRAX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHIAX Diamond Hill International Fund	4.04%	4.51%	1.26%	0.92%	1.14%	3.71%	0.89%	0.34%	0.00%	0.00%
DHRAX Diamond Hill Core Bond Fund	4.42%	4.02%	4.72%	4.05%	2.63%	1.99%	2.05%	2.49%	2.69%	2.24%

Frequently Asked Questions

Can I hold both DHIAX and DHRAX in my portfolio?

DHIAX and DHRAX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHIAX or DHRAX?

DHIAX has higher volatility (5.72%) compared to DHRAX (0.96%). In terms of maximum drawdown, DHIAX dropped -36.15% vs DHRAX's -16.15%.

Which has better risk-adjusted returns?

DHIAX currently has the higher Sharpe Ratio (1.91 vs 1.22), 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.