DLY vs. NEA
DLY (DoubleLine Yield Opportunities Fund) is Multisector Bonds fund actively managed by DoubleLine, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 5 years, DLY returned 1.84%/yr vs -0.04%/yr for NEA. At a 0.30 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 1.41%/yr for NEA.
Performance
DLY vs. NEA - Performance Comparison
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Returns By Period
In the year-to-date period, DLY achieves a -0.52% return, which is significantly lower than NEA's 2.26% return.
DLY
- 1D
- 0.14%
- 1M
- -1.28%
- YTD
- -0.52%
- 6M
- -0.27%
- 1Y
- -2.75%
- 3Y*
- 8.64%
- 5Y*
- 1.84%
- 10Y*
- —
NEA
- 1D
- -0.86%
- 1M
- 0.51%
- YTD
- 2.26%
- 6M
- 3.22%
- 1Y
- 13.26%
- 3Y*
- 9.18%
- 5Y*
- -0.04%
- 10Y*
- 2.92%
DLY vs. NEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | -0.52% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 2.26% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 5.60% |
Correlation
The correlation between DLY and NEA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.30 |
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Return for Risk
DLY vs. NEA — Risk / Return Rank
DLY
NEA
DLY vs. NEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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 | NEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.24 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.83 | -2.15 |
| Martin ratioReturn relative to average drawdown | -0.79 | 7.31 | -8.10 |
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Drawdowns
DLY vs. NEA - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for DLY and NEA.
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Drawdown Indicators
| DLY | NEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -43.83% | +15.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -7.27% | -1.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -15.16% | +4.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -36.57% | +7.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.57% | — |
Current DrawdownCurrent decline from peak | -4.62% | -4.92% | +0.30% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -8.01% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 1.83% | +1.67% |
Volatility
DLY vs. NEA - Volatility Comparison
The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.97%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 3.30%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | NEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.97% | 3.30% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 6.84% | 8.65% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 10.73% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 11.51% | +2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 11.82% | +3.20% |
DLY vs. NEA - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than NEA's 1.41% expense ratio.
Dividends
DLY vs. NEA - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 10.08%, more than NEA's 7.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 10.08% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.19% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
Frequently Asked Questions
DLY and NEA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEA has higher volatility (3.30%) compared to DLY (1.97%). In terms of maximum drawdown, DLY dropped -28.61% vs NEA's -43.83%.
NEA currently has the higher Sharpe Ratio (1.24 vs -0.34), 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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