VTIIX vs. DAIOX

Last updated Jun 4, 2026

VTIIX (Vanguard Total International Bond II Index Fund Investor Class) and DAIOX (Dunham International Opportunity Bond Fund) are both Global Bonds funds. Over the past 5 years, VTIIX returned 0.38%/yr vs 1.69%/yr for DAIOX. A 0.60 correlation means they provide meaningful diversification when combined. VTIIX charges 0.11%/yr vs 1.58%/yr for DAIOX.

Performance

VTIIX vs. DAIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Bond II Index Fund Investor Class (VTIIX) 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, VTIIX achieves a 0.66% return, which is significantly lower than DAIOX's 2.88% return.

VTIIX

• 1D: 0.00%
• 1M: 0.93%
• YTD: 0.66%
• 6M: 0.50%
• 1Y: 2.12%
• 3Y*: 4.11%
• 5Y*: 0.38%
• 10Y*: —

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%

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

VTIIX vs. DAIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VTIIX Vanguard Total International Bond II Index Fund Investor Class	0.66%	2.95%	3.82%	8.72%	-13.03%	-0.52%
DAIOX Dunham International Opportunity Bond Fund	2.88%	5.68%	5.33%	12.18%	-14.11%	-0.77%

Correlation

The correlation between VTIIX and DAIOX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.60

The correlation between VTIIX and DAIOX has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

Return for Risk

VTIIX vs. DAIOX — Risk / Return Rank

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

VTIIX

VTIIX Risk / Return Rank: 8
VTIIX Sharpe Ratio Rank: 8
VTIIX Sortino Ratio Rank: 8
VTIIX Omega Ratio Rank: 8
VTIIX Calmar Ratio Rank: 8
VTIIX Martin Ratio Rank: 7

DAIOX

DAIOX Risk / Return Rank: 59
DAIOX Sharpe Ratio Rank: 51
DAIOX Sortino Ratio Rank: 64
DAIOX Omega Ratio Rank: 76
DAIOX Calmar Ratio Rank: 48
DAIOX Martin Ratio Rank: 54

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.

VTIIX vs. DAIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond II Index Fund Investor Class (VTIIX) 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.

	VTIIX	DAIOX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	2.12	-1.41
Sortino ratio: Return per unit of downside risk	1.03	3.34	-2.31
Omega ratio: Gain probability vs. loss probability	1.13	1.50	-0.37
Calmar ratio: Return relative to maximum drawdown	0.76	2.62	-1.86
Martin ratio: Return relative to average drawdown	2.15	10.94	-8.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTIIX vs. DAIOX - Sharpe Ratio Comparison

The current VTIIX Sharpe Ratio is 0.71, which is lower than the DAIOX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VTIIX 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.

Sharpe Ratios by Period

	VTIIX	DAIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	2.12	-1.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.36	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.08	-0.03

Drawdowns

VTIIX vs. DAIOX - Drawdown Comparison

The maximum VTIIX drawdown since its inception was -15.95%, smaller than the maximum DAIOX drawdown of -27.58%. Use the drawdown chart below to compare losses from any high point for VTIIX and DAIOX.

Drawdown Indicators

	VTIIX	DAIOX	Difference
Max Drawdown Largest peak-to-trough decline	-15.95%	-27.58%	+11.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-2.58%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-2.94%	-3.91%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-15.95%	-24.80%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.96%	—
Current Drawdown Current decline from peak	-1.25%	0.00%	-1.25%
Average Drawdown Average peak-to-trough decline	-6.05%	-9.22%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.62%	+0.42%

Volatility

VTIIX vs. DAIOX - Volatility Comparison

Vanguard Total International Bond II Index Fund Investor Class (VTIIX) has a higher volatility of 1.32% compared to Dunham International Opportunity Bond Fund (DAIOX) at 0.97%. This indicates that VTIIX'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

	VTIIX	DAIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.97%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.66%	2.80%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.14%	3.20%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.53%	4.65%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.44%	5.87%	-1.43%

VTIIX vs. DAIOX - Expense Ratio Comparison

VTIIX has a 0.11% expense ratio, which is lower than DAIOX's 1.58% expense ratio.

Dividends

VTIIX vs. DAIOX - Dividend Comparison

VTIIX's dividend yield for the trailing twelve months is around 4.30%, 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%
VTIIX Vanguard Total International Bond II Index Fund Investor Class	4.30%	4.21%	4.46%	4.16%	0.89%	0.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTIIX and DAIOX in my portfolio?

VTIIX and DAIOX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTIIX or DAIOX?

VTIIX has higher volatility (1.32%) compared to DAIOX (0.97%). In terms of maximum drawdown, VTIIX dropped -15.95% vs DAIOX's -27.58%.

Which has better risk-adjusted returns?

DAIOX currently has the higher Sharpe Ratio (2.12 vs 0.71), 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.