DLY vs. DLENX
DLY (DoubleLine Yield Opportunities Fund) and DLENX (DoubleLine Emerging Markets Fixed Income Fund Class N) are both mutual funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while DLENX is a Emerging Markets Bonds fund actively managed by DoubleLine. Both are actively managed. Over the past 5 years, DLY returned 2.54%/yr vs 1.61%/yr for DLENX. At a 0.27 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 1.18%/yr for DLENX.
Performance
DLY vs. DLENX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DLY having a 1.29% return and DLENX slightly higher at 1.32%.
DLY
- 1D
- -0.36%
- 1M
- 1.34%
- 6M
- -0.66%
- YTD
- 1.29%
- 1Y
- -0.49%
- 3Y*
- 8.84%
- 5Y*
- 2.54%
- 10Y*
- —
DLENX
- 1D
- -0.11%
- 1M
- -0.28%
- 6M
- 0.88%
- YTD
- 1.32%
- 1Y
- 4.87%
- 3Y*
- 7.53%
- 5Y*
- 1.61%
- 10Y*
- 3.29%
DLY vs. DLENX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 1.29% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N | 1.32% | 8.11% | 7.92% | 9.36% | -15.50% | 1.71% | 2.39% |
Correlation
The correlation between DLY and DLENX 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 | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.27 |
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Return for Risk
DLY vs. DLENX — Risk / Return Rank
DLY
DLENX
DLY vs. DLENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). 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 | DLENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.54 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 2.68 | -2.73 |
| Martin ratioReturn relative to average drawdown | -0.13 | 10.49 | -10.62 |
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Drawdowns
DLY vs. DLENX - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than DLENX's maximum drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for DLY and DLENX.
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Drawdown Indicators
| DLY | DLENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -25.64% | -2.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -1.83% | -6.91% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -4.58% | -6.23% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -25.64% | -2.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.64% | — |
Current DrawdownCurrent decline from peak | -2.88% | -0.39% | -2.49% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -3.59% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 0.47% | +3.15% |
Volatility
DLY vs. DLENX - Volatility Comparison
DoubleLine Yield Opportunities Fund (DLY) has a higher volatility of 1.87% compared to DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) at 0.51%. This indicates that DLY's price experiences larger fluctuations and is considered to be riskier than DLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | DLENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.87% | 0.51% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 6.92% | 1.51% | +5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.21% | 1.95% | +6.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 4.55% | +9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 4.64% | +10.30% |
DLY vs. DLENX - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than DLENX's 1.18% expense ratio.
Dividends
DLY vs. DLENX - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.07%, more than DLENX's 5.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N | 5.27% | 5.33% | 5.71% | 5.29% | 4.49% | 3.74% | 4.11% | 4.49% | 3.57% | 4.07% | 4.29% | 4.94% |
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 DLENX 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 (1.87%) compared to DLENX (0.51%). In terms of maximum drawdown, DLY dropped -28.61% vs DLENX's -25.64%.
DLENX currently has the higher Sharpe Ratio (2.51 vs -0.06), 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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