DSL vs. NEA

Last updated Jun 13, 2026

DSL (DoubleLine Income Solutions Fund) is High Yield Bonds fund managed by DoubleLine, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, DSL returned 5.38%/yr vs 2.92%/yr for NEA. At a 0.28 correlation, their price movements are largely independent. DSL charges 2.28%/yr vs 1.41%/yr for NEA.

Performance

DSL vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Income Solutions Fund (DSL) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DSL having a 2.31% return and NEA slightly lower at 2.26%. Over the past 10 years, DSL has outperformed NEA with an annualized return of 5.38%, while NEA has yielded a comparatively lower 2.92% annualized return.

DSL

• 1D: 1.01%
• 1M: 0.18%
• YTD: 2.31%
• 6M: 3.60%
• 1Y: -0.24%
• 3Y*: 8.45%
• 5Y*: 1.10%
• 10Y*: 5.38%

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%

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

DSL vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DSL DoubleLine Income Solutions Fund	2.31%	-0.01%	15.00%	23.41%	-22.61%	7.39%	-6.49%	25.10%	-6.04%	16.39%
NEA Nuveen AMT-Free Quality Municipal Income Fund	2.26%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between DSL and NEA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 26, 2013	0.28

Return for Risk

DSL vs. NEA — Risk / Return Rank

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

DSL

DSL Risk / Return Rank: 4
DSL Sharpe Ratio Rank: 4
DSL Sortino Ratio Rank: 3
DSL Omega Ratio Rank: 3
DSL Calmar Ratio Rank: 4
DSL Martin Ratio Rank: 4

NEA

NEA Risk / Return Rank: 77
NEA Sharpe Ratio Rank: 79
NEA Sortino Ratio Rank: 75
NEA Omega Ratio Rank: 75
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

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.

DSL vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Income Solutions Fund (DSL) 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.

	DSL	NEA	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	1.24	-1.27
Sortino ratio: Return per unit of downside risk	0.03	1.88	-1.85
Omega ratio: Gain probability vs. loss probability	1.00	1.24	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.02	1.83	-1.85
Martin ratio: Return relative to average drawdown	-0.04	7.31	-7.35

DSL vs. NEA - Sharpe Ratio Comparison

The current DSL Sharpe Ratio is -0.03, which is lower than the NEA Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of DSL and NEA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DSL vs. NEA - Drawdown Comparison

The maximum DSL drawdown since its inception was -49.51%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for DSL and NEA.

Drawdown Indicators

	DSL	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-43.83%	-5.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-7.27%	-3.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-15.16%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-34.18%	-36.57%	+2.39%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	-36.57%	-12.94%
Current Drawdown Current decline from peak	-5.51%	-4.92%	-0.59%
Average Drawdown Average peak-to-trough decline	-8.73%	-8.01%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	1.83%	+3.81%

Volatility

DSL vs. NEA - Volatility Comparison

DoubleLine Income Solutions Fund (DSL) has a higher volatility of 3.59% compared to Nuveen AMT-Free Quality Municipal Income Fund (NEA) at 3.30%. This indicates that DSL's price experiences larger fluctuations and is considered to be riskier than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSL	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	3.30%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	7.64%	8.65%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	10.73%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	11.51%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	11.82%	+8.27%

DSL vs. NEA - Expense Ratio Comparison

DSL has a 2.28% expense ratio, which is higher than NEA's 1.41% expense ratio.

Dividends

DSL vs. NEA - Dividend Comparison

DSL's dividend yield for the trailing twelve months is around 12.02%, more than NEA's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSL DoubleLine Income Solutions Fund	12.02%	11.71%	11.38%	10.78%	13.67%	10.74%	10.69%	9.33%	10.39%	9.11%	9.53%	11.63%
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

Can I hold both DSL and NEA in my portfolio?

DSL and NEA have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSL or NEA?

DSL has higher volatility (3.59%) compared to NEA (3.30%). In terms of maximum drawdown, DSL dropped -49.51% vs NEA's -43.83%.

Which has better risk-adjusted returns?

NEA currently has the higher Sharpe Ratio (1.24 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.