DNAVX vs. DAIOX

Last updated Jun 5, 2026

DNAVX (Dunham Dynamic Macro Fund) and DAIOX (Dunham International Opportunity Bond Fund) are both mutual funds - DNAVX is a Macro Trading fund managed by Dunham, while DAIOX is a Global Bonds fund managed by Dunham. Over the past 10 years, DNAVX returned 3.81%/yr vs 1.02%/yr for DAIOX. At a 0.12 correlation, their price movements are largely independent. DNAVX charges 1.88%/yr vs 1.58%/yr for DAIOX.

Performance

DNAVX vs. DAIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Dynamic Macro Fund (DNAVX) and Dunham International Opportunity Bond Fund (DAIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNAVX achieves a 3.29% return, which is significantly higher than DAIOX's 2.62% return. Over the past 10 years, DNAVX has outperformed DAIOX with an annualized return of 3.81%, while DAIOX has yielded a comparatively lower 1.02% annualized return.

DNAVX

• 1D: 0.00%
• 1M: -0.68%
• YTD: 3.29%
• 6M: 3.22%
• 1Y: 4.55%
• 3Y*: 7.97%
• 5Y*: 4.21%
• 10Y*: 3.81%

DAIOX

• 1D: -0.25%
• 1M: 0.92%
• YTD: 2.62%
• 6M: 2.73%
• 1Y: 6.21%
• 3Y*: 7.48%
• 5Y*: 1.61%
• 10Y*: 1.02%

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

DNAVX vs. DAIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DNAVX Dunham Dynamic Macro Fund	3.29%	5.12%	6.13%	18.70%	-14.02%	9.29%	1.63%	13.99%	-8.44%	8.09%
DAIOX Dunham International Opportunity Bond Fund	2.62%	5.68%	5.33%	12.18%	-14.11%	-2.18%	3.85%	3.82%	-5.00%	9.50%

Correlation

The correlation between DNAVX and DAIOX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013	0.12

The correlation between DNAVX and DAIOX shifts across timeframes, from 0.12 (all time) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DNAVX vs. DAIOX — Risk / Return Rank

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

DNAVX

DNAVX Risk / Return Rank: 23
DNAVX Sharpe Ratio Rank: 17
DNAVX Sortino Ratio Rank: 16
DNAVX Omega Ratio Rank: 17
DNAVX Calmar Ratio Rank: 34
DNAVX Martin Ratio Rank: 32

DAIOX

DAIOX Risk / Return Rank: 52
DAIOX Sharpe Ratio Rank: 45
DAIOX Sortino Ratio Rank: 54
DAIOX Omega Ratio Rank: 67
DAIOX Calmar Ratio Rank: 42
DAIOX Martin Ratio Rank: 50

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.

DNAVX vs. DAIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Dynamic Macro Fund (DNAVX) and Dunham International Opportunity Bond Fund (DAIOX). 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.

	DNAVX	DAIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.95	-0.82
Sortino ratio: Return per unit of downside risk	1.62	3.06	-1.44
Omega ratio: Gain probability vs. loss probability	1.21	1.45	-0.24
Calmar ratio: Return relative to maximum drawdown	2.14	2.41	-0.27
Martin ratio: Return relative to average drawdown	7.12	10.06	-2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNAVX vs. DAIOX - Sharpe Ratio Comparison

The current DNAVX Sharpe Ratio is 1.13, which is lower than the DAIOX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of DNAVX and DAIOX, 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

	DNAVX	DAIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.95	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.35	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.17	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.08	+0.26

Drawdowns

DNAVX vs. DAIOX - Drawdown Comparison

The maximum DNAVX drawdown since its inception was -17.73%, smaller than the maximum DAIOX drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for DNAVX and DAIOX.

Drawdown Indicators

	DNAVX	DAIOX	Difference
Max Drawdown Largest peak-to-trough decline	-17.73%	-27.58%	+9.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.13%	-2.58%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-8.05%	-3.91%	-4.14%
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	-24.80%	+7.68%
Max Drawdown (10Y) Largest decline over 10 years	-17.73%	-24.96%	+7.23%
Current Drawdown Current decline from peak	-0.94%	-0.25%	-0.69%
Average Drawdown Average peak-to-trough decline	-3.88%	-9.22%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.62%	+0.02%

Volatility

DNAVX vs. DAIOX - Volatility Comparison

Dunham Dynamic Macro Fund (DNAVX) has a higher volatility of 1.35% compared to Dunham International Opportunity Bond Fund (DAIOX) at 1.00%. This indicates that DNAVX's price experiences larger fluctuations and is considered to be riskier than DAIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNAVX	DAIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	1.00%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	2.80%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	3.21%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	4.66%	+3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.42%	5.87%	+2.55%

DNAVX vs. DAIOX - Expense Ratio Comparison

DNAVX has a 1.88% expense ratio, which is higher than DAIOX's 1.58% expense ratio.

Dividends

DNAVX vs. DAIOX - Dividend Comparison

DNAVX's dividend yield for the trailing twelve months is around 11.19%, more than DAIOX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAIOX Dunham International Opportunity Bond Fund	3.96%	4.22%	4.16%	4.56%	7.17%	2.88%	2.23%	0.23%	0.42%	0.11%	1.10%	0.05%
DNAVX Dunham Dynamic Macro Fund	11.19%	11.56%	0.00%	3.41%	0.00%	0.00%	0.75%	0.00%	2.42%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DNAVX and DAIOX in my portfolio?

DNAVX and DAIOX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DNAVX or DAIOX?

DNAVX has higher volatility (1.35%) compared to DAIOX (1.00%). In terms of maximum drawdown, DNAVX dropped -17.73% vs DAIOX's -27.58%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (1.95 vs 1.13), 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.