- ISIN
- US78518H2022
- CUSIP
- 78518H202
- Issuer
- Saba Capital
- Inception Date
- Dec 2, 1987
- Category
- Multisector Bonds
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
Share Price Chart
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Performance
BRW Performance Chart
Saba Capital Income & Opportunities Fund (BRW) is down 0.4% since the beginning of the year. BRW is currently trading at $6 per share. Investors who bought $1,000 worth of BRW shares 5 years ago would now be looking at an investment worth $1,348.
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Returns By Period
Saba Capital Income & Opportunities Fund (BRW) has returned -0.40% so far this year and -4.49% over the past 12 months.
Saba Capital Income & Opportunities Fund
- 1D
- -0.46%
- 1M
- -2.93%
- YTD
- -0.40%
- 6M
- -0.11%
- 1Y
- -4.49%
- 3Y*
- 8.88%
- 5Y*
- 6.15%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BRW Monthly Returns History
Based on dividend-adjusted daily data since May 5, 2021, BRW's average daily return is +0.03%, while the average monthly return is +0.57%. At this rate, an investment would double in approximately 10.2 years.
Historically, 53% of months were positive and 47% were negative. The best month was Jan 2023 with a return of +9.5%, while the worst month was Dec 2022 at -6.5%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 7 months.
On a daily basis, BRW closed higher 48% of trading days. The best single day was Apr 9, 2025 with a return of +5.4%, while the worst single day was Sep 24, 2025 at -5.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.23% | -1.08% | 3.32% | 3.22% | 0.81% | -4.21% | -0.40% | ||||||
| 2025 | 5.08% | 1.60% | -1.45% | 0.17% | 0.86% | 6.38% | 5.44% | -0.42% | -5.30% | -2.92% | -1.68% | -1.35% | 5.89% |
| 2024 | -2.72% | -1.42% | 0.88% | -0.78% | 3.44% | -2.54% | 4.95% | 2.55% | 3.76% | -0.06% | 5.73% | -1.77% | 12.16% |
| 2023 | 9.49% | 0.21% | 0.85% | -0.15% | -0.90% | -1.34% | 4.78% | 0.06% | -1.73% | -2.68% | 7.01% | 2.24% | 18.49% |
| 2022 | 1.26% | -1.17% | 3.15% | -3.85% | -3.63% | -1.48% | 6.55% | 0.46% | -4.92% | 0.21% | 6.13% | -6.52% | -4.64% |
| 2021 | 0.00% | 2.99% | -2.08% | 0.72% | 0.07% | 3.38% | -2.09% | 0.30% | 3.19% |
Benchmark Metrics
Saba Capital Income & Opportunities Fund has an annualized alpha of 3.54%, beta of 0.29, and R2 of 0.14 versus S&P 500 Index. Calculated based on daily prices since May 05, 2021.
- This fund participated in 37.90% of S&P 500 Index downside but only 36.47% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.29 may look defensive, but with R2 of 0.14 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.14 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.54%
- Beta
- 0.29
- R²
- 0.14
- Upside Capture
- 36.47%
- Downside Capture
- 37.90%
Expense Ratio
BRW has a high expense ratio of 1.71%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
BRW ranks 2 for risk / return — in the bottom 2% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and compare them to S&P 500 Index.
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.
| BRW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.37 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.78 | -3.04 |
| Martin ratioReturn relative to average drawdown | -0.44 | 12.44 | -12.88 |
Dividends
Dividend History
Saba Capital Income & Opportunities Fund provided a 15.73% dividend yield over the last twelve months, with an annual payout of $1.02 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $1.02 | $1.01 | $0.93 | $1.23 | $1.04 | $0.41 |
Dividend yield | 15.73% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
Monthly Dividends
The table displays the monthly dividend distributions for Saba Capital Income & Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.51 | ||||||
| 2025 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.09 | $0.09 | $0.09 | $1.01 |
| 2024 | $0.00 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.93 |
| 2023 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.28 | $1.23 |
| 2022 | $0.10 | $0.10 | $0.10 | $0.09 | $0.05 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.04 |
| 2021 | $0.01 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.41 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Saba Capital Income & Opportunities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Saba Capital Income & Opportunities Fund was 17.74%, occurring on Feb 17, 2026. The portfolio has not yet recovered.
The current Saba Capital Income & Opportunities Fund drawdown is 12.24%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 correction2026 | -17.74%Feb 2026 | 6mo 7d | — | 10mo 13dAug 2025 - now |
2025 selloff2025 | -11.10%Apr 2025 | 1mo 5d | 1mo 5d | 2mo 10dMar 2025 - May 2025 |
Bear market2022 | -11.03%Jun 2022 | 5mo 14d | 7mo 7d | 1y 16dJan 2022 - Jan 2023 |
2023 pullback2023 | -7.37%Oct 2023 | 1mo 14d | 28d | 2mo 12dSep 2023 - Nov 2023 |
2024 pullback2024 | -6.65%Feb 2024 | 1mo 19d | 5mo 4d | 6mo 23dDec 2023 - Jul 2024 |
Drawdown Indicators
| BRW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -56.78% | +39.04% |
Max Drawdown (1Y)Largest decline over 1 year | -17.74% | -9.10% | -8.64% |
Max Drawdown (3Y)Largest decline over 3 years | -17.74% | -18.90% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -17.74% | -25.43% | +7.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -12.24% | -1.80% | -10.44% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -10.71% | +6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 2.03% | +8.11% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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