PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DLY vs. XYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DLY vs. XYLD

Last updated Jun 13, 2026

DLY (DoubleLine Yield Opportunities Fund) and XYLD (Global X S&P 500 Covered Call ETF) are both funds - DLY is a Multisector Bonds fund actively managed by DoubleLine, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. DLY is actively managed, while XYLD is passively managed. Over the past 5 years, DLY returned 1.84%/yr vs 7.61%/yr for XYLD. At a 0.30 correlation, their price movements are largely independent. DLY charges 2.91%/yr vs 0.60%/yr for XYLD.

Performance

DLY vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Yield Opportunities Fund (DLY) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DLY achieves a -0.52% return, which is significantly lower than XYLD's 4.83% return.

DLY

1D
0.14%
1M
-1.28%
YTD
-0.52%
6M
-0.27%
1Y
-2.75%
3Y*
8.64%
5Y*
1.84%
10Y*
—

XYLD

1D
0.57%
1M
1.15%
YTD
4.83%
6M
6.01%
1Y
16.64%
3Y*
11.00%
5Y*
7.61%
10Y*
8.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DLY vs. XYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
DLY
DoubleLine Yield Opportunities Fund		-0.52%0.63%16.29%25.48%-23.08%8.56%-1.90%
XYLD
Global X S&P 500 Covered Call ETF		4.83%8.02%19.49%11.10%-12.05%19.59%2.45%

Correlation

The correlation between DLY and XYLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

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

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

DoubleLine Yield Opportunities Fund

Global X S&P 500 Covered Call ETF

Often compared with DLY:
DLY vs. DSLDLY vs. CEFSDLY vs. JEPQDLY vs. DIVODLY vs. SPYDLY vs. SPXXDLY vs. FSCO
Often compared with XYLD:
XYLD vs. JEPIXYLD vs. QYLDXYLD vs. SPYXYLD vs. RYLDXYLD vs. XYLGXYLD vs. VOOXYLD vs. SCHD

Return for Risk

DLY vs. XYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DLY
DLY Risk / Return Rank: 22
Overall Rank
DLY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
DLY Sortino Ratio Rank: 22
Sortino Ratio Rank
DLY Omega Ratio Rank: 22
Omega Ratio Rank
DLY Calmar Ratio Rank: 22
Calmar Ratio Rank
DLY Martin Ratio Rank: 22
Martin Ratio Rank
XYLD
XYLD Risk / Return Rank: 8585
Overall Rank
XYLD Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XYLD Sortino Ratio Rank: 8888
Sortino Ratio Rank
XYLD Omega Ratio Rank: 9393
Omega Ratio Rank
XYLD Calmar Ratio Rank: 7272
Calmar Ratio Rank
XYLD Martin Ratio Rank: 8888
Martin Ratio Rank
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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Yield Opportunities Fund (DLY) and Global X S&P 500 Covered Call ETF (XYLD). 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.

DLYXYLDDifference
Sharpe ratioReturn per unit of total volatility
-0.34
2.46

-2.80

Sortino ratioReturn per unit of downside risk
-0.44
3.49

-3.94

Omega ratioGain probability vs. loss probability

0.95

1.57

-0.62

Calmar ratioReturn relative to maximum drawdown

-0.32

3.16

-3.47

Martin ratioReturn relative to average drawdown

-0.79

16.57

-17.36

DLY vs. XYLD - Sharpe Ratio Comparison

The current DLY Sharpe Ratio is -0.34, which is lower than the XYLD Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of DLY and XYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

DLY vs. XYLD - Drawdown Comparison

The maximum DLY drawdown since its inception was -28.61%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for DLY and XYLD.

Loading charts...

Drawdown Indicators

DLYXYLDDifference

Max Drawdown

Largest peak-to-trough decline

-28.61%

-33.46%

+4.85%

Max Drawdown (1Y)

Largest decline over 1 year

-8.74%

-5.29%

-3.45%

Max Drawdown (3Y)

Largest decline over 3 years

-10.81%

-15.53%

+4.72%

Max Drawdown (5Y)

Largest decline over 5 years

-28.61%

-18.66%

-9.95%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.46%

—

Current Drawdown

Current decline from peak

-4.62%

-0.29%

-4.33%

Average Drawdown

Average peak-to-trough decline

-7.81%

-3.71%

-4.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.50%

1.01%

+2.49%

Volatility

DLY vs. XYLD - Volatility Comparison

The current volatility for DoubleLine Yield Opportunities Fund (DLY) is 1.97%, while Global X S&P 500 Covered Call ETF (XYLD) has a volatility of 2.17%. This indicates that DLY experiences smaller price fluctuations and is considered to be less risky than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DLYXYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.97%

2.17%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

6.84%

5.71%

+1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

8.09%

6.79%

+1.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.57%

11.25%

+2.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.02%

14.22%

+0.80%

DLY vs. XYLD - Expense Ratio Comparison

DLY has a 2.91% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

DLY vs. XYLD - Dividend Comparison

DLY's dividend yield for the trailing twelve months is around 10.08%, less than XYLD's 10.53% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XYLD
Global X S&P 500 Covered Call ETF		10.53%10.51%11.54%10.51%13.43%9.07%7.93%5.76%7.12%5.18%3.23%4.65%

Frequently Asked Questions

DLY and XYLD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XYLD has higher volatility (2.17%) compared to DLY (1.97%). In terms of maximum drawdown, DLY dropped -28.61% vs XYLD's -33.46%.

XYLD currently has the higher Sharpe Ratio (2.46 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.

Portfolio Optimizer

Find the right allocation for DLY and XYLD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer