OPP vs. RNHIX

Last updated Aug 1, 2026

OPP (RiverNorth/DoubleLine Strategic Opportunity Fund) and RNHIX (RiverNorth/Oaktree High Income Fund) are both mutual funds - OPP is a Tactical Allocation fund actively managed by RiverNorth, while RNHIX is a High Yield Bonds fund managed by RiverNorth. Over the past 5 years, OPP returned -0.27%/yr vs 4.27%/yr for RNHIX. Their 0.36 correlation means their historical movements had little consistent relationship.

Performance

OPP vs. RNHIX - Performance Comparison

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

Returns By Period

In the year-to-date period, OPP achieves a 4.06% return, which is significantly higher than RNHIX's 1.11% return.

OPP

• 1D: 0.40%
• 1M: 0.14%
• 6M: 3.91%
• YTD: 4.06%
• 1Y: 1.62%
• 3Y*: 10.28%
• 5Y*: -0.27%
• 10Y*: —
• ALL TIME*: 3.20%

RNHIX

• 1D: 0.02%
• 1M: -0.33%
• 6M: 0.85%
• YTD: 1.11%
• 1Y: 3.99%
• 3Y*: 7.03%
• 5Y*: 4.27%
• 10Y*: 4.51%
• ALL TIME*: 4.25%

*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)
OPP RiverNorth/DoubleLine Strategic Opportunity Fund	$594.70K	$594.78K	$618.89K
RNHIX RiverNorth/Oaktree High Income Fund	$0.00	$0.00	$0.00

OPP vs. RNHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OPP RiverNorth/DoubleLine Strategic Opportunity Fund	4.06%	9.21%	16.04%	11.50%	-28.22%	12.29%	1.25%	15.03%	-1.94%	7.97%
RNHIX RiverNorth/Oaktree High Income Fund	1.11%	6.93%	7.40%	12.31%	-6.60%	3.97%	2.90%	11.17%	-2.22%	5.48%

Correlation

The correlation between OPP and RNHIX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (All Time) Calculated using the full available price history since Sep 28, 2016	0.36

The correlation between OPP and RNHIX shifts across timeframes, from 0.30 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

OPP vs. RNHIX — Risk / Return Rank

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

OPP

OPP Risk / Return Rank: 6
OPP Sharpe Ratio Rank: 7
OPP Sortino Ratio Rank: 6
OPP Omega Ratio Rank: 6
OPP Calmar Ratio Rank: 7
OPP Martin Ratio Rank: 6

RNHIX

RNHIX Risk / Return Rank: 50
RNHIX Sharpe Ratio Rank: 50
RNHIX Sortino Ratio Rank: 58
RNHIX Omega Ratio Rank: 59
RNHIX Calmar Ratio Rank: 35
RNHIX Martin Ratio Rank: 48

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.

OPP vs. RNHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) and RiverNorth/Oaktree High Income Fund (RNHIX). 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.

	OPP	RNHIX	Difference
Sharpe ratio: Return per unit of total volatility	0.23	1.40	-1.17
Sortino ratio: Return per unit of downside risk	0.36	2.15	-1.79
Omega ratio: Gain probability vs. loss probability	1.05	1.28	-0.23
Calmar ratio: Return relative to maximum drawdown	0.26	1.56	-1.30
Martin ratio: Return relative to average drawdown	0.46	6.93	-6.48

OPP vs. RNHIX - Sharpe Ratio Comparison

The current OPP Sharpe Ratio is 0.23, which is lower than the RNHIX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of OPP and RNHIX, 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

OPP vs. RNHIX - Drawdown Comparison

The maximum OPP drawdown since its inception was -37.47%, which is greater than RNHIX's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for OPP and RNHIX.

Drawdown Indicators

	OPP	RNHIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.47%	-22.43%	-15.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-2.49%	-5.09%
Max Drawdown (3Y) Largest decline over 3 years	-12.57%	-3.61%	-8.96%
Max Drawdown (5Y) Largest decline over 5 years	-37.47%	-10.62%	-26.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.43%	—
Current Drawdown Current decline from peak	-3.30%	-0.45%	-2.85%
Average Drawdown Average peak-to-trough decline	-11.01%	-1.54%	-9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	0.56%	+3.75%

Volatility

OPP vs. RNHIX - Volatility Comparison

RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) has a higher volatility of 2.35% compared to RiverNorth/Oaktree High Income Fund (RNHIX) at 0.59%. This indicates that OPP's price experiences larger fluctuations and is considered to be riskier than RNHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPP	RNHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	0.59%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	2.33%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	8.74%	2.78%	+5.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.17%	3.71%	+10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.46%	4.81%	+10.65%

Dividends

OPP vs. RNHIX - Dividend Comparison

OPP's dividend yield for the trailing twelve months is around 14.59%, more than RNHIX's 7.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPP RiverNorth/DoubleLine Strategic Opportunity Fund	14.59%	14.34%	14.29%	14.66%	20.43%	13.40%	15.08%	13.39%	11.08%	8.22%	1.19%	0.00%
RNHIX RiverNorth/Oaktree High Income Fund	7.45%	7.30%	6.92%	6.04%	6.49%	3.58%	3.81%	5.08%	4.79%	3.79%	4.93%	5.92%

Frequently Asked Questions

Can I hold both OPP and RNHIX in my portfolio?

OPP and RNHIX have a correlation of 0.30, 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 RNHIX?

OPP has higher volatility (2.35%) compared to RNHIX (0.59%). In terms of maximum drawdown, OPP dropped -37.47% vs RNHIX's -22.43%.

Which has better risk-adjusted returns?

RNHIX currently has the higher Sharpe Ratio (1.40 vs 0.23), 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.