DLY vs. DBL
DLY (DoubleLine Yield Opportunities Fund) and DBL (DoubleLine Opportunistic Credit Fund) are both Multisector Bonds funds from DoubleLine. Both are actively managed. Over the past 5 years, DLY returned 1.89%/yr vs 2.12%/yr for DBL. At a 0.33 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 2.43%/yr for DBL.
Performance
DLY vs. DBL - Performance Comparison
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Returns By Period
In the year-to-date period, DLY achieves a 0.09% return, which is significantly higher than DBL's -1.51% return.
DLY
- 1D
- 0.73%
- 1M
- 0.12%
- YTD
- 0.09%
- 6M
- 0.44%
- 1Y
- -1.75%
- 3Y*
- 8.35%
- 5Y*
- 1.89%
- 10Y*
- —
DBL
- 1D
- 0.35%
- 1M
- 1.05%
- YTD
- -1.51%
- 6M
- -1.06%
- 1Y
- 1.41%
- 3Y*
- 8.81%
- 5Y*
- 2.12%
- 10Y*
- 1.86%
DLY vs. DBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 0.09% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
DBL DoubleLine Opportunistic Credit Fund | -1.51% | 7.16% | 10.05% | 13.11% | -15.83% | 4.61% | 2.05% |
Correlation
The correlation between DLY and DBL is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.33 |
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Return for Risk
DLY vs. DBL — Risk / Return Rank
DLY
DBL
DLY vs. DBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and DoubleLine Opportunistic Credit Fund (DBL). 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 | DBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.04 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.25 | -0.45 |
| Martin ratioReturn relative to average drawdown | -0.49 | 0.63 | -1.12 |
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Drawdowns
DLY vs. DBL - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than DBL's maximum drawdown of -26.45%. Use the drawdown chart below to compare losses from any high point for DLY and DBL.
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Drawdown Indicators
| DLY | DBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -26.45% | -2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -5.72% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -5.72% | -5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -24.54% | -4.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.45% | — |
Current DrawdownCurrent decline from peak | -4.03% | -2.45% | -1.58% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -6.84% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.58% | 2.24% | +1.34% |
Volatility
DLY vs. DBL - Volatility Comparison
DoubleLine Yield Opportunities Fund (DLY) has a higher volatility of 1.79% compared to DoubleLine Opportunistic Credit Fund (DBL) at 0.91%. This indicates that DLY's price experiences larger fluctuations and is considered to be riskier than DBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | DBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 0.91% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 6.91% | 5.23% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.17% | 6.94% | +1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 11.52% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 14.44% | +0.55% |
DLY vs. DBL - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than DBL's 2.43% expense ratio.
Dividends
DLY vs. DBL - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.10%, more than DBL's 9.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBL DoubleLine Opportunistic Credit Fund | 9.19% | 8.66% | 8.52% | 8.60% | 8.89% | 7.17% | 8.69% | 6.83% | 10.27% | 9.03% | 8.68% | 9.35% |
DLY DoubleLine Yield Opportunities Fund | 10.10% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DLY and DBL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLY has higher volatility (1.79%) compared to DBL (0.91%). In terms of maximum drawdown, DLY dropped -28.61% vs DBL's -26.45%.
DBL currently has the higher Sharpe Ratio (0.20 vs -0.21), 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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