DBND vs. DCPE

Last updated Jun 4, 2026

DBND (DoubleLine Opportunistic Bond ETF) and DCPE (DoubleLine Shiller CAPE US Equities ETF) are both exchange-traded funds - DBND is a Intermediate Core-Plus Bond fund tracking the Bloomberg US Aggregate Bond Index, while DCPE is a Large Cap Value Equities fund tracking the Shiller Barclays CAPE US Sector Index. Both are passively managed. Over the past 3 years, DBND returned 4.50%/yr vs 12.19%/yr for DCPE. At a 0.25 correlation, their price movements are largely independent. DBND charges 0.50%/yr vs 0.65%/yr for DCPE.

Performance

DBND vs. DCPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Opportunistic Bond ETF (DBND) and DoubleLine Shiller CAPE US Equities ETF (DCPE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBND achieves a -0.21% return, which is significantly higher than DCPE's -1.70% return.

DBND

• 1D: -0.11%
• 1M: 0.03%
• YTD: -0.21%
• 6M: -0.07%
• 1Y: 4.85%
• 3Y*: 4.50%
• 5Y*: —
• 10Y*: —

DCPE

• 1D: -0.48%
• 1M: -1.99%
• YTD: -1.70%
• 6M: -1.38%
• 1Y: 3.29%
• 3Y*: 12.19%
• 5Y*: —
• 10Y*: —

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

DBND vs. DCPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DBND DoubleLine Opportunistic Bond ETF	-0.21%	7.41%	3.06%	6.33%	-5.93%
DCPE DoubleLine Shiller CAPE US Equities ETF	-1.70%	9.10%	14.40%	27.65%	-15.55%

Correlation

The correlation between DBND and DCPE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022	0.25

The correlation between DBND and DCPE shifts across timeframes, from 0.25 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DBND vs. DCPE — Risk / Return Rank

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

DBND

DBND Risk / Return Rank: 39
DBND Sharpe Ratio Rank: 42
DBND Sortino Ratio Rank: 45
DBND Omega Ratio Rank: 41
DBND Calmar Ratio Rank: 35
DBND Martin Ratio Rank: 34

DCPE

DCPE Risk / Return Rank: 14
DCPE Sharpe Ratio Rank: 14
DCPE Sortino Ratio Rank: 13
DCPE Omega Ratio Rank: 13
DCPE Calmar Ratio Rank: 13
DCPE Martin Ratio Rank: 15

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.

DBND vs. DCPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Opportunistic Bond ETF (DBND) and DoubleLine Shiller CAPE US Equities ETF (DCPE). 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.

	DBND	DCPE	Difference
Sharpe ratio: Return per unit of total volatility	1.48	0.30	+1.17
Sortino ratio: Return per unit of downside risk	2.23	0.52	+1.71
Omega ratio: Gain probability vs. loss probability	1.27	1.06	+0.21
Calmar ratio: Return relative to maximum drawdown	1.72	0.34	+1.38
Martin ratio: Return relative to average drawdown	5.10	1.24	+3.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBND vs. DCPE - Sharpe Ratio Comparison

The current DBND Sharpe Ratio is 1.48, which is higher than the DCPE Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of DBND and DCPE, 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

	DBND	DCPE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	0.30	+1.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.42	+0.06

Drawdowns

DBND vs. DCPE - Drawdown Comparison

The maximum DBND drawdown since its inception was -9.39%, smaller than the maximum DCPE drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for DBND and DCPE.

Drawdown Indicators

	DBND	DCPE	Difference
Max Drawdown Largest peak-to-trough decline	-9.39%	-22.07%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-9.68%	+6.85%
Max Drawdown (3Y) Largest decline over 3 years	-6.25%	-14.32%	+8.07%
Current Drawdown Current decline from peak	-1.80%	-4.83%	+3.03%
Average Drawdown Average peak-to-trough decline	-2.27%	-4.93%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	2.65%	-1.70%

Volatility

DBND vs. DCPE - Volatility Comparison

The current volatility for DoubleLine Opportunistic Bond ETF (DBND) is 1.07%, while DoubleLine Shiller CAPE US Equities ETF (DCPE) has a volatility of 2.63%. This indicates that DBND experiences smaller price fluctuations and is considered to be less risky than DCPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DBND	DCPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	2.63%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	8.04%	-5.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.30%	10.89%	-7.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	16.93%	-11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	16.93%	-11.84%

DBND vs. DCPE - Expense Ratio Comparison

DBND has a 0.50% expense ratio, which is lower than DCPE's 0.65% expense ratio.

Dividends

DBND vs. DCPE - Dividend Comparison

DBND's dividend yield for the trailing twelve months is around 4.79%, more than DCPE's 1.41% yield.

Position	TTM	2025	2024	2023	2022
DBND DoubleLine Opportunistic Bond ETF	4.79%	4.78%	5.19%	4.39%	2.74%
DCPE DoubleLine Shiller CAPE US Equities ETF	1.41%	1.39%	1.23%	1.01%	0.80%

Frequently Asked Questions

Can I hold both DBND and DCPE in my portfolio?

DBND and DCPE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBND or DCPE?

DCPE has higher volatility (2.63%) compared to DBND (1.07%). In terms of maximum drawdown, DBND dropped -9.39% vs DCPE's -22.07%.

Which ETF is better, DBND or DCPE?

On 3-year performance, DCPE leads with 12.19% vs 4.50% for DBND. On fees, DBND is cheaper at 0.50% per year. On volatility, DBND has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBND or DCPE?

Over the 3-year period, DCPE has performed better with a 12.19% return vs 4.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBND or DCPE?

DBND is cheaper with a 0.50% expense ratio, compared with 0.65% for DCPE.

Which ETF pays a higher dividend yield, DBND or DCPE?

DBND has the higher dividend yield at 4.79%, compared with 1.41% for DCPE.

What is the main difference between DBND and DCPE?

DBND is categorized as Intermediate Core-Plus Bond, while DCPE is Large Cap Value Equities. DBND tracks Bloomberg US Aggregate Bond Index, while DCPE tracks Shiller Barclays CAPE US Sector Index. Their fees differ too: 0.50% for DBND and 0.65% for DCPE.

Which has better risk-adjusted returns?

DBND currently has the higher Sharpe Ratio (1.48 vs 0.30), 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.