DLY vs. DFLEX
DLY (DoubleLine Yield Opportunities Fund) and DFLEX (DoubleLine Flexible Income Fund) are both mutual funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while DFLEX is a Nontraditional Bonds fund managed by DoubleLine. Over the past 5 years, DLY returned 2.07%/yr vs 3.23%/yr for DFLEX. At a 0.27 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 0.74%/yr for DFLEX.
Performance
DLY vs. DFLEX - Performance Comparison
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Returns By Period
In the year-to-date period, DLY achieves a -0.38% return, which is significantly lower than DFLEX's 1.61% return.
DLY
- 1D
- -0.36%
- 1M
- -1.37%
- YTD
- -0.38%
- 6M
- 0.15%
- 1Y
- -2.54%
- 3Y*
- 9.10%
- 5Y*
- 2.07%
- 10Y*
- —
DFLEX
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 1.61%
- 6M
- 1.94%
- 1Y
- 5.66%
- 3Y*
- 7.49%
- 5Y*
- 3.23%
- 10Y*
- 3.75%
DLY vs. DFLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | -0.38% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -3.06% |
DFLEX DoubleLine Flexible Income Fund | 1.61% | 6.58% | 8.65% | 7.84% | -8.48% | 3.79% | 1.66% |
Correlation
The correlation between DLY and DFLEX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | 0.27 |
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Return for Risk
DLY vs. DFLEX — Risk / Return Rank
DLY
DFLEX
DLY vs. DFLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and DoubleLine Flexible Income Fund (DFLEX). 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.
| DLY | DFLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.67 | ||
| Sortino ratioReturn per unit of downside risk | -8.15 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 2.35 | -1.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 6.23 | -6.53 |
| Martin ratioReturn relative to average drawdown | -0.75 | 28.16 | -28.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DLY | DFLEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | 4.36 | -4.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 1.68 | -1.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 1.38 | -1.20 |
Drawdowns
DLY vs. DFLEX - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than DFLEX's maximum drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for DLY and DFLEX.
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Drawdown Indicators
| DLY | DFLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -17.29% | -11.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -0.91% | -7.83% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -1.15% | -9.66% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -11.00% | -17.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.29% | — |
Current DrawdownCurrent decline from peak | -4.48% | 0.00% | -4.48% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -1.55% | -6.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 0.20% | +3.20% |
Volatility
DLY vs. DFLEX - Volatility Comparison
DoubleLine Yield Opportunities Fund (DLY) has a higher volatility of 1.93% compared to DoubleLine Flexible Income Fund (DFLEX) at 0.45%. This indicates that DLY's price experiences larger fluctuations and is considered to be riskier than DFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | DFLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 0.45% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 6.85% | 0.99% | +5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 1.31% | +6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 1.93% | +11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.05% | 2.73% | +12.32% |
DLY vs. DFLEX - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than DFLEX's 0.74% expense ratio.
Dividends
DLY vs. DFLEX - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.07%, more than DFLEX's 5.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 5.54% | 5.68% | 6.05% | 5.95% | 4.72% | 3.86% | 3.96% | 4.46% | 4.46% | 3.82% | 3.75% | 4.32% |
DLY DoubleLine Yield Opportunities Fund | 10.07% | 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 DFLEX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLY has higher volatility (1.93%) compared to DFLEX (0.45%). In terms of maximum drawdown, DLY dropped -28.61% vs DFLEX's -17.29%.
DFLEX currently has the higher Sharpe Ratio (4.36 vs -0.32), 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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