DLHYX vs. DLBMX

Last updated Jun 24, 2026

DLHYX (MassMutual High Yield Fund) and DLBMX (MassMutual Small Cap Opportunities Fund) are both mutual funds - DLHYX is a High Yield Bonds fund managed by MassMutual, while DLBMX is a Small Cap Blend Equities fund managed by MassMutual. Over the past 10 years, DLHYX returned 5.11%/yr vs 15.23%/yr for DLBMX. At a 0.34 correlation, their price movements are largely independent. DLHYX charges 0.74%/yr vs 1.20%/yr for DLBMX.

Performance

DLHYX vs. DLBMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MassMutual High Yield Fund (DLHYX) and MassMutual Small Cap Opportunities Fund (DLBMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLHYX achieves a 2.01% return, which is significantly lower than DLBMX's 17.27% return. Over the past 10 years, DLHYX has underperformed DLBMX with an annualized return of 5.11%, while DLBMX has yielded a comparatively higher 15.23% annualized return.

DLHYX

• 1D: -0.12%
• 1M: 0.89%
• YTD: 2.01%
• 6M: 2.74%
• 1Y: 7.28%
• 3Y*: 7.89%
• 5Y*: 3.28%
• 10Y*: 5.11%

DLBMX

• 1D: 0.47%
• 1M: 5.36%
• YTD: 17.27%
• 6M: 14.56%
• 1Y: 27.42%
• 3Y*: 16.82%
• 5Y*: 14.58%
• 10Y*: 15.23%

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

DLHYX vs. DLBMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DLHYX MassMutual High Yield Fund	2.01%	8.61%	6.37%	11.16%	-12.43%	7.29%	4.66%	13.34%	-3.00%	7.46%
DLBMX MassMutual Small Cap Opportunities Fund	17.27%	8.07%	12.30%	17.43%	-16.19%	64.90%	19.75%	25.54%	-11.14%	13.90%

Correlation

The correlation between DLHYX and DLBMX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 5, 2000	0.34

The correlation between DLHYX and DLBMX shifts across timeframes, from 0.34 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

DLHYX vs. DLBMX — Risk / Return Rank

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

DLHYX

DLHYX Risk / Return Rank: 76
DLHYX Sharpe Ratio Rank: 62
DLHYX Sortino Ratio Rank: 84
DLHYX Omega Ratio Rank: 80
DLHYX Calmar Ratio Rank: 69
DLHYX Martin Ratio Rank: 86

DLBMX

DLBMX Risk / Return Rank: 39
DLBMX Sharpe Ratio Rank: 37
DLBMX Sortino Ratio Rank: 37
DLBMX Omega Ratio Rank: 34
DLBMX Calmar Ratio Rank: 41
DLBMX Martin Ratio Rank: 45

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.

DLHYX vs. DLBMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MassMutual High Yield Fund (DLHYX) and MassMutual Small Cap Opportunities Fund (DLBMX). 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.

	DLHYX	DLBMX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.63	+0.50
Sortino ratio: Return per unit of downside risk	3.69	2.36	+1.33
Omega ratio: Gain probability vs. loss probability	1.48	1.28	+0.19
Calmar ratio: Return relative to maximum drawdown	3.06	2.33	+0.73
Martin ratio: Return relative to average drawdown	15.22	8.96	+6.25

DLHYX vs. DLBMX - Sharpe Ratio Comparison

The current DLHYX Sharpe Ratio is 2.13, which is higher than the DLBMX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of DLHYX and DLBMX, 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

DLHYX vs. DLBMX - Drawdown Comparison

The maximum DLHYX drawdown since its inception was -27.28%, smaller than the maximum DLBMX drawdown of -65.12%. Use the drawdown chart below to compare losses from any high point for DLHYX and DLBMX.

Drawdown Indicators

	DLHYX	DLBMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.28%	-65.12%	+37.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-12.42%	+9.99%
Max Drawdown (3Y) Largest decline over 3 years	-4.31%	-24.84%	+20.53%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-29.39%	+12.94%
Max Drawdown (10Y) Largest decline over 10 years	-22.28%	-42.55%	+20.27%
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-3.43%	-10.19%	+6.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	3.22%	-2.73%

Volatility

DLHYX vs. DLBMX - Volatility Comparison

The current volatility for MassMutual High Yield Fund (DLHYX) is 1.00%, while MassMutual Small Cap Opportunities Fund (DLBMX) has a volatility of 5.50%. This indicates that DLHYX experiences smaller price fluctuations and is considered to be less risky than DLBMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLHYX	DLBMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	5.50%	-4.50%
Volatility (6M) Calculated over the trailing 6-month period	2.77%	13.35%	-10.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	17.73%	-14.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	31.72%	-26.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.50%	28.22%	-22.72%

DLHYX vs. DLBMX - Expense Ratio Comparison

DLHYX has a 0.74% expense ratio, which is lower than DLBMX's 1.20% expense ratio.

Dividends

DLHYX vs. DLBMX - Dividend Comparison

DLHYX's dividend yield for the trailing twelve months is around 6.66%, less than DLBMX's 8.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLBMX MassMutual Small Cap Opportunities Fund	8.62%	10.11%	9.33%	4.73%	0.88%	35.42%	7.82%	0.46%	11.94%	13.55%	3.14%	11.15%
DLHYX MassMutual High Yield Fund	6.66%	6.72%	4.14%	4.59%	4.64%	5.80%	5.20%	6.14%	6.02%	6.40%	6.14%	6.89%

Frequently Asked Questions

Can I hold both DLHYX and DLBMX in my portfolio?

DLHYX and DLBMX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLHYX or DLBMX?

DLBMX has higher volatility (5.50%) compared to DLHYX (1.00%). In terms of maximum drawdown, DLHYX dropped -27.28% vs DLBMX's -65.12%.

Which has better risk-adjusted returns?

DLHYX currently has the higher Sharpe Ratio (2.13 vs 1.63), 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.