CEFS vs. DLY
CEFS (Saba Closed-End Funds ETF) and DLY (DoubleLine Yield Opportunities Fund) are both funds - CEFS is a Event Driven fund actively managed by Exchange Traded Concepts, while DLY is a Multisector Bonds fund actively managed by DoubleLine. Both are actively managed. Over the past 5 years, CEFS returned 13.85%/yr vs 2.61%/yr for DLY. At a 0.37 correlation, their price movements are largely independent. CEFS charges 2.61%/yr vs 2.91%/yr for DLY.
Performance
CEFS vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, CEFS achieves a 12.72% return, which is significantly higher than DLY's 1.66% return.
CEFS
- 1D
- -1.22%
- 1M
- -1.28%
- 6M
- 12.04%
- YTD
- 12.72%
- 1Y
- 21.23%
- 3Y*
- 19.71%
- 5Y*
- 13.85%
- 10Y*
- —
DLY
- 1D
- -0.43%
- 1M
- 1.32%
- 6M
- -0.31%
- YTD
- 1.66%
- 1Y
- 0.00%
- 3Y*
- 8.94%
- 5Y*
- 2.61%
- 10Y*
- —
CEFS vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 12.72% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 2.88% |
DLY DoubleLine Yield Opportunities Fund | 1.66% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
Correlation
The correlation between CEFS and DLY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.37 |
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Return for Risk
CEFS vs. DLY — Risk / Return Rank
CEFS
DLY
CEFS vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Closed-End Funds ETF (CEFS) 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.
| CEFS | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.82 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.01 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.76 | 0.00 | +3.76 |
| Martin ratioReturn relative to average drawdown | 14.03 | 0.00 | +14.03 |
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Drawdowns
CEFS vs. DLY - Drawdown Comparison
The maximum CEFS drawdown since its inception was -38.99%, which is greater than DLY's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for CEFS and DLY.
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Drawdown Indicators
| CEFS | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.99% | -28.61% | -10.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -8.74% | +3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.37% | -10.81% | -2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -16.85% | -28.61% | +11.76% |
Current DrawdownCurrent decline from peak | -2.58% | -2.53% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -7.74% | +4.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 3.62% | -2.10% |
Volatility
CEFS vs. DLY - Volatility Comparison
Saba Closed-End Funds ETF (CEFS) has a higher volatility of 3.77% compared to DoubleLine Yield Opportunities Fund (DLY) at 1.82%. This indicates that CEFS'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
| CEFS | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 1.82% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 9.26% | 6.91% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.72% | 8.20% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.22% | 13.57% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.32% | 14.94% | +0.38% |
CEFS vs. DLY - Expense Ratio Comparison
CEFS has a 2.61% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
CEFS vs. DLY - Dividend Comparison
CEFS's dividend yield for the trailing twelve months is around 7.20%, less than DLY's 10.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 7.20% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% |
DLY DoubleLine Yield Opportunities Fund | 10.03% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEFS and DLY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFS has higher volatility (3.77%) compared to DLY (1.82%). In terms of maximum drawdown, CEFS dropped -38.99% vs DLY's -28.61%.
CEFS currently has the higher Sharpe Ratio (1.99 vs 0.00), 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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