DODEX vs. CNQ

Last updated Apr 2, 2026

Compare and contrast key facts about Dodge & Cox Emerging Markets Stock Fund (DODEX) and Canadian Natural Resources Limited (CNQ).

DODEX is managed by Dodge & Cox. It was launched on May 10, 2021.

Performance

DODEX vs. CNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Emerging Markets Stock Fund (DODEX) and Canadian Natural Resources Limited (CNQ). The values are adjusted to include any dividend payments, if applicable.

DODEX vs. CNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DODEX Dodge & Cox Emerging Markets Stock Fund	5.97%	38.64%	7.47%	13.37%	-14.91%	-9.57%
CNQ Canadian Natural Resources Limited	38.80%	15.58%	-1.31%	23.72%	42.82%	31.37%

Returns By Period

In the year-to-date period, DODEX achieves a 5.97% return, which is significantly lower than CNQ's 38.80% return.

DODEX

• 1D: 2.05%
• 1M: -7.66%
• YTD: 5.97%
• 6M: 10.10%
• 1Y: 37.89%
• 3Y*: 19.31%
• 5Y*: —
• 10Y*: —

CNQ

• 1D: -4.45%
• 1M: 5.94%
• YTD: 38.80%
• 6M: 49.86%
• 1Y: 56.02%
• 3Y*: 24.72%
• 5Y*: 31.04%
• 10Y*: 19.72%

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

Return for Risk

DODEX vs. CNQ — Risk / Return Rank

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

DODEX

DODEX Risk / Return Rank: 95
DODEX Sharpe Ratio Rank: 97
DODEX Sortino Ratio Rank: 94
DODEX Omega Ratio Rank: 94
DODEX Calmar Ratio Rank: 94
DODEX Martin Ratio Rank: 94

CNQ

CNQ Risk / Return Rank: 85
CNQ Sharpe Ratio Rank: 88
CNQ Sortino Ratio Rank: 84
CNQ Omega Ratio Rank: 82
CNQ Calmar Ratio Rank: 84
CNQ Martin Ratio Rank: 88

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.

DODEX vs. CNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Emerging Markets Stock Fund (DODEX) and Canadian Natural Resources Limited (CNQ). 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.

	DODEX	CNQ	Difference
Sharpe ratio Return per unit of total volatility	2.52	1.79	+0.74
Sortino ratio Return per unit of downside risk	3.12	2.36	+0.76
Omega ratio Gain probability vs. loss probability	1.49	1.31	+0.18
Calmar ratio Return relative to maximum drawdown	3.21	2.93	+0.28
Martin ratio Return relative to average drawdown	12.57	9.33	+3.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DODEX vs. CNQ - Sharpe Ratio Comparison

The current DODEX Sharpe Ratio is 2.52, which is higher than the CNQ Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of DODEX and CNQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DODEX	CNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.79	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.95	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.41	0.00

Correlation

The correlation between DODEX and CNQ is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

DODEX vs. CNQ - Dividend Comparison

DODEX's dividend yield for the trailing twelve months is around 2.67%, less than CNQ's 3.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.67%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CNQ Canadian Natural Resources Limited	3.74%	5.01%	5.02%	4.17%	6.31%	3.78%	5.26%	3.49%	4.56%	3.08%	2.94%	4.21%

Drawdowns

DODEX vs. CNQ - Drawdown Comparison

The maximum DODEX drawdown since its inception was -37.01%, smaller than the maximum CNQ drawdown of -80.75%. Use the drawdown chart below to compare losses from any high point for DODEX and CNQ.

Drawdown Indicators

	DODEX	CNQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-80.75%	+43.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-20.04%	+8.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.84%	—
Current Drawdown Current decline from peak	-9.14%	-7.06%	-2.08%
Average Drawdown Average peak-to-trough decline	-13.19%	-23.64%	+10.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	6.29%	-3.26%

Volatility

DODEX vs. CNQ - Volatility Comparison

The current volatility for Dodge & Cox Emerging Markets Stock Fund (DODEX) is 7.57%, while Canadian Natural Resources Limited (CNQ) has a volatility of 9.19%. This indicates that DODEX experiences smaller price fluctuations and is considered to be less risky than CNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODEX	CNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	9.19%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	20.23%	-9.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.66%	31.56%	-15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	32.70%	-15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	40.24%	-23.50%