DSL vs. PDO

Last updated Aug 1, 2026

DSL (DoubleLine Income Solutions Fund) is High Yield Bonds fund managed by DoubleLine, while PDO (PIMCO Dynamic Income Opportunities Fund) is a stock. Over the past 5 years, DSL returned 1.14%/yr vs 2.56%/yr for PDO. Their 0.42 correlation means their historical movements had little consistent relationship.

Performance

DSL vs. PDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DoubleLine Income Solutions Fund (DSL) and PIMCO Dynamic Income Opportunities Fund (PDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSL achieves a 1.45% return, which is significantly higher than PDO's 0.70% return.

DSL

• 1D: -0.28%
• 1M: -2.10%
• 6M: -1.37%
• YTD: 1.45%
• 1Y: -1.01%
• 3Y*: 7.37%
• 5Y*: 1.14%
• 10Y*: 4.86%
• ALL TIME*: 3.86%

PDO

• 1D: -0.69%
• 1M: -0.63%
• 6M: -1.14%
• YTD: 0.70%
• 1Y: 7.62%
• 3Y*: 12.35%
• 5Y*: 2.56%
• 10Y*: —
• ALL TIME*: 3.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DSL DoubleLine Income Solutions Fund	$5.15M	$6.19M	$5.58M
PDO PIMCO Dynamic Income Opportunities Fund	$6.98M	$6.70M	$8.07M

DSL vs. PDO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DSL DoubleLine Income Solutions Fund	1.45%	-0.01%	15.00%	23.41%	-22.61%	6.68%
PDO PIMCO Dynamic Income Opportunities Fund	0.70%	13.96%	24.55%	8.06%	-23.40%	4.67%

Correlation

The correlation between DSL and PDO is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021	0.42

Return for Risk

DSL vs. PDO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DSL

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

PDO

PDO Risk / Return Rank: 65
PDO Sharpe Ratio Rank: 70
PDO Sortino Ratio Rank: 62
PDO Omega Ratio Rank: 65
PDO Calmar Ratio Rank: 62
PDO Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DSL vs. PDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DoubleLine Income Solutions Fund (DSL) and PIMCO Dynamic Income Opportunities Fund (PDO). 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	PDO	Difference
Sharpe ratio: Return per unit of total volatility	-0.15	0.76	-0.91
Sortino ratio: Return per unit of downside risk	-0.14	1.11	-1.25
Omega ratio: Gain probability vs. loss probability	0.98	1.16	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.13	0.73	-0.85
Martin ratio: Return relative to average drawdown	-0.24	2.35	-2.59

DSL vs. PDO - Sharpe Ratio Comparison

The current DSL Sharpe Ratio is -0.15, which is lower than the PDO Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of DSL and PDO, 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. PDO - Drawdown Comparison

The maximum DSL drawdown since its inception was -49.51%, which is greater than PDO's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for DSL and PDO.

Drawdown Indicators

	DSL	PDO	Difference
Max Drawdown Largest peak-to-trough decline	-49.51%	-36.83%	-12.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-11.18%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.43%	-16.23%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-34.18%	-33.58%	-0.60%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	—	—
Current Drawdown Current decline from peak	-6.31%	-3.21%	-3.10%
Average Drawdown Average peak-to-trough decline	-8.70%	-14.13%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.99%	3.45%	+2.54%

Volatility

DSL vs. PDO - Volatility Comparison

DoubleLine Income Solutions Fund (DSL) has a higher volatility of 3.08% compared to PIMCO Dynamic Income Opportunities Fund (PDO) at 2.70%. This indicates that DSL's price experiences larger fluctuations and is considered to be riskier than PDO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSL	PDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	2.70%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	9.72%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	9.80%	10.69%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	15.46%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	15.44%	+4.65%

Dividends

DSL vs. PDO - Dividend Comparison

DSL's dividend yield for the trailing twelve months is around 12.37%, more than PDO's 11.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSL DoubleLine Income Solutions Fund	12.37%	11.71%	11.38%	10.78%	13.67%	10.74%	10.69%	9.33%	10.39%	9.11%	9.53%	11.63%
PDO PIMCO Dynamic Income Opportunities Fund	11.77%	11.09%	11.29%	12.54%	19.09%	8.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DSL and PDO in my portfolio?

DSL and PDO have a correlation of 0.42, 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 PDO?

DSL has higher volatility (3.08%) compared to PDO (2.70%). In terms of maximum drawdown, DSL dropped -49.51% vs PDO's -36.83%.

Which has better risk-adjusted returns?

PDO currently has the higher Sharpe Ratio (0.76 vs -0.15), 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.