Dunham Monthly Correlations

DNMDX Fund

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The current 90-days correlation between Dunham Monthly Distr and Wells Fargo Advantage is 0.37 (i.e., Weak diversification). The correlation of Dunham Monthly is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Dunham Monthly Correlation With Market

Almost no diversification

The correlation between Dunham Monthly Distribution and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dunham Monthly Distribution and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Dunham Monthly Distribution. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Dunham Mutual Fund

0.84	DNAVX	Dunham Dynamic Macro	Pair Corr
0.88	DNAIX	Dunham Appreciation	Pair Corr
0.82	DNCGX	Dunham Porategovernment	Pair Corr
0.95	DNDGX	Dunham Small Cap	Pair Corr
0.84	DNEMX	Dunham Emerging Markets	Pair Corr
0.74	DNIOX	Dunham International	Pair Corr
0.93	DNHYX	Dunham High Yield	Pair Corr
0.92	DNLVX	Dunham Large Cap	Pair Corr
0.64	DNREX	Dunham Real Estate	Pair Corr
0.95	DNSVX	Dunham Small Cap	Pair Corr
0.84	DNSPX	Dunham Enhanced Market	Pair Corr
0.83	DAAIX	Dunham Appreciation	Pair Corr
0.84	DAAVX	Dunham Dynamic Macro	Pair Corr
0.8	DACGX	Dunham Porategovernment	Pair Corr
0.95	DADGX	Dunham Small Cap	Pair Corr
0.84	DAEMX	Dunham Emerging Markets	Pair Corr
0.93	DAHYX	Dunham High Yield	Pair Corr
0.73	DAIOX	Dunham International	Pair Corr
0.92	DALVX	Dunham Large Cap	Pair Corr
1.0	DAMDX	Dunham Monthly Distr	Pair Corr
0.63	DAREX	Dunham Real Estate	Pair Corr
0.95	DASVX	Dunham Small Cap	Pair Corr
0.84	DCAVX	Dunham Dynamic Macro	Pair Corr
0.75	DCAIX	Dunham Appreciation	Pair Corr
0.75	DCCGX	Dunham Porategovernment	Pair Corr
0.94	DCDGX	Dunham Small Cap	Pair Corr
0.84	DCEMX	Dunham Emerging Markets	Pair Corr
0.62	DCFGX	Dunham Focused Large	Pair Corr
0.72	DCIOX	Dunham International	Pair Corr
0.93	DCHYX	Dunham High Yield	Pair Corr

Moving against Dunham Mutual Fund

0.8

DASPX

Dunham Enhanced Market

Pair Corr

Related Correlations Analysis

	HSFNX	EMF	IIF	MSCFX	TRRUX	OPP	PSF	DSCVX	EOD
HSFNX		0.73	-0.36	0.84	0.77	0.41	0.51	0.89	0.91	HSFNX
EMF	0.73		-0.7	0.92	0.89	0.77	0.85	0.88	0.9	EMF
IIF	-0.36	-0.7		-0.62	-0.48	-0.43	-0.58	-0.58	-0.51	IIF
MSCFX	0.84	0.92	-0.62		0.87	0.7	0.78	0.98	0.95	MSCFX
TRRUX	0.77	0.89	-0.48	0.87		0.65	0.71	0.86	0.91	TRRUX
OPP	0.41	0.77	-0.43	0.7	0.65		0.76	0.61	0.62	OPP
PSF	0.51	0.85	-0.58	0.78	0.71	0.76		0.76	0.75	PSF
DSCVX	0.89	0.88	-0.58	0.98	0.86	0.61	0.76		0.97	DSCVX
EOD	0.91	0.9	-0.51	0.95	0.91	0.62	0.75	0.97		EOD
	HSFNX	EMF	IIF	MSCFX	TRRUX	OPP	PSF	DSCVX	EOD

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DSCVX	+ 0.98	MSCFX
EOD	+ 0.97	DSCVX
EOD	+ 0.95	MSCFX
MSCFX	+ 0.92	EMF
EOD	+ 0.91	HSFNX
EOD	+ 0.91	TRRUX

High negative correlations

IIF	- 0.7	EMF
MSCFX	- 0.62	IIF
DSCVX	- 0.58	IIF
PSF	- 0.58	IIF
EOD	- 0.51	IIF
TRRUX	- 0.48	IIF

Risk-Adjusted Indicators

There is a big difference between Dunham Mutual Fund performing well and Dunham Monthly Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Dunham Monthly's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HSFNX	1.30	0.35	0.29	0.40	0.85	(1.76)	3.76	(1.57)	14.51
EMF	0.92	0.26	0.23	0.65	0.65	(1.07)	2.05	(1.60)	5.66
IIF	0.57	(0.07)	0.00	(0.12)	0.00	0.00	0.94	(0.95)	4.47
MSCFX	0.91	0.16	0.16	0.19	0.73	(1.07)	2.43	(1.90)	5.31
TRRUX	0.27	0.07	0.09	0.28	0.00	(0.35)	0.51	(0.42)	4.52
OPP	0.32	0.02	(0.05)	0.20	0.42	(0.35)	0.65	(0.77)	2.07
PSF	0.32	(0.01)	(0.13)	0.01	0.39	(0.33)	0.55	(0.74)	1.80
DSCVX	0.87	0.07	0.07	0.12	0.91	(0.96)	2.29	(1.63)	5.85
EOD	0.57	0.06	0.05	0.18	0.51	(0.71)	1.26	(1.00)	2.86

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