DLY vs. NZF

Last updated Jun 9, 2026

DLY (DoubleLine Yield Opportunities Fund) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. DLY is actively managed, while NZF is passively managed. Over the past 5 years, DLY returned 1.85%/yr vs -0.10%/yr for NZF. At a 0.31 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 1.89%/yr for NZF.

Performance

DLY vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Yield Opportunities Fund (DLY) and Nuveen Municipal Credit Income Fund (NZF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DLY achieves a -1.24% return, which is significantly lower than NZF's 2.70% return.

DLY

• 1D: -0.22%
• 1M: -2.35%
• YTD: -1.24%
• 6M: -0.58%
• 1Y: -3.01%
• 3Y*: 8.31%
• 5Y*: 1.85%
• 10Y*: —

NZF

• 1D: -0.48%
• 1M: -0.55%
• YTD: 2.70%
• 6M: 2.53%
• 1Y: 14.27%
• 3Y*: 9.86%
• 5Y*: -0.10%
• 10Y*: 3.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DLY vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DLY DoubleLine Yield Opportunities Fund	-1.24%	0.63%	16.29%	25.48%	-23.08%	8.56%	-3.06%
NZF Nuveen Municipal Credit Income Fund	2.70%	11.78%	10.09%	2.49%	-25.53%	11.19%	0.88%

Correlation

The correlation between DLY and NZF is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020	0.31

Return for Risk

DLY vs. NZF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DLY

DLY Risk / Return Rank: 1
DLY Sharpe Ratio Rank: 2
DLY Sortino Ratio Rank: 1
DLY Omega Ratio Rank: 1
DLY Calmar Ratio Rank: 2
DLY Martin Ratio Rank: 1

NZF

NZF Risk / Return Rank: 30
NZF Sharpe Ratio Rank: 27
NZF Sortino Ratio Rank: 32
NZF Omega Ratio Rank: 29
NZF Calmar Ratio Rank: 27
NZF Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DLY vs. NZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Nuveen Municipal Credit Income Fund (NZF). 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	NZF	Difference
Sharpe ratio: Return per unit of total volatility	-0.37	1.38	-1.75
Sortino ratio: Return per unit of downside risk	-0.49	2.18	-2.67
Omega ratio: Gain probability vs. loss probability	0.94	1.26	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.35	1.77	-2.11
Martin ratio: Return relative to average drawdown	-0.88	7.25	-8.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DLY vs. NZF - Sharpe Ratio Comparison

The current DLY Sharpe Ratio is -0.37, which is lower than the NZF Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of DLY and NZF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DLY	NZF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	1.38	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	-0.01	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.37	-0.20

Drawdowns

DLY vs. NZF - Drawdown Comparison

The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for DLY and NZF.

Drawdown Indicators

	DLY	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-28.61%	-48.55%	+19.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.74%	-8.11%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-10.81%	-15.59%	+4.78%
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	-37.42%	+8.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.42%	—
Current Drawdown Current decline from peak	-5.31%	-4.41%	-0.90%
Average Drawdown Average peak-to-trough decline	-7.82%	-7.77%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	1.97%	+1.47%

Volatility

DLY vs. NZF - Volatility Comparison

The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.94%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 3.42%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DLY	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.94%	3.42%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	8.23%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.12%	10.42%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.57%	12.38%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	13.11%	+1.93%

DLY vs. NZF - Expense Ratio Comparison

DLY has a 2.91% expense ratio, which is higher than NZF's 1.89% expense ratio.

Dividends

DLY vs. NZF - Dividend Comparison

DLY's dividend yield for the trailing twelve months is around 10.16%, more than NZF's 7.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLY DoubleLine Yield Opportunities Fund	10.16%	9.63%	8.85%	9.84%	10.67%	7.49%	5.67%	0.00%	0.00%	0.00%	0.00%	0.00%
NZF Nuveen Municipal Credit Income Fund	7.62%	7.58%	6.84%	4.51%	5.80%	4.63%	4.74%	4.82%	6.05%	5.86%	6.26%	5.50%

Frequently Asked Questions

Can I hold both DLY and NZF in my portfolio?

DLY and NZF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLY or NZF?

NZF has higher volatility (3.42%) compared to DLY (1.94%). In terms of maximum drawdown, DLY dropped -28.61% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.38 vs -0.37), 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.