BRW vs. DLY
BRW (Saba Capital Income & Opportunities Fund) and DLY (DoubleLine Yield Opportunities Fund) are both Multisector Bonds funds. Both are actively managed. Over the past 5 years, BRW returned 6.18%/yr vs 1.85%/yr for DLY. At a 0.27 correlation, their price movements are largely independent. BRW charges 1.71%/yr vs 2.91%/yr for DLY.
Performance
BRW vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, BRW achieves a -0.25% return, which is significantly higher than DLY's -0.70% return.
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
BRW vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
DLY DoubleLine Yield Opportunities Fund | -0.70% | 0.63% | 16.29% | 25.48% | -23.08% | -1.68% |
Correlation
The correlation between BRW and DLY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.27 |
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Return for Risk
BRW vs. DLY — Risk / Return Rank
BRW
DLY
BRW vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and DoubleLine Yield Opportunities Fund (DLY). 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.
| BRW | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.96 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | -0.25 | +0.02 |
| Martin ratioReturn relative to average drawdown | -0.40 | -0.62 | +0.22 |
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Drawdowns
BRW vs. DLY - Drawdown Comparison
The maximum BRW drawdown since its inception was -17.74%, smaller than the maximum DLY drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for BRW and DLY.
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Drawdown Indicators
| BRW | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -28.61% | +10.87% |
Max Drawdown (1Y)Largest decline over 1 year | -17.74% | -8.74% | -9.00% |
Max Drawdown (3Y)Largest decline over 3 years | -17.74% | -10.81% | -6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -17.74% | -28.61% | +10.87% |
Current DrawdownCurrent decline from peak | -12.10% | -4.79% | -7.31% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -7.79% | +3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.16% | 3.56% | +6.60% |
Volatility
BRW vs. DLY - Volatility Comparison
Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 4.17% compared to DoubleLine Yield Opportunities Fund (DLY) at 1.62%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than DLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRW | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 1.62% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 6.87% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.33% | 8.14% | +5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 13.58% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.89% | 15.00% | -2.11% |
BRW vs. DLY - Expense Ratio Comparison
BRW has a 1.71% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
BRW vs. DLY - Dividend Comparison
BRW's dividend yield for the trailing twelve months is around 15.71%, more than DLY's 10.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% |
DLY DoubleLine Yield Opportunities Fund | 10.18% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% |
Frequently Asked Questions
BRW and DLY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.17%) compared to DLY (1.62%). In terms of maximum drawdown, BRW dropped -17.74% vs DLY's -28.61%.
DLY currently has the higher Sharpe Ratio (-0.27 vs -0.31), 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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