TAIAX vs. DODEX

Last updated Jun 26, 2026

TAIAX (American Funds Tax-Aware Conservative Growth and Income Portfolio) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both mutual funds - TAIAX is a Diversified Portfolio fund managed by American Funds, while DODEX is a Emerging Markets Diversified fund managed by Dodge & Cox. Over the past 5 years, TAIAX returned 6.84%/yr vs 9.15%/yr for DODEX. A 0.66 correlation means they provide meaningful diversification when combined. TAIAX charges 0.34%/yr vs 0.70%/yr for DODEX.

Performance

TAIAX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAIAX achieves a 5.75% return, which is significantly lower than DODEX's 21.50% return.

TAIAX

• 1D: 0.06%
• 1M: 0.45%
• YTD: 5.75%
• 6M: 5.40%
• 1Y: 14.46%
• 3Y*: 12.14%
• 5Y*: 6.84%
• 10Y*: 7.88%

DODEX

• 1D: -0.97%
• 1M: -0.90%
• YTD: 21.50%
• 6M: 21.92%
• 1Y: 46.12%
• 3Y*: 24.40%
• 5Y*: 9.15%
• 10Y*: —

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

TAIAX vs. DODEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	5.75%	13.27%	10.09%	11.74%	-10.18%	6.73%
DODEX Dodge & Cox Emerging Markets Stock Fund	21.50%	38.64%	7.47%	13.37%	-14.91%	-9.57%

Correlation

The correlation between TAIAX and DODEX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.66

The correlation between TAIAX and DODEX has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

TAIAX vs. DODEX — Risk / Return Rank

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

TAIAX

TAIAX Risk / Return Rank: 68
TAIAX Sharpe Ratio Rank: 75
TAIAX Sortino Ratio Rank: 75
TAIAX Omega Ratio Rank: 77
TAIAX Calmar Ratio Rank: 48
TAIAX Martin Ratio Rank: 64

DODEX

DODEX Risk / Return Rank: 90
DODEX Sharpe Ratio Rank: 95
DODEX Sortino Ratio Rank: 87
DODEX Omega Ratio Rank: 88
DODEX Calmar Ratio Rank: 91
DODEX Martin Ratio Rank: 91

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.

TAIAX vs. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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.

	TAIAX	DODEX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.93	-0.79
Sortino ratio: Return per unit of downside risk	3.01	3.68	-0.66
Omega ratio: Gain probability vs. loss probability	1.42	1.54	-0.12
Calmar ratio: Return relative to maximum drawdown	2.33	4.25	-1.92
Martin ratio: Return relative to average drawdown	10.68	15.59	-4.91

TAIAX vs. DODEX - Sharpe Ratio Comparison

The current TAIAX Sharpe Ratio is 2.13, which is comparable to the DODEX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of TAIAX and DODEX, 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

TAIAX vs. DODEX - Drawdown Comparison

The maximum TAIAX drawdown since its inception was -21.42%, smaller than the maximum DODEX drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for TAIAX and DODEX.

Drawdown Indicators

	TAIAX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-21.42%	-37.01%	+15.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-10.97%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-16.15%	+7.40%
Max Drawdown (5Y) Largest decline over 5 years	-16.76%	-36.02%	+19.26%
Max Drawdown (10Y) Largest decline over 10 years	-21.42%	—	—
Current Drawdown Current decline from peak	-0.72%	-3.52%	+2.80%
Average Drawdown Average peak-to-trough decline	-2.20%	-12.68%	+10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	2.98%	-1.64%

Volatility

TAIAX vs. DODEX - Volatility Comparison

The current volatility for American Funds Tax-Aware Conservative Growth and Income Portfolio (TAIAX) is 2.45%, while Dodge & Cox Emerging Markets Stock Fund (DODEX) has a volatility of 7.91%. This indicates that TAIAX experiences smaller price fluctuations and is considered to be less risky than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAIAX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	7.91%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	14.06%	-8.41%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	16.01%	-9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.68%	17.10%	-9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	16.99%	-8.81%

TAIAX vs. DODEX - Expense Ratio Comparison

TAIAX has a 0.34% expense ratio, which is lower than DODEX's 0.70% expense ratio.

Dividends

TAIAX vs. DODEX - Dividend Comparison

TAIAX's dividend yield for the trailing twelve months is around 4.34%, more than DODEX's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.33%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAIAX American Funds Tax-Aware Conservative Growth and Income Portfolio	4.34%	5.18%	5.16%	4.29%	4.37%	3.40%	2.65%	4.01%	4.54%	4.04%	2.77%	3.38%

Frequently Asked Questions

Can I hold both TAIAX and DODEX in my portfolio?

TAIAX and DODEX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAIAX or DODEX?

DODEX has higher volatility (7.91%) compared to TAIAX (2.45%). In terms of maximum drawdown, TAIAX dropped -21.42% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (2.93 vs 2.13), 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.