DODIX vs. HLIEX

Last updated Jun 13, 2026

DODIX (Dodge & Cox Income Fund) and HLIEX (JPMorgan Equity Income Fund) are both mutual funds - DODIX is a Intermediate Core-Plus Bond fund actively managed by Dodge & Cox, while HLIEX is a Large Cap Value Equities fund managed by JPMorgan. Over the past 10 years, DODIX returned 2.90%/yr vs 12.25%/yr for HLIEX. At a 0.03 correlation, their price movements are largely independent. DODIX charges 0.41%/yr vs 0.70%/yr for HLIEX.

Performance

DODIX vs. HLIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Income Fund (DODIX) and JPMorgan Equity Income Fund (HLIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODIX achieves a 0.59% return, which is significantly lower than HLIEX's 11.08% return. Over the past 10 years, DODIX has underperformed HLIEX with an annualized return of 2.90%, while HLIEX has yielded a comparatively higher 12.25% annualized return.

DODIX

• 1D: 0.55%
• 1M: 0.55%
• YTD: 0.59%
• 6M: 1.18%
• 1Y: 5.50%
• 3Y*: 5.26%
• 5Y*: 1.17%
• 10Y*: 2.90%

HLIEX

• 1D: 1.49%
• 1M: 2.40%
• YTD: 11.08%
• 6M: 10.34%
• 1Y: 22.22%
• 3Y*: 17.80%
• 5Y*: 10.85%
• 10Y*: 12.25%

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

DODIX vs. HLIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DODIX Dodge & Cox Income Fund	0.59%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%
HLIEX JPMorgan Equity Income Fund	11.08%	14.67%	19.67%	4.79%	-1.88%	25.10%	3.61%	26.30%	-4.45%	17.55%

Correlation

The correlation between DODIX and HLIEX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 30, 1988	0.03

Over the past year, DODIX and HLIEX have become more correlated (0.28) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

DODIX vs. HLIEX — Risk / Return Rank

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

DODIX

DODIX Risk / Return Rank: 38
DODIX Sharpe Ratio Rank: 41
DODIX Sortino Ratio Rank: 43
DODIX Omega Ratio Rank: 40
DODIX Calmar Ratio Rank: 37
DODIX Martin Ratio Rank: 30

HLIEX

HLIEX Risk / Return Rank: 79
HLIEX Sharpe Ratio Rank: 79
HLIEX Sortino Ratio Rank: 78
HLIEX Omega Ratio Rank: 74
HLIEX Calmar Ratio Rank: 83
HLIEX Martin Ratio Rank: 82

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.

DODIX vs. HLIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Income Fund (DODIX) and JPMorgan Equity Income Fund (HLIEX). 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	HLIEX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.15	-0.69
Sortino ratio: Return per unit of downside risk	2.17	3.06	-0.89
Omega ratio: Gain probability vs. loss probability	1.26	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.88	3.21	-1.34
Martin ratio: Return relative to average drawdown	5.47	12.23	-6.76

DODIX vs. HLIEX - Sharpe Ratio Comparison

The current DODIX Sharpe Ratio is 1.46, which is lower than the HLIEX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of DODIX and HLIEX, 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

DODIX vs. HLIEX - Drawdown Comparison

The maximum DODIX drawdown since its inception was -16.89%, smaller than the maximum HLIEX drawdown of -50.33%. Use the drawdown chart below to compare losses from any high point for DODIX and HLIEX.

Drawdown Indicators

	DODIX	HLIEX	Difference
Max Drawdown Largest peak-to-trough decline	-16.89%	-50.33%	+33.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.17%	-7.08%	+3.91%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-14.19%	+8.51%
Max Drawdown (5Y) Largest decline over 5 years	-16.89%	-14.85%	-2.04%
Max Drawdown (10Y) Largest decline over 10 years	-16.89%	-36.89%	+20.00%
Current Drawdown Current decline from peak	-1.55%	-0.18%	-1.37%
Average Drawdown Average peak-to-trough decline	-1.50%	-6.36%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.86%	-0.78%

Volatility

DODIX vs. HLIEX - Volatility Comparison

The current volatility for Dodge & Cox Income Fund (DODIX) is 1.40%, while JPMorgan Equity Income Fund (HLIEX) has a volatility of 3.27%. This indicates that DODIX experiences smaller price fluctuations and is considered to be less risky than HLIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODIX	HLIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	3.27%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	8.11%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	10.57%	-6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	14.34%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	16.80%	-12.35%

DODIX vs. HLIEX - Expense Ratio Comparison

DODIX has a 0.41% expense ratio, which is lower than HLIEX's 0.70% expense ratio.

Dividends

DODIX vs. HLIEX - Dividend Comparison

DODIX's dividend yield for the trailing twelve months is around 4.25%, less than HLIEX's 9.73% 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%
HLIEX JPMorgan Equity Income Fund	9.73%	10.81%	14.41%	2.77%	3.67%	3.33%	1.82%	2.78%	5.12%	2.47%	2.45%	2.73%

Frequently Asked Questions

Can I hold both DODIX and HLIEX in my portfolio?

DODIX and HLIEX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DODIX or HLIEX?

HLIEX has higher volatility (3.27%) compared to DODIX (1.40%). In terms of maximum drawdown, DODIX dropped -16.89% vs HLIEX's -50.33%.

Which has better risk-adjusted returns?

HLIEX currently has the higher Sharpe Ratio (2.15 vs 1.46), 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.