EIGMX vs. DCAIX

Last updated Jun 23, 2026

EIGMX (Eaton Vance Global Macro Absolute Return Fund) and DCAIX (Dunham Long/Short Credit Fund) are both Nontraditional Bonds funds. Over the past 10 years, EIGMX returned 5.00%/yr vs 3.62%/yr for DCAIX. At a 0.14 correlation, their price movements are largely independent. EIGMX charges 0.76%/yr vs 1.98%/yr for DCAIX.

Performance

EIGMX vs. DCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Global Macro Absolute Return Fund (EIGMX) and Dunham Long/Short Credit Fund (DCAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIGMX achieves a 4.84% return, which is significantly higher than DCAIX's 1.12% return. Over the past 10 years, EIGMX has outperformed DCAIX with an annualized return of 5.00%, while DCAIX has yielded a comparatively lower 3.62% annualized return.

EIGMX

• 1D: 0.00%
• 1M: 0.89%
• YTD: 4.84%
• 6M: 5.41%
• 1Y: 12.35%
• 3Y*: 9.23%
• 5Y*: 6.34%
• 10Y*: 5.00%

DCAIX

• 1D: -0.12%
• 1M: 0.13%
• YTD: 1.12%
• 6M: 1.18%
• 1Y: 2.44%
• 3Y*: 3.26%
• 5Y*: 1.05%
• 10Y*: 3.62%

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

EIGMX vs. DCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIGMX Eaton Vance Global Macro Absolute Return Fund	4.84%	11.37%	8.69%	6.99%	-0.47%	2.19%	3.59%	9.76%	-3.29%	4.29%
DCAIX Dunham Long/Short Credit Fund	1.12%	2.47%	3.78%	0.60%	-2.64%	1.47%	4.11%	5.81%	4.17%	10.40%

Correlation

The correlation between EIGMX and DCAIX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 27, 2007	0.14

The correlation between EIGMX and DCAIX shifts across timeframes, from 0.02 (3 years) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EIGMX vs. DCAIX — Risk / Return Rank

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

EIGMX

EIGMX Risk / Return Rank: 99
EIGMX Sharpe Ratio Rank: 100
EIGMX Sortino Ratio Rank: 99
EIGMX Omega Ratio Rank: 99
EIGMX Calmar Ratio Rank: 98
EIGMX Martin Ratio Rank: 98

DCAIX

DCAIX Risk / Return Rank: 93
DCAIX Sharpe Ratio Rank: 85
DCAIX Sortino Ratio Rank: 91
DCAIX Omega Ratio Rank: 97
DCAIX Calmar Ratio Rank: 97
DCAIX Martin Ratio Rank: 96

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.

EIGMX vs. DCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Global Macro Absolute Return Fund (EIGMX) and Dunham Long/Short Credit Fund (DCAIX). 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.

	EIGMX	DCAIX	Difference
Sharpe ratio: Return per unit of total volatility	6.63	2.55	+4.08
Sortino ratio: Return per unit of downside risk	10.64	4.19	+6.45
Omega ratio: Gain probability vs. loss probability	3.21	1.86	+1.35
Calmar ratio: Return relative to maximum drawdown	8.59	6.88	+1.71
Martin ratio: Return relative to average drawdown	31.15	21.14	+10.00

EIGMX vs. DCAIX - Sharpe Ratio Comparison

The current EIGMX Sharpe Ratio is 6.63, which is higher than the DCAIX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of EIGMX and DCAIX, 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

EIGMX vs. DCAIX - Drawdown Comparison

The maximum EIGMX drawdown since its inception was -9.42%, smaller than the maximum DCAIX drawdown of -46.34%. Use the drawdown chart below to compare losses from any high point for EIGMX and DCAIX.

Drawdown Indicators

	EIGMX	DCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.42%	-46.34%	+36.92%
Max Drawdown (1Y) Largest decline over 1 year	-1.44%	-0.37%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	-1.63%	-0.85%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-7.39%	-5.45%	-1.94%
Max Drawdown (10Y) Largest decline over 10 years	-9.42%	-6.53%	-2.89%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.92%	-5.96%	+5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.12%	+0.28%

Volatility

EIGMX vs. DCAIX - Volatility Comparison

Eaton Vance Global Macro Absolute Return Fund (EIGMX) has a higher volatility of 0.44% compared to Dunham Long/Short Credit Fund (DCAIX) at 0.35%. This indicates that EIGMX's price experiences larger fluctuations and is considered to be riskier than DCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIGMX	DCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.35%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	0.69%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.87%	1.01%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.61%	1.57%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.50%	3.94%	-1.44%

EIGMX vs. DCAIX - Expense Ratio Comparison

EIGMX has a 0.76% expense ratio, which is lower than DCAIX's 1.98% expense ratio.

Dividends

EIGMX vs. DCAIX - Dividend Comparison

EIGMX's dividend yield for the trailing twelve months is around 6.63%, more than DCAIX's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCAIX Dunham Long/Short Credit Fund	3.64%	3.79%	3.72%	4.04%	2.63%	2.25%	2.39%	2.27%	1.31%	1.33%	2.28%	5.72%
EIGMX Eaton Vance Global Macro Absolute Return Fund	6.63%	5.72%	6.16%	5.79%	4.78%	4.18%	4.37%	5.44%	3.72%	3.42%	4.02%	5.54%

Frequently Asked Questions

Can I hold both EIGMX and DCAIX in my portfolio?

EIGMX and DCAIX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIGMX or DCAIX?

EIGMX has higher volatility (0.44%) compared to DCAIX (0.35%). In terms of maximum drawdown, EIGMX dropped -9.42% vs DCAIX's -46.34%.

Which has better risk-adjusted returns?

EIGMX currently has the higher Sharpe Ratio (6.63 vs 2.55), 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.