DODIX vs. MCFIX
DODIX (Dodge & Cox Income Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, DODIX returned 1.20%/yr vs -0.21%/yr for MCFIX. Their correlation of 0.89 suggests significant overlap in exposure. DODIX charges 0.41%/yr vs 0.16%/yr for MCFIX.
Performance
DODIX vs. MCFIX - Performance Comparison
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Returns By Period
In the year-to-date period, DODIX achieves a 0.67% return, which is significantly higher than MCFIX's -0.99% 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%
MCFIX
- 1D
- 0.23%
- 1M
- 0.68%
- YTD
- -0.99%
- 6M
- -0.74%
- 1Y
- 2.54%
- 3Y*
- 3.77%
- 5Y*
- -0.21%
- 10Y*
- —
DODIX vs. MCFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DODIX Dodge & Cox Income Fund | 0.67% | 8.32% | 2.25% | 7.69% | -11.42% | -0.92% | 9.46% | 5.59% |
MCFIX Mercer Core Fixed Income Fund | -0.99% | 6.64% | 2.02% | 6.47% | -13.69% | -1.05% | 4.75% | 3.31% |
Correlation
The correlation between DODIX and MCFIX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019 | 0.89 |
The correlation between DODIX and MCFIX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.
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Return for Risk
DODIX vs. MCFIX — Risk / Return Rank
DODIX
MCFIX
DODIX vs. MCFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Income Fund (DODIX) and Mercer Core Fixed Income Fund (MCFIX). 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 | MCFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.12 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.76 | +1.06 |
| Martin ratioReturn relative to average drawdown | 5.22 | 1.98 | +3.24 |
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Drawdowns
DODIX vs. MCFIX - Drawdown Comparison
The maximum DODIX drawdown since its inception was -16.89%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for DODIX and MCFIX.
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Drawdown Indicators
| DODIX | MCFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.89% | -21.68% | +4.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -3.75% | +0.58% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -6.32% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -16.89% | -18.72% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -16.89% | — | — |
Current DrawdownCurrent decline from peak | -1.48% | -5.97% | +4.49% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -8.52% | +7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 1.37% | -0.27% |
Volatility
DODIX vs. MCFIX - Volatility Comparison
Dodge & Cox Income Fund (DODIX) has a higher volatility of 1.18% compared to Mercer Core Fixed Income Fund (MCFIX) at 1.10%. This indicates that DODIX's price experiences larger fluctuations and is considered to be riskier than MCFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DODIX | MCFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.10% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.77% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.05% | 4.03% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.57% | 6.04% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 6.10% | -1.65% |
DODIX vs. MCFIX - Expense Ratio Comparison
DODIX has a 0.41% expense ratio, which is higher than MCFIX's 0.16% expense ratio.
Dividends
DODIX vs. MCFIX - Dividend Comparison
DODIX's dividend yield for the trailing twelve months is around 4.25%, less than MCFIX's 4.31% 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% |
MCFIX Mercer Core Fixed Income Fund | 4.31% | 3.89% | 4.54% | 3.68% | 3.31% | 2.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DODIX and MCFIX have a correlation of 0.85, 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 MCFIX (1.10%). In terms of maximum drawdown, DODIX dropped -16.89% vs MCFIX's -21.68%.
DODIX currently has the higher Sharpe Ratio (1.43 vs 0.71), 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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