DLY vs. BRW
DLY (DoubleLine Yield Opportunities Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Both are actively managed. Over the past 5 years, DLY returned 1.85%/yr vs 6.18%/yr for BRW. At a 0.27 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 1.71%/yr for BRW.
Performance
DLY vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, DLY achieves a -0.70% return, which is significantly lower than BRW's -0.25% return.
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
DLY vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | -0.70% | 0.63% | 16.29% | 25.48% | -23.08% | -1.68% |
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between DLY and BRW is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.27 |
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Return for Risk
DLY vs. BRW — Risk / Return Rank
DLY
BRW
DLY vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Saba Capital Income & Opportunities Fund (BRW). 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.
| DLY | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.96 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | -0.23 | -0.02 |
| Martin ratioReturn relative to average drawdown | -0.62 | -0.40 | -0.22 |
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Drawdowns
DLY vs. BRW - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for DLY and BRW.
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Drawdown Indicators
| DLY | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -17.74% | -10.87% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -17.74% | +9.00% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -17.74% | +6.93% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -17.74% | -10.87% |
Current DrawdownCurrent decline from peak | -4.79% | -12.10% | +7.31% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -3.99% | -3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 10.16% | -6.60% |
Volatility
DLY vs. BRW - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.62%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than BRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 4.17% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 8.18% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.14% | 13.33% | -5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 12.93% | +0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 12.89% | +2.11% |
DLY vs. BRW - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than BRW's 1.71% expense ratio.
Dividends
DLY vs. BRW - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.18%, less than BRW's 15.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% |
DLY DoubleLine Yield Opportunities Fund | 10.18% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% |
Frequently Asked Questions
DLY and BRW have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.17%) compared to DLY (1.62%). In terms of maximum drawdown, DLY dropped -28.61% vs BRW's -17.74%.
DLY currently has the higher Sharpe Ratio (-0.27 vs -0.31), 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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