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 2.27%/yr vs 6.64%/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 1.68% return, which is significantly lower than BRW's 3.52% return.
DLY
- 1D
- -0.35%
- 1M
- 2.22%
- 6M
- -0.44%
- YTD
- 1.68%
- 1Y
- 0.92%
- 3Y*
- 8.68%
- 5Y*
- 2.27%
- 10Y*
- —
BRW
- 1D
- 0.76%
- 1M
- 2.67%
- 6M
- 3.59%
- YTD
- 3.52%
- 1Y
- -4.66%
- 3Y*
- 9.80%
- 5Y*
- 6.64%
- 10Y*
- —
DLY vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 1.68% | 0.63% | 16.29% | 25.48% | -23.08% | -1.68% |
BRW Saba Capital Income & Opportunities Fund | 3.52% | 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 | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
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 | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.95 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.26 | +0.37 |
| Martin ratioReturn relative to average drawdown | 0.25 | -0.45 | +0.70 |
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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 | -2.50% | -8.78% | +6.28% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -4.05% | -3.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 10.41% | -6.80% |
Volatility
DLY vs. BRW - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.84%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.36%. 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 | 1.84% | 3.36% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 6.93% | 8.38% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.24% | 13.45% | -5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 12.97% | +0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.95% | 12.87% | +2.08% |
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 9.95%, less than BRW's 15.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.34% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% |
DLY DoubleLine Yield Opportunities Fund | 9.95% | 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 (3.36%) compared to DLY (1.84%). In terms of maximum drawdown, DLY dropped -28.61% vs BRW's -17.74%.
DLY currently has the higher Sharpe Ratio (0.11 vs -0.35), 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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