DoubleLine Capital CEO Jeffrey Gundlach said the bond market has become far more attractive than stocks, such that investors could get an 8% annualized return. The so-called bond king said Treasurys are now "potentially a profit maker," in an interview on CNBC's " Closing Bell: Overtime ." He added that his copper-to-gold indicator suggested that the benchmark 10-year Treasury yield is overvalued by 200 basis points, meaning the price has room to go up. Bond yields move inversely to their prices. Buying safe government bonds allows investors to shop for riskier, more opportunistic credits in the market, Gundlach said. Spreads on non-Treasurys have widened, including guaranteed mortgages, junk bond yields, emerging market debt and asset back securities, he added. With 10-year Treasury yielding around 4% and riskier credits yielding about 12%, Gundlach said investors could build a bond portfolio with an 8% return, and the strategy also has a natural hedge. "If the credit does badly, the Treasurys will do well. And if the Treasurys just hang out, credit will probably have a pretty good year next year," Gundlach said. "So that's a pretty good opportunity. It's far, far more attractive than stocks."