DOXGX vs. LTEBX

Last updated Jun 5, 2026

DOXGX (Dodge & Cox Stock Fund) and LTEBX (American Funds Limited Term Tax-Exempt Bond Fund) are both mutual funds - DOXGX is a Large Cap Value Equities fund managed by Dodge & Cox, while LTEBX is a Municipal Bonds fund managed by American Funds. Over the past 3 years, DOXGX returned 15.01%/yr vs 3.96%/yr for LTEBX. At a 0.11 correlation, their price movements are largely independent. DOXGX charges 0.41%/yr vs 0.57%/yr for LTEBX.

Performance

DOXGX vs. LTEBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Stock Fund (DOXGX) and American Funds Limited Term Tax-Exempt Bond Fund (LTEBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOXGX achieves a 2.65% return, which is significantly higher than LTEBX's 0.86% return.

DOXGX

• 1D: -0.36%
• 1M: -0.24%
• YTD: 2.65%
• 6M: 4.64%
• 1Y: 12.22%
• 3Y*: 15.01%
• 5Y*: —
• 10Y*: —

LTEBX

• 1D: -0.06%
• 1M: 0.41%
• YTD: 0.86%
• 6M: 1.24%
• 1Y: 4.91%
• 3Y*: 3.96%
• 5Y*: 1.39%
• 10Y*: 1.81%

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

DOXGX vs. LTEBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DOXGX Dodge & Cox Stock Fund	2.65%	13.77%	14.47%	17.60%	-2.46%
LTEBX American Funds Limited Term Tax-Exempt Bond Fund	0.86%	6.02%	1.97%	3.82%	0.73%

Correlation

The correlation between DOXGX and LTEBX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.11

Return for Risk

DOXGX vs. LTEBX — Risk / Return Rank

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

DOXGX

DOXGX Risk / Return Rank: 18
DOXGX Sharpe Ratio Rank: 16
DOXGX Sortino Ratio Rank: 15
DOXGX Omega Ratio Rank: 14
DOXGX Calmar Ratio Rank: 20
DOXGX Martin Ratio Rank: 23

LTEBX

LTEBX Risk / Return Rank: 67
LTEBX Sharpe Ratio Rank: 86
LTEBX Sortino Ratio Rank: 90
LTEBX Omega Ratio Rank: 94
LTEBX Calmar Ratio Rank: 34
LTEBX Martin Ratio Rank: 29

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.

DOXGX vs. LTEBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Stock Fund (DOXGX) and American Funds Limited Term Tax-Exempt Bond Fund (LTEBX). 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.

	DOXGX	LTEBX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.81	-1.70
Sortino ratio: Return per unit of downside risk	1.61	4.44	-2.83
Omega ratio: Gain probability vs. loss probability	1.20	1.76	-0.56
Calmar ratio: Return relative to maximum drawdown	1.64	2.18	-0.54
Martin ratio: Return relative to average drawdown	5.78	6.73	-0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DOXGX vs. LTEBX - Sharpe Ratio Comparison

The current DOXGX Sharpe Ratio is 1.11, which is lower than the LTEBX Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of DOXGX and LTEBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DOXGX	LTEBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	2.81	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	1.47	-0.77

Drawdowns

DOXGX vs. LTEBX - Drawdown Comparison

The maximum DOXGX drawdown since its inception was -16.47%, which is greater than LTEBX's maximum drawdown of -8.33%. Use the drawdown chart below to compare losses from any high point for DOXGX and LTEBX.

Drawdown Indicators

	DOXGX	LTEBX	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-8.33%	-8.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.51%	-2.33%	-5.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.88%	-2.91%	-11.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-8.33%	—
Current Drawdown Current decline from peak	-1.81%	-0.99%	-0.82%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.06%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	0.75%	+1.38%

Volatility

DOXGX vs. LTEBX - Volatility Comparison

Dodge & Cox Stock Fund (DOXGX) has a higher volatility of 2.28% compared to American Funds Limited Term Tax-Exempt Bond Fund (LTEBX) at 0.71%. This indicates that DOXGX's price experiences larger fluctuations and is considered to be riskier than LTEBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOXGX	LTEBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	0.71%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	1.47%	+6.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	1.81%	+9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	2.32%	+13.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.70%	2.34%	+13.36%

DOXGX vs. LTEBX - Expense Ratio Comparison

DOXGX has a 0.41% expense ratio, which is lower than LTEBX's 0.57% expense ratio.

Dividends

DOXGX vs. LTEBX - Dividend Comparison

DOXGX's dividend yield for the trailing twelve months is around 9.58%, more than LTEBX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOXGX Dodge & Cox Stock Fund	9.58%	9.96%	8.30%	3.86%	4.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LTEBX American Funds Limited Term Tax-Exempt Bond Fund	2.59%	3.39%	2.34%	1.74%	0.87%	1.24%	1.92%	2.19%	2.04%	2.21%	1.92%	2.34%

Frequently Asked Questions

Can I hold both DOXGX and LTEBX in my portfolio?

DOXGX and LTEBX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOXGX or LTEBX?

DOXGX has higher volatility (2.28%) compared to LTEBX (0.71%). In terms of maximum drawdown, DOXGX dropped -16.47% vs LTEBX's -8.33%.

Which has better risk-adjusted returns?

LTEBX currently has the higher Sharpe Ratio (2.81 vs 1.11), 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.