DLENX vs. DLY
DLENX (DoubleLine Emerging Markets Fixed Income Fund Class N) and DLY (DoubleLine Yield Opportunities Fund) are both mutual funds - DLENX is a Emerging Markets Bonds fund actively managed by DoubleLine, while DLY is a Multisector Bonds fund actively managed by DoubleLine. Both are actively managed. Over the past 5 years, DLENX returned 1.76%/yr vs 1.85%/yr for DLY. At a 0.27 correlation, their price movements are largely independent. DLENX charges 1.18%/yr vs 2.91%/yr for DLY.
Performance
DLENX vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, DLENX achieves a 1.61% return, which is significantly higher than DLY's -0.70% return.
DLENX
- 1D
- -0.11%
- 1M
- 1.12%
- YTD
- 1.61%
- 6M
- 1.61%
- 1Y
- 5.88%
- 3Y*
- 7.75%
- 5Y*
- 1.76%
- 10Y*
- 3.58%
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
DLENX vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N | 1.61% | 8.11% | 7.92% | 9.36% | -15.50% | 1.71% | 2.39% |
DLY DoubleLine Yield Opportunities Fund | -0.70% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
Correlation
The correlation between DLENX and DLY is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.27 |
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Return for Risk
DLENX vs. DLY — Risk / Return Rank
DLENX
DLY
DLENX vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) 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.
| DLENX | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.33 | ||
| Sortino ratioReturn per unit of downside risk | +4.85 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 0.96 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | -0.25 | +3.48 |
| Martin ratioReturn relative to average drawdown | 12.84 | -0.62 | +13.46 |
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Drawdowns
DLENX vs. DLY - Drawdown Comparison
The maximum DLENX drawdown since its inception was -25.64%, smaller than the maximum DLY drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for DLENX and DLY.
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Drawdown Indicators
| DLENX | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.64% | -28.61% | +2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.83% | -8.74% | +6.91% |
Max Drawdown (3Y)Largest decline over 3 years | -4.58% | -10.81% | +6.23% |
Max Drawdown (5Y)Largest decline over 5 years | -25.64% | -28.61% | +2.97% |
Max Drawdown (10Y)Largest decline over 10 years | -25.64% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -4.79% | +4.68% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -7.79% | +4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 3.56% | -3.10% |
Volatility
DLENX vs. DLY - Volatility Comparison
The current volatility for DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) is 0.55%, while DoubleLine Yield Opportunities Fund (DLY) has a volatility of 1.62%. This indicates that DLENX 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
| DLENX | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 1.62% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.48% | 6.87% | -5.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 8.14% | -6.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 13.58% | -9.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 15.00% | -10.35% |
DLENX vs. DLY - Expense Ratio Comparison
DLENX has a 1.18% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
DLENX vs. DLY - Dividend Comparison
DLENX's dividend yield for the trailing twelve months is around 5.30%, less than DLY's 10.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N | 5.30% | 5.33% | 5.71% | 5.29% | 4.49% | 3.74% | 4.11% | 4.49% | 3.57% | 4.07% | 4.29% | 4.94% |
DLY DoubleLine Yield Opportunities Fund | 10.18% | 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
DLENX and DLY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLY has higher volatility (1.62%) compared to DLENX (0.55%). In terms of maximum drawdown, DLENX dropped -25.64% vs DLY's -28.61%.
DLENX currently has the higher Sharpe Ratio (3.06 vs -0.27), 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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