NZF vs. DLY
NZF (Nuveen Municipal Credit Income Fund) and DLY (DoubleLine Yield Opportunities Fund) are both mutual funds - NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index, while DLY is a Multisector Bonds fund actively managed by DoubleLine. NZF is passively managed, while DLY is actively managed. Over the past 5 years, NZF returned -0.10%/yr vs 1.85%/yr for DLY. At a 0.31 correlation, their price movements are largely independent. NZF charges 1.89%/yr vs 2.91%/yr for DLY.
Performance
NZF vs. DLY - Performance Comparison
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Returns By Period
In the year-to-date period, NZF achieves a 2.70% return, which is significantly higher than DLY's -1.24% return.
NZF
- 1D
- -0.48%
- 1M
- -0.55%
- YTD
- 2.70%
- 6M
- 2.53%
- 1Y
- 14.27%
- 3Y*
- 9.86%
- 5Y*
- -0.10%
- 10Y*
- 3.53%
DLY
- 1D
- -0.22%
- 1M
- -2.35%
- YTD
- -1.24%
- 6M
- -0.58%
- 1Y
- -3.01%
- 3Y*
- 8.31%
- 5Y*
- 1.85%
- 10Y*
- —
NZF vs. DLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 2.70% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 0.88% |
DLY DoubleLine Yield Opportunities Fund | -1.24% | 0.63% | 16.29% | 25.48% | -23.08% | 8.56% | -3.06% |
Correlation
The correlation between NZF and DLY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | 0.31 |
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Return for Risk
NZF vs. DLY — Risk / Return Rank
NZF
DLY
NZF vs. DLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) 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.
| NZF | DLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.75 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.94 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | -0.35 | +2.11 |
| Martin ratioReturn relative to average drawdown | 7.25 | -0.88 | +8.13 |
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
| NZF | DLY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.38 | -0.37 | +1.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.14 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.17 | +0.20 |
Drawdowns
NZF vs. DLY - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than DLY's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for NZF and DLY.
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Drawdown Indicators
| NZF | DLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -28.61% | -19.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -8.74% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -10.81% | -4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -28.61% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | — | — |
Current DrawdownCurrent decline from peak | -4.41% | -5.31% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -7.82% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 3.44% | -1.47% |
Volatility
NZF vs. DLY - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) has a higher volatility of 3.42% compared to DoubleLine Yield Opportunities Fund (DLY) at 1.94%. This indicates that NZF'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
| NZF | DLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 1.94% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 8.23% | 6.87% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.42% | 8.12% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 13.57% | -1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 15.04% | -1.93% |
NZF vs. DLY - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is lower than DLY's 2.91% expense ratio.
Dividends
NZF vs. DLY - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.62%, 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% |
NZF Nuveen Municipal Credit Income Fund | 7.62% | 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
NZF and DLY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (3.42%) compared to DLY (1.94%). In terms of maximum drawdown, NZF dropped -48.55% vs DLY's -28.61%.
NZF currently has the higher Sharpe Ratio (1.38 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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