SHLMX vs. DLENX

Last updated Aug 1, 2026

SHLMX (Virtus Stone Harbor Local Markets) and DLENX (DoubleLine Emerging Markets Fixed Income Fund Class N) are both Emerging Markets Bonds funds. Over the past 10 years, SHLMX returned 1.78%/yr vs 3.19%/yr for DLENX. Their 0.44 correlation means their historical movements had little consistent relationship. SHLMX charges 1.01%/yr vs 1.18%/yr for DLENX.

Performance

SHLMX vs. DLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Local Markets (SHLMX) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHLMX achieves a 1.64% return, which is significantly higher than DLENX's 0.87% return. Over the past 10 years, SHLMX has underperformed DLENX with an annualized return of 1.78%, while DLENX has yielded a comparatively higher 3.19% annualized return.

SHLMX

• 1D: 0.70%
• 1M: 0.12%
• 6M: -0.34%
• YTD: 1.64%
• 1Y: 8.75%
• 3Y*: 5.28%
• 5Y*: 1.46%
• 10Y*: 1.78%
• ALL TIME*: 0.15%

DLENX

• 1D: 0.00%
• 1M: -0.55%
• 6M: 0.17%
• YTD: 0.87%
• 1Y: 3.51%
• 3Y*: 7.13%
• 5Y*: 1.59%
• 10Y*: 3.19%
• ALL TIME*: 3.97%

*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)
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	$0.00	$0.00	$0.00
SHLMX Virtus Stone Harbor Local Markets	$0.00	$0.00	$0.00

SHLMX vs. DLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHLMX Virtus Stone Harbor Local Markets	1.64%	19.32%	-5.84%	12.02%	-11.67%	-8.23%	1.87%	13.08%	-9.29%	15.36%
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	0.87%	8.11%	7.92%	9.36%	-15.50%	1.71%	4.66%	11.71%	-3.54%	8.31%

Correlation

The correlation between SHLMX and DLENX is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.44

The correlation between SHLMX and DLENX shifts across timeframes, from 0.44 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHLMX vs. DLENX — Risk / Return Rank

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

SHLMX

SHLMX Risk / Return Rank: 40
SHLMX Sharpe Ratio Rank: 46
SHLMX Sortino Ratio Rank: 46
SHLMX Omega Ratio Rank: 50
SHLMX Calmar Ratio Rank: 29
SHLMX Martin Ratio Rank: 27

DLENX

DLENX Risk / Return Rank: 69
DLENX Sharpe Ratio Rank: 77
DLENX Sortino Ratio Rank: 76
DLENX Omega Ratio Rank: 80
DLENX Calmar Ratio Rank: 56
DLENX Martin Ratio Rank: 55

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.

SHLMX vs. DLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Local Markets (SHLMX) and DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX). 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.

	SHLMX	DLENX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.83	-0.49
Sortino ratio: Return per unit of downside risk	1.94	2.60	-0.66
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	1.38	1.98	-0.60
Martin ratio: Return relative to average drawdown	4.16	7.44	-3.28

SHLMX vs. DLENX - Sharpe Ratio Comparison

The current SHLMX Sharpe Ratio is 1.34, which is comparable to the DLENX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SHLMX and DLENX, 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

SHLMX vs. DLENX - Drawdown Comparison

The maximum SHLMX drawdown since its inception was -37.35%, which is greater than DLENX's maximum drawdown of -25.64%. Use the drawdown chart below to compare losses from any high point for SHLMX and DLENX.

Drawdown Indicators

	SHLMX	DLENX	Difference
Max Drawdown Largest peak-to-trough decline	-37.35%	-25.64%	-11.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-1.83%	-4.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.99%	-4.35%	-5.64%
Max Drawdown (5Y) Largest decline over 5 years	-23.89%	-25.64%	+1.75%
Max Drawdown (10Y) Largest decline over 10 years	-26.60%	-25.64%	-0.96%
Current Drawdown Current decline from peak	-10.36%	-0.84%	-9.52%
Average Drawdown Average peak-to-trough decline	-18.42%	-3.58%	-14.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	0.49%	+1.71%

Volatility

SHLMX vs. DLENX - Volatility Comparison

Virtus Stone Harbor Local Markets (SHLMX) has a higher volatility of 1.71% compared to DoubleLine Emerging Markets Fixed Income Fund Class N (DLENX) at 0.56%. This indicates that SHLMX's price experiences larger fluctuations and is considered to be riskier than DLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHLMX	DLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.56%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	1.55%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	6.84%	1.98%	+4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.04%	4.54%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.82%	4.64%	+4.18%

SHLMX vs. DLENX - Expense Ratio Comparison

SHLMX has a 1.01% expense ratio, which is lower than DLENX's 1.18% expense ratio.

Dividends

SHLMX vs. DLENX - Dividend Comparison

SHLMX's dividend yield for the trailing twelve months is around 9.99%, more than DLENX's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLENX DoubleLine Emerging Markets Fixed Income Fund Class N	4.86%	5.33%	5.71%	5.29%	4.49%	3.74%	4.11%	4.49%	3.57%	4.07%	4.29%	4.94%
SHLMX Virtus Stone Harbor Local Markets	9.99%	10.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	1.99%	1.04%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHLMX and DLENX in my portfolio?

SHLMX and DLENX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHLMX or DLENX?

SHLMX has higher volatility (1.71%) compared to DLENX (0.56%). In terms of maximum drawdown, SHLMX dropped -37.35% vs DLENX's -25.64%.

Which has better risk-adjusted returns?

DLENX currently has the higher Sharpe Ratio (1.83 vs 1.34), 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.