DODBX vs. TRAIX

Last updated Jun 23, 2026

DODBX (Dodge & Cox Balanced Fund) and TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) are both Diversified Portfolio funds. Over the past 10 years, DODBX returned 9.53%/yr vs 11.32%/yr for TRAIX. A 0.79 correlation means they provide meaningful diversification when combined. DODBX charges 0.52%/yr vs 0.59%/yr for TRAIX.

Performance

DODBX vs. TRAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Balanced Fund (DODBX) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODBX achieves a 2.26% return, which is significantly lower than TRAIX's 4.70% return. Over the past 10 years, DODBX has underperformed TRAIX with an annualized return of 9.53%, while TRAIX has yielded a comparatively higher 11.32% annualized return.

DODBX

• 1D: -0.15%
• 1M: -0.15%
• YTD: 2.26%
• 6M: 2.26%
• 1Y: 9.71%
• 3Y*: 11.24%
• 5Y*: 6.89%
• 10Y*: 9.53%

TRAIX

• 1D: 0.70%
• 1M: -0.45%
• YTD: 4.70%
• 6M: 4.79%
• 1Y: 13.19%
• 3Y*: 12.64%
• 5Y*: 8.80%
• 10Y*: 11.32%

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

DODBX vs. TRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DODBX Dodge & Cox Balanced Fund	2.26%	14.44%	8.76%	13.77%	-7.30%	19.21%	7.93%	19.64%	-4.66%	11.51%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	4.70%	12.57%	12.64%	19.01%	-11.89%	18.59%	18.28%	24.71%	0.76%	15.45%

Correlation

The correlation between DODBX and TRAIX is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.79

The correlation between DODBX and TRAIX shifts across timeframes, from 0.66 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DODBX vs. TRAIX — Risk / Return Rank

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

DODBX

DODBX Risk / Return Rank: 24
DODBX Sharpe Ratio Rank: 23
DODBX Sortino Ratio Rank: 23
DODBX Omega Ratio Rank: 22
DODBX Calmar Ratio Rank: 23
DODBX Martin Ratio Rank: 26

TRAIX

TRAIX Risk / Return Rank: 39
TRAIX Sharpe Ratio Rank: 39
TRAIX Sortino Ratio Rank: 39
TRAIX Omega Ratio Rank: 41
TRAIX Calmar Ratio Rank: 34
TRAIX Martin Ratio Rank: 44

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.

DODBX vs. TRAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Balanced Fund (DODBX) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). 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.

	DODBX	TRAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.70	-0.41
Sortino ratio: Return per unit of downside risk	1.88	2.41	-0.53
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.67	2.09	-0.41
Martin ratio: Return relative to average drawdown	5.87	8.75	-2.88

DODBX vs. TRAIX - Sharpe Ratio Comparison

The current DODBX Sharpe Ratio is 1.28, which is comparable to the TRAIX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of DODBX and TRAIX, 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

DODBX vs. TRAIX - Drawdown Comparison

The maximum DODBX drawdown since its inception was -50.20%, which is greater than TRAIX's maximum drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for DODBX and TRAIX.

Drawdown Indicators

	DODBX	TRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.20%	-26.84%	-23.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.72%	-6.30%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-8.45%	-16.02%	+7.57%
Max Drawdown (5Y) Largest decline over 5 years	-17.74%	-17.00%	-0.74%
Max Drawdown (10Y) Largest decline over 10 years	-31.29%	-26.84%	-4.45%
Current Drawdown Current decline from peak	-1.60%	-1.50%	-0.10%
Average Drawdown Average peak-to-trough decline	-4.68%	-2.82%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.50%	+0.13%

Volatility

DODBX vs. TRAIX - Volatility Comparison

The current volatility for Dodge & Cox Balanced Fund (DODBX) is 2.55%, while T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) has a volatility of 2.88%. This indicates that DODBX experiences smaller price fluctuations and is considered to be less risky than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODBX	TRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.88%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	6.28%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	7.46%	7.75%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.80%	12.80%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	12.76%	+0.49%

DODBX vs. TRAIX - Expense Ratio Comparison

DODBX has a 0.52% expense ratio, which is lower than TRAIX's 0.59% expense ratio.

Dividends

DODBX vs. TRAIX - Dividend Comparison

DODBX's dividend yield for the trailing twelve months is around 7.06%, less than TRAIX's 8.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODBX Dodge & Cox Balanced Fund	7.06%	7.53%	8.21%	4.64%	8.67%	10.62%	6.92%	9.35%	9.57%	7.53%	5.59%	5.44%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.56%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%	0.00%

Frequently Asked Questions

Can I hold both DODBX and TRAIX in my portfolio?

DODBX and TRAIX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DODBX or TRAIX?

TRAIX has higher volatility (2.88%) compared to DODBX (2.55%). In terms of maximum drawdown, DODBX dropped -50.20% vs TRAIX's -26.84%.

Which has better risk-adjusted returns?

TRAIX currently has the higher Sharpe Ratio (1.70 vs 1.28), 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.