DBLEX vs. PFSIX

Last updated Jun 23, 2026

DBLEX (DoubleLine Emerging Markets Fixed Income Fund) and PFSIX (PIMCO Emerging Markets Full Spectrum Bond Fund) are both Emerging Markets Bonds funds. Over the past 10 years, DBLEX returned 3.83%/yr vs 4.03%/yr for PFSIX. A 0.59 correlation means they provide meaningful diversification when combined. DBLEX charges 0.90%/yr vs 0.94%/yr for PFSIX.

Performance

DBLEX vs. PFSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Emerging Markets Fixed Income Fund (DBLEX) and PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBLEX achieves a 1.84% return, which is significantly higher than PFSIX's 1.25% return. Over the past 10 years, DBLEX has underperformed PFSIX with an annualized return of 3.83%, while PFSIX has yielded a comparatively higher 4.03% annualized return.

DBLEX

• 1D: 0.11%
• 1M: 1.25%
• YTD: 1.84%
• 6M: 1.86%
• 1Y: 6.27%
• 3Y*: 8.07%
• 5Y*: 2.04%
• 10Y*: 3.83%

PFSIX

• 1D: -0.31%
• 1M: 1.95%
• YTD: 1.25%
• 6M: 1.81%
• 1Y: 11.87%
• 3Y*: 9.34%
• 5Y*: 3.07%
• 10Y*: 4.03%

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

DBLEX vs. PFSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBLEX DoubleLine Emerging Markets Fixed Income Fund	1.84%	8.39%	8.20%	9.64%	-15.30%	1.97%	4.85%	11.80%	-3.20%	8.48%
PFSIX PIMCO Emerging Markets Full Spectrum Bond Fund	1.25%	18.47%	2.89%	10.66%	-12.11%	-5.11%	4.34%	15.20%	-5.26%	12.33%

Correlation

The correlation between DBLEX and PFSIX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 25, 2013	0.59

The correlation between DBLEX and PFSIX has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

DBLEX vs. PFSIX — Risk / Return Rank

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

DBLEX

DBLEX Risk / Return Rank: 90
DBLEX Sharpe Ratio Rank: 95
DBLEX Sortino Ratio Rank: 95
DBLEX Omega Ratio Rank: 94
DBLEX Calmar Ratio Rank: 82
DBLEX Martin Ratio Rank: 84

PFSIX

PFSIX Risk / Return Rank: 51
PFSIX Sharpe Ratio Rank: 57
PFSIX Sortino Ratio Rank: 64
PFSIX Omega Ratio Rank: 68
PFSIX Calmar Ratio Rank: 34
PFSIX Martin Ratio Rank: 30

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.

DBLEX vs. PFSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Emerging Markets Fixed Income Fund (DBLEX) and PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX). 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.

	DBLEX	PFSIX	Difference
Sharpe ratio: Return per unit of total volatility	3.08	2.05	+1.03
Sortino ratio: Return per unit of downside risk	4.67	3.06	+1.61
Omega ratio: Gain probability vs. loss probability	1.72	1.42	+0.30
Calmar ratio: Return relative to maximum drawdown	3.54	2.07	+1.48
Martin ratio: Return relative to average drawdown	14.44	6.48	+7.96

DBLEX vs. PFSIX - Sharpe Ratio Comparison

The current DBLEX Sharpe Ratio is 3.08, which is higher than the PFSIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DBLEX and PFSIX, 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

DBLEX vs. PFSIX - Drawdown Comparison

The maximum DBLEX drawdown since its inception was -25.43%, smaller than the maximum PFSIX drawdown of -28.20%. Use the drawdown chart below to compare losses from any high point for DBLEX and PFSIX.

Drawdown Indicators

	DBLEX	PFSIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-28.20%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	-5.79%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	-4.54%	-6.06%	+1.52%
Max Drawdown (5Y) Largest decline over 5 years	-25.43%	-23.85%	-1.58%
Max Drawdown (10Y) Largest decline over 10 years	-25.43%	-24.61%	-0.82%
Current Drawdown Current decline from peak	0.00%	-1.88%	+1.88%
Average Drawdown Average peak-to-trough decline	-3.48%	-9.29%	+5.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	1.84%	-1.40%

Volatility

DBLEX vs. PFSIX - Volatility Comparison

The current volatility for DoubleLine Emerging Markets Fixed Income Fund (DBLEX) is 0.54%, while PIMCO Emerging Markets Full Spectrum Bond Fund (PFSIX) has a volatility of 2.13%. This indicates that DBLEX experiences smaller price fluctuations and is considered to be less risky than PFSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBLEX	PFSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	2.13%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	1.57%	5.05%	-3.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.08%	5.83%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.52%	6.03%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	6.34%	-1.70%

DBLEX vs. PFSIX - Expense Ratio Comparison

DBLEX has a 0.90% expense ratio, which is lower than PFSIX's 0.94% expense ratio.

Dividends

DBLEX vs. PFSIX - Dividend Comparison

DBLEX's dividend yield for the trailing twelve months is around 5.56%, less than PFSIX's 7.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBLEX DoubleLine Emerging Markets Fixed Income Fund	5.56%	5.59%	5.97%	5.54%	4.77%	4.00%	4.37%	4.57%	3.83%	4.33%	4.54%	5.21%
PFSIX PIMCO Emerging Markets Full Spectrum Bond Fund	7.28%	6.45%	6.58%	4.65%	3.75%	4.40%	4.23%	5.22%	5.66%	5.22%	5.20%	5.44%

Frequently Asked Questions

Can I hold both DBLEX and PFSIX in my portfolio?

DBLEX and PFSIX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBLEX or PFSIX?

PFSIX has higher volatility (2.13%) compared to DBLEX (0.54%). In terms of maximum drawdown, DBLEX dropped -25.43% vs PFSIX's -28.20%.

Which has better risk-adjusted returns?

DBLEX currently has the higher Sharpe Ratio (3.08 vs 2.05), 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.