DLY vs. DSL
DLY (DoubleLine Yield Opportunities Fund) and DSL (DoubleLine Income Solutions Fund) are both mutual funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while DSL is a High Yield Bonds fund managed by DoubleLine. Over the past 5 years, DLY returned 2.07%/yr vs 0.94%/yr for DSL. At a 0.48 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 2.28%/yr for DSL.
Performance
DLY vs. DSL - 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 DSL's 1.47% return.
DLY
- 1D
- -0.36%
- 1M
- -1.37%
- YTD
- -0.38%
- 6M
- 0.15%
- 1Y
- -2.54%
- 3Y*
- 9.10%
- 5Y*
- 2.07%
- 10Y*
- —
DSL
- 1D
- -0.73%
- 1M
- -0.82%
- YTD
- 1.47%
- 6M
- 1.93%
- 1Y
- -0.33%
- 3Y*
- 9.35%
- 5Y*
- 0.94%
- 10Y*
- 5.27%
DLY vs. DSL - 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% |
DSL DoubleLine Income Solutions Fund | 1.47% | -0.01% | 15.00% | 23.41% | -22.61% | 7.39% | -8.72% |
Correlation
The correlation between DLY and DSL is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | 0.48 |
The correlation between DLY and DSL shifts across timeframes, from 0.48 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DLY vs. DSL — Risk / Return Rank
DLY
DSL
DLY vs. DSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and DoubleLine Income Solutions Fund (DSL). 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 | DSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.00 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | -0.03 | -0.26 |
| Martin ratioReturn relative to average drawdown | -0.75 | -0.06 | -0.69 |
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 | DSL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | -0.04 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.06 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.18 | 0.21 | -0.02 |
Drawdowns
DLY vs. DSL - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum DSL drawdown of -49.51%. Use the drawdown chart below to compare losses from any high point for DLY and DSL.
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Drawdown Indicators
| DLY | DSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -49.51% | +20.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -11.16% | +2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -14.43% | +3.62% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -34.18% | +5.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.51% | — |
Current DrawdownCurrent decline from peak | -4.48% | -6.29% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -8.74% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 5.54% | -2.14% |
Volatility
DLY vs. DSL - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.93%, while DoubleLine Income Solutions Fund (DSL) has a volatility of 3.59%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than DSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | DSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.93% | 3.59% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 6.85% | 7.56% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 9.27% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 14.84% | -1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.05% | 20.10% | -5.05% |
DLY vs. DSL - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than DSL's 2.28% expense ratio.
Dividends
DLY vs. DSL - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.07%, less than DSL's 12.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DSL DoubleLine Income Solutions Fund | 12.12% | 11.71% | 11.38% | 10.78% | 13.67% | 10.74% | 10.69% | 9.33% | 10.39% | 9.11% | 9.53% | 11.63% |
Frequently Asked Questions
DLY and DSL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DSL has higher volatility (3.59%) compared to DLY (1.93%). In terms of maximum drawdown, DLY dropped -28.61% vs DSL's -49.51%.
DSL currently has the higher Sharpe Ratio (-0.04 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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