EMB vs. DLY
EMB (iShares J.P. Morgan USD Emerging Markets Bond ETF) and DLY (DoubleLine Yield Opportunities Fund) are both funds - EMB is a Emerging Markets Bonds fund tracking the JPMorgan EMBI Global Core Index, while DLY is a Multisector Bonds fund actively managed by DoubleLine. EMB is passively managed, while DLY is actively managed. Over the past 5 years, EMB returned 1.62%/yr vs 1.85%/yr for DLY. At a 0.36 correlation, their price movements are largely independent. EMB charges 0.39%/yr vs 2.91%/yr for DLY.
Performance
EMB vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, EMB achieves a 1.14% return, which is significantly higher than DLY's -1.24% return.
EMB
- 1D
- -0.13%
- 1M
- -0.48%
- YTD
- 1.14%
- 6M
- 1.92%
- 1Y
- 10.87%
- 3Y*
- 9.37%
- 5Y*
- 1.62%
- 10Y*
- 3.19%
DLY
- 1D
- -0.22%
- 1M
- -2.35%
- YTD
- -1.24%
- 6M
- -0.58%
- 1Y
- -3.01%
- 3Y*
- 8.31%
- 5Y*
- 1.85%
- 10Y*
- —
EMB vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 1.14% | 13.85% | 5.54% | 10.62% | -18.63% | -2.23% | 3.99% |
DLY DoubleLine Yield Opportunities Fund | -1.24% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -3.06% |
Correlation
The correlation between EMB and DLY 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 | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | 0.36 |
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Return for Risk
EMB vs. DLY — Risk / Return Rank
EMB
DLY
EMB vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) and DoubleLine Yield Opportunities Fund (DLY). 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.
| EMB | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.32 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.94 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | -0.35 | +2.77 |
| Martin ratioReturn relative to average drawdown | 10.32 | -0.88 | +11.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMB | DLY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | -0.37 | +2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.14 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.17 | +0.26 |
Drawdowns
EMB vs. DLY - Drawdown Comparison
The maximum EMB drawdown since its inception was -34.70%, which is greater than DLY's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for EMB and DLY.
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Drawdown Indicators
| EMB | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.70% | -28.61% | -6.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.51% | -8.74% | +4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -7.95% | -10.81% | +2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.74% | -28.61% | -0.13% |
Max Drawdown (10Y)Largest decline over 10 years | -28.74% | — | — |
Current DrawdownCurrent decline from peak | -1.02% | -5.31% | +4.29% |
Average DrawdownAverage peak-to-trough decline | -5.06% | -7.82% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 3.44% | -2.38% |
Volatility
EMB vs. DLY - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is 1.76%, while DoubleLine Yield Opportunities Fund (DLY) has a volatility of 1.94%. This indicates that EMB experiences smaller price fluctuations and is considered to be less risky than DLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMB | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.76% | 1.94% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 4.57% | 6.87% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.60% | 8.12% | -2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.75% | 13.57% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.96% | 15.04% | -5.08% |
EMB vs. DLY - Expense Ratio Comparison
EMB has a 0.39% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
EMB vs. DLY - Dividend Comparison
EMB's dividend yield for the trailing twelve months is around 5.09%, less than DLY's 10.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 10.16% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
Frequently Asked Questions
EMB and DLY 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.
DLY has higher volatility (1.94%) compared to EMB (1.76%). In terms of maximum drawdown, EMB dropped -34.70% vs DLY's -28.61%.
EMB currently has the higher Sharpe Ratio (1.95 vs -0.37), 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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