DODIX vs. GUGAX
DODIX (Dodge & Cox Income Fund) and GUGAX (GMO Multi-Sector Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 10 years, DODIX returned 2.92%/yr vs 1.51%/yr for GUGAX. A 0.76 correlation means they provide meaningful diversification when combined. DODIX charges 0.41%/yr vs 0.45%/yr for GUGAX.
Performance
DODIX vs. GUGAX - Performance Comparison
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Returns By Period
In the year-to-date period, DODIX achieves a 0.67% return, which is significantly lower than GUGAX's 0.96% return. Over the past 10 years, DODIX has outperformed GUGAX with an annualized return of 2.92%, while GUGAX has yielded a comparatively lower 1.51% annualized return.
DODIX
- 1D
- 0.23%
- 1M
- 0.95%
- YTD
- 0.67%
- 6M
- 0.83%
- 1Y
- 5.75%
- 3Y*
- 5.20%
- 5Y*
- 1.20%
- 10Y*
- 2.92%
GUGAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.96%
- 6M
- 1.07%
- 1Y
- 5.13%
- 3Y*
- 4.30%
- 5Y*
- -0.52%
- 10Y*
- 1.51%
DODIX vs. GUGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DODIX Dodge & Cox Income Fund | 0.67% | 8.32% | 2.25% | 7.69% | -11.42% | -0.92% | 9.46% | 9.73% | -0.31% | 4.36% |
GUGAX GMO Multi-Sector Fixed Income Fund | 0.96% | 7.29% | 0.96% | 6.02% | -14.52% | -3.17% | 4.91% | 9.66% | 2.13% | 4.44% |
Correlation
The correlation between DODIX and GUGAX is 0.70, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1998 | 0.76 |
The correlation between DODIX and GUGAX shifts across timeframes, from 0.70 (1 year) to 0.90 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
DODIX vs. GUGAX — Risk / Return Rank
DODIX
GUGAX
DODIX vs. GUGAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Income Fund (DODIX) and GMO Multi-Sector Fixed Income Fund (GUGAX). 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.
| DODIX | GUGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.45 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 4.82 | -2.99 |
| Martin ratioReturn relative to average drawdown | 5.22 | 14.23 | -9.01 |
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Drawdowns
DODIX vs. GUGAX - Drawdown Comparison
The maximum DODIX drawdown since its inception was -16.89%, smaller than the maximum GUGAX drawdown of -38.57%. Use the drawdown chart below to compare losses from any high point for DODIX and GUGAX.
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Drawdown Indicators
| DODIX | GUGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.89% | -38.57% | +21.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -1.16% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -6.12% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -16.89% | -20.53% | +3.64% |
Max Drawdown (10Y)Largest decline over 10 years | -16.89% | -23.06% | +6.17% |
Current DrawdownCurrent decline from peak | -1.48% | -6.72% | +5.24% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -11.26% | +9.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.39% | +0.71% |
Volatility
DODIX vs. GUGAX - Volatility Comparison
Dodge & Cox Income Fund (DODIX) has a higher volatility of 1.18% compared to GMO Multi-Sector Fixed Income Fund (GUGAX) at 0.00%. This indicates that DODIX's price experiences larger fluctuations and is considered to be riskier than GUGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DODIX | GUGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 0.00% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 1.30% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 2.80% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.57% | 6.57% | -1.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 5.42% | -0.97% |
DODIX vs. GUGAX - Expense Ratio Comparison
DODIX has a 0.41% expense ratio, which is lower than GUGAX's 0.45% expense ratio.
Dividends
DODIX vs. GUGAX - Dividend Comparison
DODIX's dividend yield for the trailing twelve months is around 4.25%, less than GUGAX's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DODIX Dodge & Cox Income Fund | 4.25% | 4.23% | 4.24% | 3.86% | 2.19% | 3.23% | 4.66% | 3.63% | 3.43% | 3.03% | 3.25% | 3.09% |
GUGAX GMO Multi-Sector Fixed Income Fund | 4.52% | 3.69% | 4.34% | 0.00% | 1.94% | 2.90% | 7.96% | 5.74% | 5.08% | 2.43% | 3.29% | 1.76% |
Frequently Asked Questions
DODIX and GUGAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DODIX has higher volatility (1.18%) compared to GUGAX (0.00%). In terms of maximum drawdown, DODIX dropped -16.89% vs GUGAX's -38.57%.
GUGAX currently has the higher Sharpe Ratio (2.00 vs 1.43), 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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