DLY vs. JEPQ
DLY (DoubleLine Yield Opportunities Fund) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. DLY is actively managed, while JEPQ is passively managed. Over the past 3 years, DLY returned 8.13%/yr vs 19.79%/yr for JEPQ. At a 0.37 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 0.35%/yr for JEPQ.
Performance
DLY vs. JEPQ - 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 JEPQ's 7.85% return.
DLY
- 1D
- 0.07%
- 1M
- -0.68%
- YTD
- -0.70%
- 6M
- -0.15%
- 1Y
- -2.21%
- 3Y*
- 8.13%
- 5Y*
- 1.85%
- 10Y*
- —
JEPQ
- 1D
- -2.48%
- 1M
- 0.34%
- YTD
- 7.85%
- 6M
- 7.02%
- 1Y
- 25.10%
- 3Y*
- 19.79%
- 5Y*
- —
- 10Y*
- —
DLY vs. JEPQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | -0.70% | 0.63% | 16.29% | 25.48% | -11.17% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 7.85% | 15.18% | 24.85% | 36.28% | -11.16% |
Correlation
The correlation between DLY and JEPQ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since May 4, 2022 | 0.37 |
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Return for Risk
DLY vs. JEPQ — Risk / Return Rank
DLY
JEPQ
DLY vs. JEPQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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 | JEPQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.91 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.38 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.86 | -3.11 |
| Martin ratioReturn relative to average drawdown | -0.62 | 13.55 | -14.18 |
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Drawdowns
DLY vs. JEPQ - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for DLY and JEPQ.
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Drawdown Indicators
| DLY | JEPQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -20.07% | -8.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -8.82% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -20.07% | +9.26% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | — | — |
Current DrawdownCurrent decline from peak | -4.79% | -2.48% | -2.31% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -3.40% | -4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 1.86% | +1.70% |
Volatility
DLY vs. JEPQ - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.62%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.27%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | JEPQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.62% | 6.27% | -4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 10.58% | -3.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.14% | 13.08% | -4.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 16.79% | -3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 16.79% | -1.79% |
DLY vs. JEPQ - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than JEPQ's 0.35% expense ratio.
Dividends
DLY vs. JEPQ - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.18%, which matches JEPQ's 10.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 10.18% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 10.22% | 10.53% | 9.65% | 10.03% | 9.44% | 0.00% | 0.00% |
Frequently Asked Questions
DLY and JEPQ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPQ has higher volatility (6.27%) compared to DLY (1.62%). In terms of maximum drawdown, DLY dropped -28.61% vs JEPQ's -20.07%.
JEPQ currently has the higher Sharpe Ratio (1.93 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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