APENX vs. BRW
APENX (Cavanal Hill Strategic Enhanced Yield Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, APENX returned 0.26%/yr vs 7.19%/yr for BRW. Their 0.11 correlation means their historical movements had little consistent relationship. APENX charges 1.01%/yr vs 1.71%/yr for BRW.
Performance
APENX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, APENX achieves a -0.48% return, which is significantly lower than BRW's 3.06% return.
APENX
- 1D
- -0.11%
- 1M
- -1.12%
- 6M
- -0.65%
- YTD
- -0.48%
- 1Y
- 2.63%
- 3Y*
- 4.67%
- 5Y*
- 0.26%
- 10Y*
- —
- ALL TIME*
- 1.91%
BRW
- 1D
- -1.64%
- 1M
- 0.67%
- 6M
- 5.41%
- YTD
- 3.06%
- 1Y
- -8.59%
- 3Y*
- 8.57%
- 5Y*
- 7.19%
- 10Y*
- —
- ALL TIME*
- 7.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.26M | $1.37M | $1.47M |
APENX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
APENX Cavanal Hill Strategic Enhanced Yield Fund | -0.48% | 7.88% | 3.28% | 4.87% | -12.87% | 1.76% |
BRW Saba Capital Income & Opportunities Fund | 3.06% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between APENX and BRW is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.11 |
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Return for Risk
APENX vs. BRW — Risk / Return Rank
APENX
BRW
APENX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Strategic Enhanced Yield Fund (APENX) and Saba Capital Income & Opportunities Fund (BRW). 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.
| APENX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.90 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | -0.48 | +1.84 |
| Martin ratioReturn relative to average drawdown | 3.57 | -0.80 | +4.37 |
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Drawdowns
APENX vs. BRW - Drawdown Comparison
The maximum APENX drawdown since its inception was -16.63%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for APENX and BRW.
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Drawdown Indicators
| APENX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.63% | -17.74% | +1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -2.65% | -17.74% | +15.09% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -17.74% | +13.17% |
Max Drawdown (5Y)Largest decline over 5 years | -16.15% | -17.74% | +1.59% |
Current DrawdownCurrent decline from peak | -2.13% | -9.19% | +7.06% |
Average DrawdownAverage peak-to-trough decline | -4.42% | -4.10% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 10.60% | -9.60% |
Volatility
APENX vs. BRW - Volatility Comparison
The current volatility for Cavanal Hill Strategic Enhanced Yield Fund (APENX) is 0.83%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.03%. This indicates that APENX experiences smaller price fluctuations and is considered to be less risky than BRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APENX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 4.03% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.85% | 8.85% | -6.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 13.66% | -9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 13.01% | -8.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 12.90% | -8.65% |
APENX vs. BRW - Expense Ratio Comparison
APENX has a 1.01% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
APENX vs. BRW - Dividend Comparison
APENX's dividend yield for the trailing twelve months is around 3.68%, less than BRW's 15.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
APENX Cavanal Hill Strategic Enhanced Yield Fund | 3.68% | 4.03% | 4.51% | 3.66% | 3.72% | 2.00% | 3.20% | 4.02% | 2.02% |
BRW Saba Capital Income & Opportunities Fund | 15.41% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
APENX and BRW have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.03%) compared to APENX (0.83%). In terms of maximum drawdown, APENX dropped -16.63% vs BRW's -17.74%.
APENX currently has the higher Sharpe Ratio (0.98 vs -0.62), 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.
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