DLY vs. BWDTX
DLY (DoubleLine Yield Opportunities Fund) and BWDTX (Boyd Watterson Limited Duration Enhanced Income Fund) are both Multisector Bonds funds. Over the past 5 years, DLY returned 1.85%/yr vs 4.21%/yr for BWDTX. At a 0.32 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 0.40%/yr for BWDTX.
Performance
DLY vs. BWDTX - 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 BWDTX's 1.68% return.
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
BWDTX
- 1D
- -0.10%
- 1M
- 0.40%
- YTD
- 1.68%
- 6M
- 1.88%
- 1Y
- 5.61%
- 3Y*
- 6.50%
- 5Y*
- 4.21%
- 10Y*
- —
DLY vs. BWDTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | -0.70% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund | 1.68% | 7.14% | 4.92% | 9.80% | -3.16% | 2.32% | 3.73% |
Correlation
The correlation between DLY and BWDTX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.32 |
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Return for Risk
DLY vs. BWDTX — Risk / Return Rank
DLY
BWDTX
DLY vs. BWDTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX). 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 | BWDTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.74 | ||
| Sortino ratioReturn per unit of downside risk | -7.90 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 2.28 | -1.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 5.87 | -6.12 |
| Martin ratioReturn relative to average drawdown | -0.62 | 29.62 | -30.24 |
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Drawdowns
DLY vs. BWDTX - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than BWDTX's maximum drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for DLY and BWDTX.
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Drawdown Indicators
| DLY | BWDTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -10.06% | -18.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -1.00% | -7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -2.21% | -8.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -6.35% | -22.26% |
Current DrawdownCurrent decline from peak | -4.79% | -0.20% | -4.59% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -0.67% | -7.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 0.20% | +3.36% |
Volatility
DLY vs. BWDTX - Volatility Comparison
DoubleLine Yield Opportunities Fund (DLY) has a higher volatility of 1.62% compared to Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) at 0.41%. This indicates that DLY's price experiences larger fluctuations and is considered to be riskier than BWDTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | BWDTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 0.41% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 1.05% | +5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.14% | 1.31% | +6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 2.21% | +11.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 2.20% | +12.80% |
DLY vs. BWDTX - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than BWDTX's 0.40% expense ratio.
Dividends
DLY vs. BWDTX - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.18%, more than BWDTX's 5.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund | 5.64% | 5.70% | 4.13% | 5.51% | 3.80% | 3.20% | 3.18% | 3.47% | 4.18% | 2.90% | 1.35% |
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% |
Frequently Asked Questions
DLY and BWDTX have a correlation of 0.40, 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 BWDTX (0.41%). In terms of maximum drawdown, DLY dropped -28.61% vs BWDTX's -10.06%.
BWDTX currently has the higher Sharpe Ratio (4.47 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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