SFHIX vs. DAFRX

Last updated Aug 4, 2026

SFHIX (Shenkman Capital Floating Rate High Income Fund) and DAFRX (Dunham Floating Rate Bond Fund) are both Bank Loan funds. Over the past 10 years, SFHIX returned 25.96%/yr vs 3.84%/yr for DAFRX. Their 0.58 correlation means they have sometimes moved together and sometimes differently. SFHIX charges 0.54%/yr vs 1.29%/yr for DAFRX.

Performance

SFHIX vs. DAFRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shenkman Capital Floating Rate High Income Fund (SFHIX) 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, SFHIX achieves a 1.66% return, which is significantly lower than DAFRX's 1.75% return. Over the past 10 years, SFHIX has outperformed DAFRX with an annualized return of 25.96%, while DAFRX has yielded a comparatively lower 3.84% annualized return.

SFHIX

• 1D: -0.56%
• 1M: -0.11%
• 6M: 1.77%
• YTD: 1.66%
• 1Y: 3.44%
• 3Y*: 6.62%
• 5Y*: 5.43%
• 10Y*: 25.96%
• ALL TIME*: 22.50%

DAFRX

• 1D: -0.60%
• 1M: -0.36%
• 6M: 1.52%
• YTD: 1.75%
• 1Y: 2.93%
• 3Y*: 6.39%
• 5Y*: 5.01%
• 10Y*: 3.84%
• ALL TIME*: 3.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAFRX Dunham Floating Rate Bond Fund	$0.00	$0.00	$0.00
SFHIX Shenkman Capital Floating Rate High Income Fund	$0.00	$0.00	$0.00

SFHIX vs. DAFRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFHIX Shenkman Capital Floating Rate High Income Fund	1.66%	5.70%	8.14%	11.50%	-0.95%	3.90%	1.77%	588.11%	0.53%	3.64%
DAFRX Dunham Floating Rate Bond Fund	1.75%	5.04%	7.26%	13.05%	-2.54%	3.51%	-0.09%	7.18%	-1.06%	2.71%

Correlation

The correlation between SFHIX and DAFRX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.57
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.58

The correlation between SFHIX and DAFRX shifts across timeframes, from 0.43 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SFHIX vs. DAFRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SFHIX

SFHIX Risk / Return Rank: 64
SFHIX Sharpe Ratio Rank: 79
SFHIX Sortino Ratio Rank: 80
SFHIX Omega Ratio Rank: 92
SFHIX Calmar Ratio Rank: 33
SFHIX Martin Ratio Rank: 34

DAFRX

DAFRX Risk / Return Rank: 56
DAFRX Sharpe Ratio Rank: 58
DAFRX Sortino Ratio Rank: 59
DAFRX Omega Ratio Rank: 78
DAFRX Calmar Ratio Rank: 46
DAFRX Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SFHIX vs. DAFRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shenkman Capital Floating Rate High Income Fund (SFHIX) 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.

	SFHIX	DAFRX	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.58	+0.35
Sortino ratio: Return per unit of downside risk	2.85	2.28	+0.56
Omega ratio: Gain probability vs. loss probability	1.52	1.37	+0.16
Calmar ratio: Return relative to maximum drawdown	1.54	1.94	-0.40
Martin ratio: Return relative to average drawdown	5.43	6.20	-0.77

SFHIX vs. DAFRX - Sharpe Ratio Comparison

The current SFHIX Sharpe Ratio is 1.93, which is comparable to the DAFRX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SFHIX 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

SFHIX vs. DAFRX - Drawdown Comparison

The maximum SFHIX drawdown since its inception was -19.94%, roughly equal to the maximum DAFRX drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for SFHIX and DAFRX.

Drawdown Indicators

	SFHIX	DAFRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.94%	-19.42%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.25%	-1.45%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-2.25%	-3.34%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-5.57%	-7.08%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-19.94%	-19.42%	-0.52%
Current Drawdown Current decline from peak	-0.56%	-0.72%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.96%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	0.45%	+0.19%

Volatility

SFHIX vs. DAFRX - Volatility Comparison

The current volatility for Shenkman Capital Floating Rate High Income Fund (SFHIX) is 0.66%, while Dunham Floating Rate Bond Fund (DAFRX) has a volatility of 0.70%. This indicates that SFHIX experiences smaller price fluctuations and is considered to be less risky than DAFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFHIX	DAFRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.70%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	1.44%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	1.79%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.03%	2.26%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.68%	3.39%	+43.29%

SFHIX vs. DAFRX - Expense Ratio Comparison

SFHIX has a 0.54% expense ratio, which is lower than DAFRX's 1.29% expense ratio.

Dividends

SFHIX vs. DAFRX - Dividend Comparison

SFHIX's dividend yield for the trailing twelve months is around 6.94%, more than DAFRX's 6.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAFRX Dunham Floating Rate Bond Fund	6.80%	7.26%	7.87%	8.91%	5.76%	3.13%	3.27%	4.36%	4.30%	3.31%	3.01%	3.13%
SFHIX Shenkman Capital Floating Rate High Income Fund	6.94%	7.61%	8.07%	8.06%	4.99%	3.20%	3.93%	142.83%	5.03%	4.00%	4.22%	4.58%

Frequently Asked Questions

Can I hold both SFHIX and DAFRX in my portfolio?

SFHIX and DAFRX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFHIX or DAFRX?

DAFRX has higher volatility (0.70%) compared to SFHIX (0.66%). In terms of maximum drawdown, SFHIX dropped -19.94% vs DAFRX's -19.42%.

Which has better risk-adjusted returns?

SFHIX currently has the higher Sharpe Ratio (1.93 vs 1.57), 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.