OPP vs. CRDBX

Last updated Jun 4, 2026

OPP (RiverNorth/DoubleLine Strategic Opportunity Fund) and CRDBX (Potomac Defensive Bull Fund) are both Tactical Allocation funds. Over the past 5 years, OPP returned 0.05%/yr vs 15.87%/yr for CRDBX. At a 0.18 correlation, their price movements are largely independent.

Performance

OPP vs. CRDBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) and Potomac Defensive Bull Fund (CRDBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPP achieves a 1.47% return, which is significantly lower than CRDBX's 18.79% return.

OPP

• 1D: -0.39%
• 1M: -1.79%
• YTD: 1.47%
• 6M: 2.57%
• 1Y: 3.02%
• 3Y*: 11.71%
• 5Y*: 0.05%
• 10Y*: —

CRDBX

• 1D: 0.24%
• 1M: 6.93%
• YTD: 18.79%
• 6M: 18.23%
• 1Y: 42.68%
• 3Y*: 19.96%
• 5Y*: 15.87%
• 10Y*: —

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

OPP vs. CRDBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OPP RiverNorth/DoubleLine Strategic Opportunity Fund	1.47%	9.21%	16.04%	11.50%	-28.22%	12.29%	9.56%
CRDBX Potomac Defensive Bull Fund	18.79%	25.36%	19.91%	18.44%	-8.21%	28.08%	24.03%

Correlation

The correlation between OPP and CRDBX is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 2, 2020	0.18

Return for Risk

OPP vs. CRDBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OPP

OPP Risk / Return Rank: 5
OPP Sharpe Ratio Rank: 5
OPP Sortino Ratio Rank: 5
OPP Omega Ratio Rank: 5
OPP Calmar Ratio Rank: 5
OPP Martin Ratio Rank: 4

CRDBX

CRDBX Risk / Return Rank: 93
CRDBX Sharpe Ratio Rank: 92
CRDBX Sortino Ratio Rank: 90
CRDBX Omega Ratio Rank: 94
CRDBX Calmar Ratio Rank: 96
CRDBX Martin Ratio Rank: 93

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.

OPP vs. CRDBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) and Potomac Defensive Bull Fund (CRDBX). 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.

	OPP	CRDBX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	3.13	-2.77
Sortino ratio: Return per unit of downside risk	0.53	4.40	-3.87
Omega ratio: Gain probability vs. loss probability	1.07	1.73	-0.66
Calmar ratio: Return relative to maximum drawdown	0.40	6.21	-5.81
Martin ratio: Return relative to average drawdown	0.72	20.42	-19.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPP vs. CRDBX - Sharpe Ratio Comparison

The current OPP Sharpe Ratio is 0.37, which is lower than the CRDBX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of OPP and CRDBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OPP	CRDBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	3.13	-2.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	0.84	-0.84
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.10	-0.90

Drawdowns

OPP vs. CRDBX - Drawdown Comparison

The maximum OPP drawdown since its inception was -37.47%, which is greater than CRDBX's maximum drawdown of -28.12%. Use the drawdown chart below to compare losses from any high point for OPP and CRDBX.

Drawdown Indicators

	OPP	CRDBX	Difference
Max Drawdown Largest peak-to-trough decline	-37.47%	-28.12%	-9.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-7.13%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-13.27%	-17.77%	+4.50%
Max Drawdown (5Y) Largest decline over 5 years	-37.47%	-28.12%	-9.35%
Current Drawdown Current decline from peak	-5.70%	0.00%	-5.70%
Average Drawdown Average peak-to-trough decline	-11.13%	-6.58%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.16%	+2.01%

Volatility

OPP vs. CRDBX - Volatility Comparison

The current volatility for RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) is 1.98%, while Potomac Defensive Bull Fund (CRDBX) has a volatility of 4.15%. This indicates that OPP experiences smaller price fluctuations and is considered to be less risky than CRDBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPP	CRDBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	4.15%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	5.75%	10.80%	-5.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.29%	14.16%	-5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.37%	19.73%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.55%	20.36%	-4.81%

Dividends

OPP vs. CRDBX - Dividend Comparison

OPP's dividend yield for the trailing twelve months is around 14.72%, more than CRDBX's 12.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CRDBX Potomac Defensive Bull Fund	12.93%	15.36%	12.58%	9.91%	0.18%	25.05%	1.65%	0.00%	0.00%	0.00%	0.00%
OPP RiverNorth/DoubleLine Strategic Opportunity Fund	14.72%	14.34%	14.29%	14.66%	20.43%	13.40%	15.08%	13.39%	11.08%	8.22%	1.19%

Frequently Asked Questions

Can I hold both OPP and CRDBX in my portfolio?

OPP and CRDBX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPP or CRDBX?

CRDBX has higher volatility (4.15%) compared to OPP (1.98%). In terms of maximum drawdown, OPP dropped -37.47% vs CRDBX's -28.12%.

Which has better risk-adjusted returns?

CRDBX currently has the higher Sharpe Ratio (3.13 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.