DNAVX vs. MSTVX
DNAVX (Dunham Dynamic Macro Fund) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, DNAVX returned 3.14%/yr vs 4.07%/yr for MSTVX. Their 0.46 correlation means their historical movements had little consistent relationship. DNAVX charges 1.88%/yr vs 1.15%/yr for MSTVX.
Performance
DNAVX vs. MSTVX - Performance Comparison
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Returns By Period
In the year-to-date period, DNAVX achieves a 0.62% return, which is significantly lower than MSTVX's 1.88% return.
DNAVX
- 1D
- 0.27%
- 1M
- -0.35%
- 6M
- -0.96%
- YTD
- 0.62%
- 1Y
- 0.88%
- 3Y*
- 5.98%
- 5Y*
- 3.14%
- 10Y*
- 3.51%
- ALL TIME*
- 2.58%
MSTVX
- 1D
- -0.09%
- 1M
- 0.00%
- 6M
- 1.12%
- YTD
- 1.88%
- 1Y
- 4.38%
- 3Y*
- 6.42%
- 5Y*
- 4.07%
- 10Y*
- —
- ALL TIME*
- 4.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
DNAVX vs. MSTVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DNAVX Dunham Dynamic Macro Fund | 0.62% | 5.12% | 6.13% | 18.70% | -14.02% | 9.29% | 1.63% | 13.99% | -2.59% |
MSTVX Morningstar Alternatives Fund | 1.88% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
Correlation
The correlation between DNAVX and MSTVX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.46 |
Over the past year, the correlation between DNAVX and MSTVX has dropped to 0.08 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
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Return for Risk
DNAVX vs. MSTVX — Risk / Return Rank
DNAVX
MSTVX
DNAVX vs. MSTVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dunham Dynamic Macro Fund (DNAVX) and Morningstar Alternatives Fund (MSTVX). 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.
| DNAVX | MSTVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.51 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 3.14 | -2.85 |
| Martin ratioReturn relative to average drawdown | 0.82 | 7.74 | -6.91 |
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Drawdowns
DNAVX vs. MSTVX - Drawdown Comparison
The maximum DNAVX drawdown since its inception was -17.73%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for DNAVX and MSTVX.
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Drawdown Indicators
| DNAVX | MSTVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -8.02% | -9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -1.84% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -8.05% | -3.31% | -4.74% |
Max Drawdown (5Y)Largest decline over 5 years | -17.12% | -5.89% | -11.23% |
Max Drawdown (10Y)Largest decline over 10 years | -17.73% | — | — |
Current DrawdownCurrent decline from peak | -3.49% | -0.37% | -3.12% |
Average DrawdownAverage peak-to-trough decline | -3.87% | -1.16% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 0.68% | +0.78% |
Volatility
DNAVX vs. MSTVX - Volatility Comparison
Dunham Dynamic Macro Fund (DNAVX) has a higher volatility of 1.72% compared to Morningstar Alternatives Fund (MSTVX) at 0.48%. This indicates that DNAVX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DNAVX | MSTVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 0.48% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 3.93% | 1.76% | +2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.46% | 2.29% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 3.16% | +5.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.41% | 3.12% | +5.29% |
DNAVX vs. MSTVX - Expense Ratio Comparison
DNAVX has a 1.88% expense ratio, which is higher than MSTVX's 1.15% expense ratio.
Dividends
DNAVX vs. MSTVX - Dividend Comparison
DNAVX's dividend yield for the trailing twelve months is around 11.49%, more than MSTVX's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DNAVX Dunham Dynamic Macro Fund | 11.49% | 11.56% | 0.00% | 3.41% | 0.00% | 0.00% | 0.75% | 0.00% | 2.42% |
MSTVX Morningstar Alternatives Fund | 3.35% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% |
Frequently Asked Questions
DNAVX and MSTVX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DNAVX has higher volatility (1.72%) compared to MSTVX (0.48%). In terms of maximum drawdown, DNAVX dropped -17.73% vs MSTVX's -8.02%.
MSTVX currently has the higher Sharpe Ratio (2.52 vs 0.27), 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.
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