SIFFX vs. DFLEX

Last updated Jun 3, 2026

SIFFX (Victory Pioneer Securitized Income Fund Class A) and DFLEX (DoubleLine Flexible Income Fund) are both Nontraditional Bonds funds. Over the past 3 years, SIFFX returned 7.06%/yr vs 7.49%/yr for DFLEX. A 0.52 correlation means they provide meaningful diversification when combined. SIFFX charges 0.90%/yr vs 0.74%/yr for DFLEX.

Performance

SIFFX vs. DFLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Pioneer Securitized Income Fund Class A (SIFFX) and DoubleLine Flexible Income Fund (DFLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIFFX achieves a 1.94% return, which is significantly higher than DFLEX's 1.61% return.

SIFFX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.94%
• 6M: 2.46%
• 1Y: 5.46%
• 3Y*: 7.06%
• 5Y*: —
• 10Y*: —

DFLEX

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.61%
• 6M: 2.06%
• 1Y: 5.66%
• 3Y*: 7.49%
• 5Y*: 3.21%
• 10Y*: 3.75%

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

SIFFX vs. DFLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SIFFX Victory Pioneer Securitized Income Fund Class A	1.94%	6.57%	7.33%	9.72%	-6.17%	1.62%
DFLEX DoubleLine Flexible Income Fund	1.61%	6.58%	8.65%	7.84%	-8.48%	0.42%

Correlation

The correlation between SIFFX and DFLEX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jul 7, 2021	0.52

The correlation between SIFFX and DFLEX shifts across timeframes, from 0.46 (1 year) to 0.56 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SIFFX vs. DFLEX — Risk / Return Rank

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

SIFFX

SIFFX Risk / Return Rank: 75
SIFFX Sharpe Ratio Rank: 59
SIFFX Sortino Ratio Rank: 90
SIFFX Omega Ratio Rank: 93
SIFFX Calmar Ratio Rank: 83
SIFFX Martin Ratio Rank: 51

DFLEX

DFLEX Risk / Return Rank: 98
DFLEX Sharpe Ratio Rank: 99
DFLEX Sortino Ratio Rank: 99
DFLEX Omega Ratio Rank: 98
DFLEX Calmar Ratio Rank: 96
DFLEX Martin Ratio Rank: 98

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.

SIFFX vs. DFLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Pioneer Securitized Income Fund Class A (SIFFX) and DoubleLine Flexible Income Fund (DFLEX). 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.

	SIFFX	DFLEX	Difference
Sharpe ratio Return per unit of total volatility	2.26	4.44	-2.18
Sortino ratio Return per unit of downside risk	4.38	7.91	-3.53
Omega ratio Gain probability vs. loss probability	1.71	2.38	-0.66
Calmar ratio Return relative to maximum drawdown	3.87	6.43	-2.56
Martin ratio Return relative to average drawdown	10.52	29.12	-18.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIFFX vs. DFLEX - Sharpe Ratio Comparison

The current SIFFX Sharpe Ratio is 2.26, which is lower than the DFLEX Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of SIFFX and DFLEX, 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

	SIFFX	DFLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	4.44	-2.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	1.39	+0.06

Drawdowns

SIFFX vs. DFLEX - Drawdown Comparison

The maximum SIFFX drawdown since its inception was -7.08%, smaller than the maximum DFLEX drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for SIFFX and DFLEX.

Drawdown Indicators

	SIFFX	DFLEX	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-17.29%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-0.91%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-1.55%	-1.15%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.29%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.52%	-1.56%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.20%	+0.37%

Volatility

SIFFX vs. DFLEX - Volatility Comparison

Victory Pioneer Securitized Income Fund Class A (SIFFX) has a higher volatility of 0.60% compared to DoubleLine Flexible Income Fund (DFLEX) at 0.46%. This indicates that SIFFX's price experiences larger fluctuations and is considered to be riskier than DFLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIFFX	DFLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.46%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	0.99%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	1.31%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	1.93%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.88%	2.73%	+0.15%

SIFFX vs. DFLEX - Expense Ratio Comparison

SIFFX has a 0.90% expense ratio, which is higher than DFLEX's 0.74% expense ratio.

Dividends

SIFFX vs. DFLEX - Dividend Comparison

SIFFX's dividend yield for the trailing twelve months is around 6.19%, more than DFLEX's 5.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLEX DoubleLine Flexible Income Fund	5.54%	5.68%	6.05%	5.95%	4.72%	3.86%	3.96%	4.46%	4.46%	3.82%	3.75%	4.32%
SIFFX Victory Pioneer Securitized Income Fund Class A	6.19%	6.37%	5.01%	4.77%	4.90%	3.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIFFX and DFLEX in my portfolio?

SIFFX and DFLEX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIFFX or DFLEX?

SIFFX has higher volatility (0.60%) compared to DFLEX (0.46%). In terms of maximum drawdown, SIFFX dropped -7.08% vs DFLEX's -17.29%.

Which has better risk-adjusted returns?

DFLEX currently has the higher Sharpe Ratio (4.44 vs 2.26), 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.