DSL vs HYG: Correlation
Measured on weekly returns over the past three years, DoubleLine Income Solutions Fund (DSL) and iShares iBoxx High Yield Corporate Bond ETF (HYG) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DSL and HYG?
Across a 3-year window, the weekly returns of DSL and HYG correlate at 0.73, strong. Lately the two have drifted apart, with the 1-year correlation at 0.58 versus 0.73 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 42.0 %².
Within DSL's tracked universe of 30 assets, HYG comes in at #10 by 3-year correlation. The trailing year gives HYG the advantage: -3.7% versus +4.6%, a 8.3-point spread. Risk is not evenly split, since DSL carries 2.6 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DSL vs HYG: side by side
| DSL (DoubleLine Income Solutions Fund) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | -3.7% | +4.6% |
| 5-year return | +5.8% | +19.9% |
| Volatility (ann.) | 12.2% | 4.7% |
| Beta vs S&P 500 | 0.49 | 0.22 |
| Max drawdown (3Y) | -13.5% | -4.6% |
| Market cap | $1.2B | – |
| P/E (trailing) | 33.2 | – |
| Dividend yield | 0.00% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | DSL | HYG |
|---|---|---|
| 2022 | -22.6% | -11.0% |
| 2023 | +23.4% | +11.5% |
| 2024 | +14.0% | +8.0% |
| 2025 | -0.0% | +8.6% |
| 2026 | +2.1% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DSL and HYG good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DSL and HYG?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.58 over the last year and 0.63 over 5 years.
Is HYG a good diversifier for DSL?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dsl-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dsl-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DSL correlations · HYG correlations
