RFRAX vs. DAFRX

Last updated Jul 14, 2026

RFRAX (Columbia Floating Rate Fund) and DAFRX (Dunham Floating Rate Bond Fund) are both Bank Loan funds. Over the past 10 years, RFRAX returned 4.30%/yr vs 3.93%/yr for DAFRX. A 0.57 correlation means they provide meaningful diversification when combined. RFRAX charges 1.02%/yr vs 1.29%/yr for DAFRX.

Performance

RFRAX vs. DAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Floating Rate Fund (RFRAX) and Dunham Floating Rate Bond Fund (DAFRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFRAX achieves a 1.61% return, which is significantly lower than DAFRX's 2.24% return. Over the past 10 years, RFRAX has outperformed DAFRX with an annualized return of 4.30%, while DAFRX has yielded a comparatively lower 3.93% annualized return.

RFRAX

• 1D: 0.03%
• 1M: 0.48%
• 6M: 1.49%
• YTD: 1.61%
• 1Y: 4.04%
• 3Y*: 6.29%
• 5Y*: 4.58%
• 10Y*: 4.30%

DAFRX

• 1D: 0.00%
• 1M: 0.22%
• 6M: 1.76%
• YTD: 2.24%
• 1Y: 3.84%
• 3Y*: 6.88%
• 5Y*: 5.09%
• 10Y*: 3.93%

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

RFRAX vs. DAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RFRAX Columbia Floating Rate Fund	1.61%	5.83%	6.55%	11.01%	-2.90%	4.53%	1.03%	7.60%	0.08%	3.82%
DAFRX Dunham Floating Rate Bond Fund	2.24%	5.04%	7.26%	13.05%	-2.54%	3.51%	-0.09%	7.18%	-1.06%	2.71%

Correlation

The correlation between RFRAX and DAFRX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 5, 2013	0.57

The correlation between RFRAX and DAFRX shifts across timeframes, from 0.49 (3 years) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RFRAX vs. DAFRX — Risk / Return Rank

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

RFRAX

RFRAX Risk / Return Rank: 72
RFRAX Sharpe Ratio Rank: 68
RFRAX Sortino Ratio Rank: 93
RFRAX Omega Ratio Rank: 90
RFRAX Calmar Ratio Rank: 60
RFRAX Martin Ratio Rank: 50

DAFRX

DAFRX Risk / Return Rank: 79
DAFRX Sharpe Ratio Rank: 87
DAFRX Sortino Ratio Rank: 89
DAFRX Omega Ratio Rank: 91
DAFRX Calmar Ratio Rank: 73
DAFRX Martin Ratio Rank: 53

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.

RFRAX vs. DAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Floating Rate Fund (RFRAX) and Dunham Floating Rate Bond Fund (DAFRX). 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.

	RFRAX	DAFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.31	-0.48
Sortino ratio: Return per unit of downside risk	3.95	3.62	+0.33
Omega ratio: Gain probability vs. loss probability	1.55	1.56	-0.02
Calmar ratio: Return relative to maximum drawdown	2.38	2.65	-0.27
Martin ratio: Return relative to average drawdown	8.10	8.51	-0.41

RFRAX vs. DAFRX - Sharpe Ratio Comparison

The current RFRAX Sharpe Ratio is 1.83, which is comparable to the DAFRX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of RFRAX and DAFRX, 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

RFRAX vs. DAFRX - Drawdown Comparison

The maximum RFRAX drawdown since its inception was -33.04%, which is greater than DAFRX's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for RFRAX and DAFRX.

Drawdown Indicators

	RFRAX	DAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.04%	-19.42%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-1.45%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-2.57%	-3.34%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-6.90%	-7.08%	+0.18%
Max Drawdown (10Y) Largest decline over 10 years	-21.74%	-19.42%	-2.32%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.25%	-0.96%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.45%	+0.05%

Volatility

RFRAX vs. DAFRX - Volatility Comparison

Columbia Floating Rate Fund (RFRAX) has a higher volatility of 0.59% compared to Dunham Floating Rate Bond Fund (DAFRX) at 0.34%. This indicates that RFRAX's price experiences larger fluctuations and is considered to be riskier than DAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFRAX	DAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.34%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	1.29%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	1.67%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	2.24%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.81%	3.38%	+0.43%

RFRAX vs. DAFRX - Expense Ratio Comparison

RFRAX has a 1.02% expense ratio, which is lower than DAFRX's 1.29% expense ratio.

Dividends

RFRAX vs. DAFRX - Dividend Comparison

RFRAX's dividend yield for the trailing twelve months is around 6.48%, less than DAFRX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFRX Dunham Floating Rate Bond Fund	7.42%	7.26%	7.87%	8.91%	5.76%	3.13%	3.27%	4.36%	4.30%	3.31%	3.01%	3.13%
RFRAX Columbia Floating Rate Fund	6.48%	6.81%	6.62%	7.60%	4.44%	3.08%	3.44%	4.82%	4.41%	3.52%	3.85%	4.10%

Frequently Asked Questions

Can I hold both RFRAX and DAFRX in my portfolio?

RFRAX and DAFRX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFRAX or DAFRX?

RFRAX has higher volatility (0.59%) compared to DAFRX (0.34%). In terms of maximum drawdown, RFRAX dropped -33.04% vs DAFRX's -19.42%.

Which has better risk-adjusted returns?

DAFRX currently has the higher Sharpe Ratio (2.31 vs 1.83), 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.