PGGIX vs. DAIOX

Last updated Jun 24, 2026

PGGIX (Putnam Global Income Trust) and DAIOX (Dunham International Opportunity Bond Fund) are both Global Bonds funds. Over the past 10 years, PGGIX returned 0.59%/yr vs 1.01%/yr for DAIOX. A 0.55 correlation means they provide meaningful diversification when combined. PGGIX charges 0.91%/yr vs 1.58%/yr for DAIOX.

Performance

PGGIX vs. DAIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Global Income Trust (PGGIX) and Dunham International Opportunity Bond Fund (DAIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGGIX achieves a -0.02% return, which is significantly lower than DAIOX's 3.14% return. Over the past 10 years, PGGIX has underperformed DAIOX with an annualized return of 0.59%, while DAIOX has yielded a comparatively higher 1.01% annualized return.

PGGIX

• 1D: -0.30%
• 1M: 0.39%
• YTD: -0.02%
• 6M: 0.16%
• 1Y: 2.14%
• 3Y*: 3.46%
• 5Y*: -1.74%
• 10Y*: 0.59%

DAIOX

• 1D: -0.13%
• 1M: 1.17%
• YTD: 3.14%
• 6M: 3.25%
• 1Y: 6.20%
• 3Y*: 7.22%
• 5Y*: 1.65%
• 10Y*: 1.01%

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

PGGIX vs. DAIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGGIX Putnam Global Income Trust	-0.02%	6.27%	-0.26%	5.27%	-15.05%	-6.38%	5.93%	9.35%	-2.36%	7.24%
DAIOX Dunham International Opportunity Bond Fund	3.14%	5.68%	5.33%	12.18%	-14.11%	-2.18%	3.85%	3.82%	-5.00%	9.50%

Correlation

The correlation between PGGIX and DAIOX 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	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013	0.55

The correlation between PGGIX and DAIOX shifts across timeframes, from 0.52 (1 year) to 0.62 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PGGIX vs. DAIOX — Risk / Return Rank

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

PGGIX

PGGIX Risk / Return Rank: 8
PGGIX Sharpe Ratio Rank: 9
PGGIX Sortino Ratio Rank: 8
PGGIX Omega Ratio Rank: 8
PGGIX Calmar Ratio Rank: 8
PGGIX Martin Ratio Rank: 8

DAIOX

DAIOX Risk / Return Rank: 56
DAIOX Sharpe Ratio Rank: 50
DAIOX Sortino Ratio Rank: 63
DAIOX Omega Ratio Rank: 73
DAIOX Calmar Ratio Rank: 44
DAIOX Martin Ratio Rank: 51

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.

PGGIX vs. DAIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Global Income Trust (PGGIX) and Dunham International Opportunity Bond Fund (DAIOX). 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.

	PGGIX	DAIOX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.92	-1.26
Sortino ratio: Return per unit of downside risk	0.97	3.03	-2.05
Omega ratio: Gain probability vs. loss probability	1.12	1.44	-0.32
Calmar ratio: Return relative to maximum drawdown	0.75	2.41	-1.66
Martin ratio: Return relative to average drawdown	2.12	9.99	-7.88

PGGIX vs. DAIOX - Sharpe Ratio Comparison

The current PGGIX Sharpe Ratio is 0.67, which is lower than the DAIOX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of PGGIX and DAIOX, 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

PGGIX vs. DAIOX - Drawdown Comparison

The maximum PGGIX drawdown since its inception was -26.81%, roughly equal to the maximum DAIOX drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for PGGIX and DAIOX.

Drawdown Indicators

	PGGIX	DAIOX	Difference
Max Drawdown Largest peak-to-trough decline	-26.81%	-27.58%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-2.58%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-5.60%	-3.91%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-23.33%	-24.80%	+1.47%
Max Drawdown (10Y) Largest decline over 10 years	-25.24%	-24.96%	-0.28%
Current Drawdown Current decline from peak	-11.42%	-0.25%	-11.17%
Average Drawdown Average peak-to-trough decline	-4.50%	-9.18%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.62%	+0.49%

Volatility

PGGIX vs. DAIOX - Volatility Comparison

Putnam Global Income Trust (PGGIX) has a higher volatility of 1.00% compared to Dunham International Opportunity Bond Fund (DAIOX) at 0.87%. This indicates that PGGIX's price experiences larger fluctuations and is considered to be riskier than DAIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGGIX	DAIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.87%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.85%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	3.24%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	4.66%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	5.86%	-1.31%

PGGIX vs. DAIOX - Expense Ratio Comparison

PGGIX has a 0.91% expense ratio, which is lower than DAIOX's 1.58% expense ratio.

Dividends

PGGIX vs. DAIOX - Dividend Comparison

PGGIX's dividend yield for the trailing twelve months is around 3.35%, less than DAIOX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAIOX Dunham International Opportunity Bond Fund	3.94%	4.22%	4.16%	4.56%	7.17%	2.88%	2.23%	0.23%	0.42%	0.11%	1.10%	0.05%
PGGIX Putnam Global Income Trust	3.35%	3.86%	2.79%	2.17%	2.06%	1.72%	1.65%	2.04%	2.42%	3.17%	3.29%	2.44%

Frequently Asked Questions

Can I hold both PGGIX and DAIOX in my portfolio?

PGGIX and DAIOX 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, PGGIX or DAIOX?

PGGIX has higher volatility (1.00%) compared to DAIOX (0.87%). In terms of maximum drawdown, PGGIX dropped -26.81% vs DAIOX's -27.58%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (1.92 vs 0.67), 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.