DILAX vs. DGFAX

Last updated Jun 23, 2026

DILAX (Davis International Fund) and DGFAX (Davis Global Fund) are both mutual funds - DILAX is a Foreign Large Cap Equities fund managed by Davis Funds, while DGFAX is a Global Equities fund managed by Davis Funds. Over the past 10 years, DILAX returned 7.27%/yr vs 10.60%/yr for DGFAX. Their correlation of 0.94 suggests significant overlap in exposure. DILAX charges 1.00%/yr vs 0.96%/yr for DGFAX.

Performance

DILAX vs. DGFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis International Fund (DILAX) and Davis Global Fund (DGFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DILAX achieves a 1.67% return, which is significantly higher than DGFAX's -0.72% return. Over the past 10 years, DILAX has underperformed DGFAX with an annualized return of 7.27%, while DGFAX has yielded a comparatively higher 10.60% annualized return.

DILAX

• 1D: 0.29%
• 1M: 1.07%
• YTD: 1.67%
• 6M: 2.34%
• 1Y: 18.99%
• 3Y*: 16.87%
• 5Y*: 4.19%
• 10Y*: 7.27%

DGFAX

• 1D: -0.15%
• 1M: -0.78%
• YTD: -0.72%
• 6M: -0.69%
• 1Y: 19.31%
• 3Y*: 17.94%
• 5Y*: 6.34%
• 10Y*: 10.60%

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

DILAX vs. DGFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DILAX Davis International Fund	1.67%	30.70%	21.56%	5.12%	-11.47%	-22.00%	22.69%	26.58%	-20.97%	38.09%
DGFAX Davis Global Fund	-0.72%	31.85%	22.59%	17.22%	-16.53%	-5.15%	23.06%	31.61%	-20.73%	33.33%

Correlation

The correlation between DILAX and DGFAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 5, 2007	0.94

The correlation between DILAX and DGFAX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

DILAX vs. DGFAX — Risk / Return Rank

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

DILAX

DILAX Risk / Return Rank: 15
DILAX Sharpe Ratio Rank: 15
DILAX Sortino Ratio Rank: 15
DILAX Omega Ratio Rank: 16
DILAX Calmar Ratio Rank: 15
DILAX Martin Ratio Rank: 17

DGFAX

DGFAX Risk / Return Rank: 21
DGFAX Sharpe Ratio Rank: 23
DGFAX Sortino Ratio Rank: 21
DGFAX Omega Ratio Rank: 24
DGFAX Calmar Ratio Rank: 18
DGFAX Martin Ratio Rank: 21

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.

DILAX vs. DGFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis International Fund (DILAX) and Davis Global Fund (DGFAX). 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.

	DILAX	DGFAX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.28	-0.26
Sortino ratio: Return per unit of downside risk	1.50	1.79	-0.29
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.04
Calmar ratio: Return relative to maximum drawdown	1.30	1.46	-0.17
Martin ratio: Return relative to average drawdown	4.13	4.87	-0.74

DILAX vs. DGFAX - Sharpe Ratio Comparison

The current DILAX Sharpe Ratio is 1.02, which is comparable to the DGFAX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DILAX and DGFAX, 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

DILAX vs. DGFAX - Drawdown Comparison

The maximum DILAX drawdown since its inception was -65.42%, roughly equal to the maximum DGFAX drawdown of -65.64%. Use the drawdown chart below to compare losses from any high point for DILAX and DGFAX.

Drawdown Indicators

	DILAX	DGFAX	Difference
Max Drawdown Largest peak-to-trough decline	-65.42%	-65.64%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-12.72%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-21.52%	-16.92%	-4.60%
Max Drawdown (5Y) Largest decline over 5 years	-45.79%	-39.83%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-51.66%	-42.47%	-9.19%
Current Drawdown Current decline from peak	-3.95%	-4.52%	+0.57%
Average Drawdown Average peak-to-trough decline	-22.16%	-14.66%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	3.82%	+0.57%

Volatility

DILAX vs. DGFAX - Volatility Comparison

Davis International Fund (DILAX) has a higher volatility of 6.29% compared to Davis Global Fund (DGFAX) at 4.66%. This indicates that DILAX's price experiences larger fluctuations and is considered to be riskier than DGFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DILAX	DGFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	4.66%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	14.51%	11.15%	+3.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	14.57%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.05%	20.52%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	19.99%	+0.98%

DILAX vs. DGFAX - Expense Ratio Comparison

DILAX has a 1.00% expense ratio, which is higher than DGFAX's 0.96% expense ratio.

Dividends

DILAX vs. DGFAX - Dividend Comparison

DILAX's dividend yield for the trailing twelve months is around 0.80%, less than DGFAX's 7.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGFAX Davis Global Fund	7.89%	7.83%	13.06%	1.07%	0.00%	11.55%	0.27%	1.88%	9.25%	0.00%	0.00%	6.12%
DILAX Davis International Fund	0.80%	0.82%	2.22%	1.55%	0.00%	1.38%	0.00%	3.28%	2.47%	0.11%	0.17%	3.81%

Frequently Asked Questions

Can I hold both DILAX and DGFAX in my portfolio?

With a correlation of 0.91, DILAX and DGFAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DILAX or DGFAX?

DILAX has higher volatility (6.29%) compared to DGFAX (4.66%). In terms of maximum drawdown, DILAX dropped -65.42% vs DGFAX's -65.64%.

Which has better risk-adjusted returns?

DGFAX currently has the higher Sharpe Ratio (1.28 vs 1.02), 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.