HYDB vs. DCREX

Last updated Jun 4, 2026

HYDB (iShares High Yield Bond Factor ETF) and DCREX (Dunham Real Estate Stock Fund) are both funds - HYDB is a High Yield Bonds fund tracking the BlackRock High Yield Defensive Bond Index, while DCREX is a REIT fund managed by Dunham. Over the past 5 years, HYDB returned 4.67%/yr vs -6.49%/yr for DCREX. A 0.56 correlation means they provide meaningful diversification when combined. HYDB charges 0.35%/yr vs 2.37%/yr for DCREX.

Performance

HYDB vs. DCREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Bond Factor ETF (HYDB) and Dunham Real Estate Stock Fund (DCREX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYDB achieves a 1.32% return, which is significantly lower than DCREX's 8.10% return.

HYDB

• 1D: -0.21%
• 1M: 0.39%
• YTD: 1.32%
• 6M: 1.87%
• 1Y: 7.20%
• 3Y*: 9.11%
• 5Y*: 4.67%
• 10Y*: —

DCREX

• 1D: -2.14%
• 1M: -2.88%
• YTD: 8.10%
• 6M: 6.73%
• 1Y: 6.20%
• 3Y*: 5.65%
• 5Y*: -6.49%
• 10Y*: 1.18%

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

HYDB vs. DCREX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYDB iShares High Yield Bond Factor ETF	1.32%	8.10%	9.11%	14.02%	-9.99%	5.14%	7.39%	16.13%	-3.18%	3.38%
DCREX Dunham Real Estate Stock Fund	8.10%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	4.05%

Correlation

The correlation between HYDB and DCREX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jul 14, 2017	0.56

The correlation between HYDB and DCREX shifts across timeframes, from 0.52 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HYDB vs. DCREX — Risk / Return Rank

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

HYDB

HYDB Risk / Return Rank: 57
HYDB Sharpe Ratio Rank: 55
HYDB Sortino Ratio Rank: 60
HYDB Omega Ratio Rank: 59
HYDB Calmar Ratio Rank: 51
HYDB Martin Ratio Rank: 62

DCREX

DCREX Risk / Return Rank: 6
DCREX Sharpe Ratio Rank: 6
DCREX Sortino Ratio Rank: 5
DCREX Omega Ratio Rank: 5
DCREX Calmar Ratio Rank: 7
DCREX Martin Ratio Rank: 5

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.

HYDB vs. DCREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Bond Factor ETF (HYDB) and Dunham Real Estate Stock Fund (DCREX). 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.

	HYDB	DCREX	Difference
Sharpe ratio Return per unit of total volatility	1.91	0.45	+1.46
Sortino ratio Return per unit of downside risk	2.88	0.70	+2.18
Omega ratio Gain probability vs. loss probability	1.37	1.09	+0.28
Calmar ratio Return relative to maximum drawdown	2.55	0.73	+1.82
Martin ratio Return relative to average drawdown	11.30	1.36	+9.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYDB vs. DCREX - Sharpe Ratio Comparison

The current HYDB Sharpe Ratio is 1.91, which is higher than the DCREX Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of HYDB and DCREX, 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

	HYDB	DCREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	0.45	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	-0.30	+0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.06	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.10	+0.61

Drawdowns

HYDB vs. DCREX - Drawdown Comparison

The maximum HYDB drawdown since its inception was -21.58%, smaller than the maximum DCREX drawdown of -74.32%. Use the drawdown chart below to compare losses from any high point for HYDB and DCREX.

Drawdown Indicators

	HYDB	DCREX	Difference
Max Drawdown Largest peak-to-trough decline	-21.58%	-74.32%	+52.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-8.36%	+5.53%
Max Drawdown (3Y) Largest decline over 3 years	-5.58%	-24.95%	+19.37%
Max Drawdown (5Y) Largest decline over 5 years	-14.28%	-49.40%	+35.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.40%	—
Current Drawdown Current decline from peak	-0.21%	-31.72%	+31.51%
Average Drawdown Average peak-to-trough decline	-2.39%	-19.25%	+16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	4.48%	-3.84%

Volatility

HYDB vs. DCREX - Volatility Comparison

The current volatility for iShares High Yield Bond Factor ETF (HYDB) is 1.13%, while Dunham Real Estate Stock Fund (DCREX) has a volatility of 3.54%. This indicates that HYDB experiences smaller price fluctuations and is considered to be less risky than DCREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYDB	DCREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	3.54%	-2.41%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	8.74%	-5.81%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	13.56%	-9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.04%	21.49%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.76%	21.13%	-13.37%

HYDB vs. DCREX - Expense Ratio Comparison

HYDB has a 0.35% expense ratio, which is lower than DCREX's 2.37% expense ratio.

Dividends

HYDB vs. DCREX - Dividend Comparison

HYDB's dividend yield for the trailing twelve months is around 7.00%, more than DCREX's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCREX Dunham Real Estate Stock Fund	0.52%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%
HYDB iShares High Yield Bond Factor ETF	7.00%	7.04%	6.95%	7.00%	6.30%	4.70%	5.81%	5.68%	6.16%	2.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYDB and DCREX in my portfolio?

HYDB and DCREX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYDB or DCREX?

DCREX has higher volatility (3.54%) compared to HYDB (1.13%). In terms of maximum drawdown, HYDB dropped -21.58% vs DCREX's -74.32%.

Which has better risk-adjusted returns?

HYDB currently has the higher Sharpe Ratio (1.91 vs 0.45), 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.