NAD vs. DLY
NAD (Nuveen Quality Municipal Income Fund) is a stock, while DLY (DoubleLine Yield Opportunities Fund) is Multisector Bonds fund actively managed by DoubleLine. Over the past 5 years, NAD returned 0.16%/yr vs 1.84%/yr for DLY. At a 0.32 correlation, their price movements are largely independent.
Performance
NAD vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, NAD achieves a 2.38% return, which is significantly higher than DLY's -0.52% return.
NAD
- 1D
- -0.42%
- 1M
- 1.28%
- YTD
- 2.38%
- 6M
- 2.47%
- 1Y
- 13.47%
- 3Y*
- 9.46%
- 5Y*
- 0.16%
- 10Y*
- 2.83%
DLY
- 1D
- 0.14%
- 1M
- -1.28%
- YTD
- -0.52%
- 6M
- -0.27%
- 1Y
- -2.75%
- 3Y*
- 8.64%
- 5Y*
- 1.84%
- 10Y*
- —
NAD vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 2.38% | 11.29% | 8.74% | 1.26% | -22.85% | 9.70% | 5.98% |
DLY DoubleLine Yield Opportunities Fund | -0.52% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -1.90% |
Correlation
The correlation between NAD and DLY 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 | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2020 | 0.32 |
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Return for Risk
NAD vs. DLY — Risk / Return Rank
NAD
DLY
NAD vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Quality Municipal Income Fund (NAD) 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.
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.
| NAD | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.95 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | -0.32 | +1.99 |
| Martin ratioReturn relative to average drawdown | 6.58 | -0.79 | +7.36 |
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Drawdowns
NAD vs. DLY - Drawdown Comparison
The maximum NAD drawdown since its inception was -44.65%, which is greater than DLY's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for NAD and DLY.
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Drawdown Indicators
| NAD | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.65% | -28.61% | -16.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.08% | -8.74% | +0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.69% | -10.81% | -3.88% |
Max Drawdown (5Y)Largest decline over 5 years | -35.58% | -28.61% | -6.97% |
Max Drawdown (10Y)Largest decline over 10 years | -35.58% | — | — |
Current DrawdownCurrent decline from peak | -3.72% | -4.62% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -7.81% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 3.50% | -1.44% |
Volatility
NAD vs. DLY - Volatility Comparison
Nuveen Quality Municipal Income Fund (NAD) has a higher volatility of 3.60% compared to DoubleLine Yield Opportunities Fund (DLY) at 1.97%. This indicates that NAD's price experiences larger fluctuations and is considered to be riskier 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
| NAD | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 1.97% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 6.84% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 8.09% | +2.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.63% | 13.57% | -1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.93% | 15.02% | -3.09% |
Dividends
NAD vs. DLY - Dividend Comparison
NAD's dividend yield for the trailing twelve months is around 7.21%, less than DLY's 10.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DLY DoubleLine Yield Opportunities Fund | 10.08% | 9.63% | 8.85% | 9.84% | 10.67% | 7.49% | 5.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NAD Nuveen Quality Municipal Income Fund | 7.21% | 7.37% | 6.63% | 4.13% | 5.58% | 4.43% | 4.41% | 4.40% | 5.37% | 5.42% | 6.05% | 5.96% |
Frequently Asked Questions
NAD and DLY 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.
NAD has higher volatility (3.60%) compared to DLY (1.97%). In terms of maximum drawdown, NAD dropped -44.65% vs DLY's -28.61%.
NAD currently has the higher Sharpe Ratio (1.23 vs -0.34), 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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