DSL vs. NZF

Last updated Jun 13, 2026

DSL (DoubleLine Income Solutions Fund) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - DSL is a High Yield Bonds fund managed by DoubleLine, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, DSL returned 5.38%/yr vs 3.63%/yr for NZF. At a 0.27 correlation, their price movements are largely independent. DSL charges 2.28%/yr vs 1.89%/yr for NZF.

Performance

DSL vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Income Solutions Fund (DSL) 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, DSL achieves a 2.31% return, which is significantly lower than NZF's 3.68% return. Over the past 10 years, DSL has outperformed NZF with an annualized return of 5.38%, while NZF has yielded a comparatively lower 3.63% 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%

NZF

• 1D: -0.47%
• 1M: 1.12%
• YTD: 3.68%
• 6M: 3.27%
• 1Y: 14.21%
• 3Y*: 10.46%
• 5Y*: 0.01%
• 10Y*: 3.63%

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

DSL vs. NZF - 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%
NZF Nuveen Municipal Credit Income Fund	3.68%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between DSL and NZF is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 26, 2013	0.27

Return for Risk

DSL vs. NZF — 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

NZF

NZF Risk / Return Rank: 37
NZF Sharpe Ratio Rank: 34
NZF Sortino Ratio Rank: 42
NZF Omega Ratio Rank: 37
NZF Calmar Ratio Rank: 32
NZF Martin Ratio Rank: 40

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. NZF - Risk-Adjusted Trends Comparison

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

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	NZF	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	1.36	-1.39
Sortino ratio: Return per unit of downside risk	0.03	2.17	-2.14
Omega ratio: Gain probability vs. loss probability	1.00	1.26	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.02	1.76	-1.78
Martin ratio: Return relative to average drawdown	-0.04	7.22	-7.26

DSL vs. NZF - Sharpe Ratio Comparison

The current DSL Sharpe Ratio is -0.03, which is lower than the NZF Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of DSL 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.

Drawdowns

DSL vs. NZF - Drawdown Comparison

The maximum DSL drawdown since its inception was -49.51%, roughly equal to the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for DSL and NZF.

Drawdown Indicators

	DSL	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-48.55%	-0.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-8.11%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-15.59%	+1.16%
Max Drawdown (5Y) Largest decline over 5 years	-34.18%	-37.42%	+3.24%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	-37.42%	-12.09%
Current Drawdown Current decline from peak	-5.51%	-3.50%	-2.01%
Average Drawdown Average peak-to-trough decline	-8.73%	-7.77%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	1.97%	+3.67%

Volatility

DSL vs. NZF - Volatility Comparison

DoubleLine Income Solutions Fund (DSL) and Nuveen Municipal Credit Income Fund (NZF) have volatilities of 3.59% and 3.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSL	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	3.61%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.64%	8.30%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.33%	10.47%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	12.39%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	13.11%	+6.98%

DSL vs. NZF - Expense Ratio Comparison

DSL has a 2.28% expense ratio, which is higher than NZF's 1.89% expense ratio.

Dividends

DSL vs. NZF - Dividend Comparison

DSL's dividend yield for the trailing twelve months is around 12.02%, more than NZF's 7.55% 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%
NZF Nuveen Municipal Credit Income Fund	7.55%	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 DSL and NZF in my portfolio?

DSL and NZF have a correlation of 0.33, 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 NZF?

NZF has higher volatility (3.61%) compared to DSL (3.59%). In terms of maximum drawdown, DSL dropped -49.51% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.36 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.