DFLEX vs. DLY
DFLEX (DoubleLine Flexible Income Fund) and DLY (DoubleLine Yield Opportunities Fund) are both mutual funds - DFLEX is a Nontraditional Bonds fund managed by DoubleLine, while DLY is a Multisector Bonds fund actively managed by DoubleLine. Over the past 5 years, DFLEX returned 3.15%/yr vs 2.27%/yr for DLY. At a 0.27 correlation, their price movements are largely independent. DFLEX charges 0.74%/yr vs 2.91%/yr for DLY.
Performance
DFLEX vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, DFLEX achieves a 1.85% return, which is significantly higher than DLY's 1.68% return.
DFLEX
- 1D
- 0.00%
- 1M
- 0.24%
- 6M
- 1.62%
- YTD
- 1.85%
- 1Y
- 5.04%
- 3Y*
- 7.36%
- 5Y*
- 3.15%
- 10Y*
- 3.66%
DLY
- 1D
- -0.35%
- 1M
- 2.22%
- 6M
- -0.44%
- YTD
- 1.68%
- 1Y
- 0.92%
- 3Y*
- 8.68%
- 5Y*
- 2.27%
- 10Y*
- —
DFLEX vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 1.85% | 6.58% | 8.65% | 7.84% | -8.48% | 3.79% | 1.56% |
DLY DoubleLine Yield Opportunities Fund | 1.68% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
Correlation
The correlation between DFLEX and DLY is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.27 |
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Return for Risk
DFLEX vs. DLY — Risk / Return Rank
DFLEX
DLY
DFLEX vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Flexible Income Fund (DFLEX) 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.
| DFLEX | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.47 | ||
| Sortino ratioReturn per unit of downside risk | +5.75 | ||
| Omega ratioGain probability vs. loss probability | 1.99 | 1.03 | +0.96 |
| Calmar ratioReturn relative to maximum drawdown | 5.42 | 0.11 | +5.32 |
| Martin ratioReturn relative to average drawdown | 24.15 | 0.25 | +23.89 |
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Drawdowns
DFLEX vs. DLY - Drawdown Comparison
The maximum DFLEX drawdown since its inception was -17.29%, smaller than the maximum DLY drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for DFLEX and DLY.
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Drawdown Indicators
| DFLEX | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -28.61% | +11.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.91% | -8.74% | +7.83% |
Max Drawdown (3Y)Largest decline over 3 years | -1.15% | -10.81% | +9.66% |
Max Drawdown (5Y)Largest decline over 5 years | -11.00% | -28.61% | +17.61% |
Max Drawdown (10Y)Largest decline over 10 years | -17.29% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -2.50% | +2.39% |
Average DrawdownAverage peak-to-trough decline | -1.54% | -7.75% | +6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 3.61% | -3.41% |
Volatility
DFLEX vs. DLY - Volatility Comparison
The current volatility for DoubleLine Flexible Income Fund (DFLEX) is 0.48%, while DoubleLine Yield Opportunities Fund (DLY) has a volatility of 1.84%. This indicates that DFLEX experiences smaller price fluctuations and is considered to be less risky 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
| DFLEX | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 1.84% | -1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 6.93% | -5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.38% | 8.24% | -6.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.94% | 13.58% | -11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 14.95% | -12.22% |
DFLEX vs. DLY - Expense Ratio Comparison
DFLEX has a 0.74% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
DFLEX vs. DLY - Dividend Comparison
DFLEX's dividend yield for the trailing twelve months is around 5.53%, less than DLY's 9.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 5.53% | 5.68% | 6.05% | 5.95% | 4.72% | 3.86% | 3.96% | 4.46% | 4.46% | 3.82% | 3.75% | 4.32% |
DLY DoubleLine Yield Opportunities Fund | 9.95% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFLEX and DLY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLY has higher volatility (1.84%) compared to DFLEX (0.48%). In terms of maximum drawdown, DFLEX dropped -17.29% vs DLY's -28.61%.
DFLEX currently has the higher Sharpe Ratio (3.58 vs 0.11), 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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