DSL vs. DFLEX
DSL (DoubleLine Income Solutions Fund) and DFLEX (DoubleLine Flexible Income Fund) are both mutual funds - DSL is a High Yield Bonds fund managed by DoubleLine, while DFLEX is a Nontraditional Bonds fund managed by DoubleLine. Over the past 10 years, DSL returned 4.90%/yr vs 3.66%/yr for DFLEX. At a 0.25 correlation, their price movements are largely independent. DSL charges 2.28%/yr vs 0.74%/yr for DFLEX.
Performance
DSL vs. DFLEX - Performance Comparison
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Returns By Period
In the year-to-date period, DSL achieves a 1.74% return, which is significantly lower than DFLEX's 1.97% return. Over the past 10 years, DSL has outperformed DFLEX with an annualized return of 4.90%, while DFLEX has yielded a comparatively lower 3.66% annualized return.
DSL
- 1D
- -0.19%
- 1M
- -0.47%
- 6M
- -0.05%
- YTD
- 1.74%
- 1Y
- -0.32%
- 3Y*
- 8.22%
- 5Y*
- 1.49%
- 10Y*
- 4.90%
DFLEX
- 1D
- 0.12%
- 1M
- 0.12%
- 6M
- 1.62%
- YTD
- 1.97%
- 1Y
- 5.16%
- 3Y*
- 7.27%
- 5Y*
- 3.17%
- 10Y*
- 3.66%
DSL vs. DFLEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DSL DoubleLine Income Solutions Fund | 1.74% | -0.01% | 15.00% | 23.41% | -22.61% | 7.39% | -6.49% | 25.10% | -6.04% | 16.39% |
DFLEX DoubleLine Flexible Income Fund | 1.97% | 6.58% | 8.65% | 7.84% | -8.48% | 3.79% | 2.93% | 7.21% | 0.10% | 5.27% |
Correlation
The correlation between DSL and DFLEX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2014 | 0.25 |
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Return for Risk
DSL vs. DFLEX — Risk / Return Rank
DSL
DFLEX
DSL vs. DFLEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DoubleLine Income Solutions Fund (DSL) and DoubleLine Flexible Income Fund (DFLEX). 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.
| DSL | DFLEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.80 | ||
| Sortino ratioReturn per unit of downside risk | -6.30 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 2.06 | -1.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 5.69 | -5.72 |
| Martin ratioReturn relative to average drawdown | -0.06 | 25.30 | -25.35 |
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Drawdowns
DSL vs. DFLEX - Drawdown Comparison
The maximum DSL drawdown since its inception was -49.51%, which is greater than DFLEX's maximum drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for DSL and DFLEX.
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Drawdown Indicators
| DSL | DFLEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.51% | -17.29% | -32.22% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -0.91% | -10.25% |
Max Drawdown (3Y)Largest decline over 3 years | -14.43% | -1.15% | -13.28% |
Max Drawdown (5Y)Largest decline over 5 years | -34.18% | -11.00% | -23.18% |
Max Drawdown (10Y)Largest decline over 10 years | -49.51% | -17.29% | -32.22% |
Current DrawdownCurrent decline from peak | -6.04% | 0.00% | -6.04% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -1.54% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.85% | 0.20% | +5.65% |
Volatility
DSL vs. DFLEX - Volatility Comparison
DoubleLine Income Solutions Fund (DSL) has a higher volatility of 2.52% compared to DoubleLine Flexible Income Fund (DFLEX) at 0.48%. This indicates that DSL's price experiences larger fluctuations and is considered to be riskier than DFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DSL | DFLEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 0.48% | +2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.94% | 1.09% | +6.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.48% | 1.38% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.85% | 1.94% | +12.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.08% | 2.73% | +17.35% |
DSL vs. DFLEX - Expense Ratio Comparison
DSL has a 2.28% expense ratio, which is higher than DFLEX's 0.74% expense ratio.
Dividends
DSL vs. DFLEX - Dividend Comparison
DSL's dividend yield for the trailing twelve months is around 12.34%, more than DFLEX's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFLEX DoubleLine Flexible Income Fund | 5.53% | 5.68% | 6.05% | 5.95% | 4.72% | 3.86% | 3.96% | 4.46% | 4.46% | 3.82% | 3.75% | 4.32% |
DSL DoubleLine Income Solutions Fund | 12.34% | 11.71% | 11.38% | 10.78% | 13.67% | 10.74% | 10.69% | 9.33% | 10.39% | 9.11% | 9.53% | 11.63% |
Frequently Asked Questions
DSL and DFLEX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DSL has higher volatility (2.52%) compared to DFLEX (0.48%). In terms of maximum drawdown, DSL dropped -49.51% vs DFLEX's -17.29%.
DFLEX currently has the higher Sharpe Ratio (3.76 vs -0.03), 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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