SABA vs. DAIOX
SABA (Saba Capital Income & Opportunities Fund II) and DAIOX (Dunham International Opportunity Bond Fund) are both Global Bonds funds. Over the past 10 years, SABA returned 2.99%/yr vs 1.05%/yr for DAIOX. At a 0.12 correlation, their price movements are largely independent.
Performance
SABA vs. DAIOX - Performance Comparison
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Returns By Period
In the year-to-date period, SABA achieves a 6.57% return, which is significantly higher than DAIOX's 2.88% return. Over the past 10 years, SABA has outperformed DAIOX with an annualized return of 2.99%, while DAIOX has yielded a comparatively lower 1.05% annualized return.
SABA
- 1D
- -1.62%
- 1M
- 0.80%
- YTD
- 6.57%
- 6M
- 2.61%
- 1Y
- 7.74%
- 3Y*
- 11.38%
- 5Y*
- 3.68%
- 10Y*
- 2.99%
DAIOX
- 1D
- 0.25%
- 1M
- 1.30%
- YTD
- 2.88%
- 6M
- 2.99%
- 1Y
- 6.47%
- 3Y*
- 7.57%
- 5Y*
- 1.69%
- 10Y*
- 1.05%
SABA vs. DAIOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SABA Saba Capital Income & Opportunities Fund II | 6.57% | -0.31% | 31.32% | -2.77% | -9.02% | 1.05% | -6.63% | 8.55% | -1.25% | 4.13% |
DAIOX Dunham International Opportunity Bond Fund | 2.88% | 5.68% | 5.33% | 12.18% | -14.11% | -2.18% | 3.85% | 3.82% | -5.00% | 9.50% |
Correlation
The correlation between SABA and DAIOX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2013 | 0.12 |
The correlation between SABA and DAIOX shifts across timeframes, from 0.12 (all time) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SABA vs. DAIOX — Risk / Return Rank
SABA
DAIOX
SABA vs. DAIOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund II (SABA) 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.
| SABA | DAIOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.50 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.62 | -1.88 |
| Martin ratioReturn relative to average drawdown | 1.46 | 10.94 | -9.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SABA | DAIOX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 2.12 | -1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.36 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.18 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.08 | +0.35 |
Drawdowns
SABA vs. DAIOX - Drawdown Comparison
The maximum SABA drawdown since its inception was -32.37%, which is greater than DAIOX's maximum drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for SABA and DAIOX.
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Drawdown Indicators
| SABA | DAIOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.37% | -27.58% | -4.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.45% | -2.58% | -7.87% |
Max Drawdown (3Y)Largest decline over 3 years | -14.96% | -3.91% | -11.05% |
Max Drawdown (5Y)Largest decline over 5 years | -19.94% | -24.80% | +4.86% |
Max Drawdown (10Y)Largest decline over 10 years | -31.39% | -24.96% | -6.43% |
Current DrawdownCurrent decline from peak | -2.63% | 0.00% | -2.63% |
Average DrawdownAverage peak-to-trough decline | -7.57% | -9.22% | +1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.32% | 0.62% | +4.70% |
Volatility
SABA vs. DAIOX - Volatility Comparison
Saba Capital Income & Opportunities Fund II (SABA) has a higher volatility of 3.98% compared to Dunham International Opportunity Bond Fund (DAIOX) at 0.97%. This indicates that SABA'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.
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Volatility by Period
| SABA | DAIOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 0.97% | +3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.17% | 2.80% | +5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.79% | 3.20% | +8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.57% | 4.65% | +9.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.66% | 5.87% | +10.79% |
Dividends
SABA vs. DAIOX - Dividend Comparison
SABA's dividend yield for the trailing twelve months is around 9.38%, more than DAIOX's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAIOX Dunham International Opportunity Bond Fund | 3.95% | 4.22% | 4.16% | 4.56% | 7.17% | 2.88% | 2.23% | 0.23% | 0.42% | 0.11% | 1.10% | 0.05% |
SABA Saba Capital Income & Opportunities Fund II | 9.38% | 9.65% | 8.32% | 11.43% | 9.14% | 7.19% | 4.00% | 6.68% | 5.81% | 4.44% | 4.63% | 4.72% |
Frequently Asked Questions
SABA and DAIOX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SABA has higher volatility (3.98%) compared to DAIOX (0.97%). In terms of maximum drawdown, SABA dropped -32.37% vs DAIOX's -27.58%.
DAIOX currently has the higher Sharpe Ratio (2.12 vs 0.66), 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.
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