DLY vs. VMSAX
DLY (DoubleLine Yield Opportunities Fund) and VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, DLY returned 8.68%/yr vs 7.93%/yr for VMSAX. At a 0.39 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 0.30%/yr for VMSAX.
Performance
DLY vs. VMSAX - Performance Comparison
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Returns By Period
In the year-to-date period, DLY achieves a 1.68% return, which is significantly higher than VMSAX's 1.40% return.
DLY
- 1D
- -0.35%
- 1M
- 2.22%
- 6M
- -0.44%
- YTD
- 1.68%
- 1Y
- 0.92%
- 3Y*
- 8.68%
- 5Y*
- 2.27%
- 10Y*
- —
VMSAX
- 1D
- -0.05%
- 1M
- 0.16%
- 6M
- 1.23%
- YTD
- 1.40%
- 1Y
- 5.75%
- 3Y*
- 7.93%
- 5Y*
- —
- 10Y*
- —
DLY vs. VMSAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 1.68% | 0.63% | 16.29% | 25.48% | -20.64% |
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 1.40% | 9.08% | 6.86% | 10.53% | -8.42% |
Correlation
The correlation between DLY and VMSAX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.39 |
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Return for Risk
DLY vs. VMSAX — Risk / Return Rank
DLY
VMSAX
DLY vs. VMSAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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 | VMSAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 2.08 | -1.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.10 | 0.00 |
| Martin ratioReturn relative to average drawdown | 0.25 | 1.60 | -1.35 |
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Drawdowns
DLY vs. VMSAX - Drawdown Comparison
The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for DLY and VMSAX.
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Drawdown Indicators
| DLY | VMSAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -54.84% | +26.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.74% | -54.84% | +46.10% |
Max Drawdown (3Y)Largest decline over 3 years | -10.81% | -54.84% | +44.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | — | — |
Current DrawdownCurrent decline from peak | -2.50% | -0.27% | -2.23% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -3.02% | -4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.61% | 3.49% | +0.12% |
Volatility
DLY vs. VMSAX - Volatility Comparison
DoubleLine Yield Opportunities Fund (DLY) has a higher volatility of 1.84% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 0.69%. This indicates that DLY's price experiences larger fluctuations and is considered to be riskier than VMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DLY | VMSAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.69% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 6.93% | 2.08% | +4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.24% | 133.32% | -125.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.58% | 63.52% | -49.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.95% | 63.52% | -48.57% |
DLY vs. VMSAX - Expense Ratio Comparison
DLY has a 2.91% expense ratio, which is higher than VMSAX's 0.30% expense ratio.
Dividends
DLY vs. VMSAX - Dividend Comparison
DLY's dividend yield for the trailing twelve months is around 9.95%, more than VMSAX's 5.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 9.95% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% |
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 5.47% | 5.66% | 6.48% | 5.52% | 3.76% | 0.00% | 0.00% |
Frequently Asked Questions
DLY and VMSAX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DLY has higher volatility (1.84%) compared to VMSAX (0.69%). In terms of maximum drawdown, DLY dropped -28.61% vs VMSAX's -54.84%.
DLY currently has the higher Sharpe Ratio (0.11 vs 0.04), 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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