DLY vs. CEFS
DLY (DoubleLine Yield Opportunities Fund) and CEFS (Saba Closed-End Funds ETF) are both funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while CEFS is a Event Driven fund actively managed by Exchange Traded Concepts. Both are actively managed. Over the past 5 years, DLY returned 1.85%/yr vs 14.29%/yr for CEFS. At a 0.37 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 2.61%/yr for CEFS.
Performance
DLY vs. CEFS - 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 CEFS's 15.16% return.
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
CEFS
- 1D
- -0.23%
- 1M
- 4.16%
- YTD
- 15.16%
- 6M
- 16.21%
- 1Y
- 26.43%
- 3Y*
- 22.09%
- 5Y*
- 14.29%
- 10Y*
- —
DLY vs. CEFS - 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% |
CEFS Saba Closed-End Funds ETF | 15.16% | 16.67% | 23.48% | 20.99% | -7.08% | 17.86% | 2.88% |
Correlation
The correlation between DLY and CEFS is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.37 |
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Return for Risk
DLY vs. CEFS — Risk / Return Rank
DLY
CEFS
DLY vs. CEFS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Saba Closed-End Funds ETF (CEFS). 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 | CEFS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.85 | ||
| Sortino ratioReturn per unit of downside risk | -4.05 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.49 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 4.68 | -4.94 |
| Martin ratioReturn relative to average drawdown | -0.62 | 17.98 | -18.61 |
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Drawdowns
DLY vs. CEFS - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum CEFS drawdown of -38.99%. Use the drawdown chart below to compare losses from any high point for DLY and CEFS.
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Drawdown Indicators
| DLY | CEFS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -38.99% | +10.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -5.67% | -3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -13.37% | +2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -16.85% | -11.76% |
Current DrawdownCurrent decline from peak | -4.79% | -0.23% | -4.56% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -3.65% | -4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 1.47% | +2.09% |
Volatility
DLY vs. CEFS - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.62%, while Saba Closed-End Funds ETF (CEFS) has a volatility of 4.04%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than CEFS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | CEFS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 4.04% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 9.01% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.14% | 10.34% | -2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 13.16% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 15.33% | -0.33% |
DLY vs. CEFS - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than CEFS's 2.61% expense ratio.
Dividends
DLY vs. CEFS - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.18%, more than CEFS's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CEFS Saba Closed-End Funds ETF | 7.01% | 7.84% | 8.79% | 9.20% | 11.32% | 10.73% | 8.61% | 8.10% | 10.43% | 5.02% |
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% |
Frequently Asked Questions
DLY and CEFS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEFS has higher volatility (4.04%) compared to DLY (1.62%). In terms of maximum drawdown, DLY dropped -28.61% vs CEFS's -38.99%.
CEFS currently has the higher Sharpe Ratio (2.57 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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