BRW vs. AXSIX
BRW (Saba Capital Income & Opportunities Fund) and AXSIX (Axonic Strategic Income Fund) are both Multisector Bonds funds. Over the past 5 years, BRW returned 6.15%/yr vs 3.75%/yr for AXSIX. At a 0.14 correlation, their price movements are largely independent. BRW charges 1.71%/yr vs 1.00%/yr for AXSIX.
Performance
BRW vs. AXSIX - Performance Comparison
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Returns By Period
In the year-to-date period, BRW achieves a -0.40% return, which is significantly lower than AXSIX's 1.94% return.
BRW
- 1D
- -0.46%
- 1M
- -2.93%
- YTD
- -0.40%
- 6M
- -0.11%
- 1Y
- -4.49%
- 3Y*
- 8.88%
- 5Y*
- 6.15%
- 10Y*
- —
AXSIX
- 1D
- 0.11%
- 1M
- 0.75%
- YTD
- 1.94%
- 6M
- 1.94%
- 1Y
- 5.78%
- 3Y*
- 7.33%
- 5Y*
- 3.75%
- 10Y*
- —
BRW vs. AXSIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | -0.40% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
AXSIX Axonic Strategic Income Fund | 1.94% | 6.71% | 8.30% | 7.54% | -6.81% | 2.59% |
Correlation
The correlation between BRW and AXSIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.14 |
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Return for Risk
BRW vs. AXSIX — Risk / Return Rank
BRW
AXSIX
BRW vs. AXSIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and Axonic Strategic Income Fund (AXSIX). 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.
| BRW | AXSIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.74 | ||
| Sortino ratioReturn per unit of downside risk | -5.47 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.66 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 4.76 | -5.01 |
| Martin ratioReturn relative to average drawdown | -0.44 | 17.40 | -17.84 |
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Drawdowns
BRW vs. AXSIX - Drawdown Comparison
The maximum BRW drawdown since its inception was -17.74%, which is greater than AXSIX's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for BRW and AXSIX.
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Drawdown Indicators
| BRW | AXSIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -12.55% | -5.19% |
Max Drawdown (1Y)Largest decline over 1 year | -17.74% | -1.22% | -16.52% |
Max Drawdown (3Y)Largest decline over 3 years | -17.74% | -1.22% | -16.52% |
Max Drawdown (5Y)Largest decline over 5 years | -17.74% | -6.87% | -10.87% |
Current DrawdownCurrent decline from peak | -12.24% | -0.11% | -12.13% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -1.95% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 0.33% | +9.81% |
Volatility
BRW vs. AXSIX - Volatility Comparison
Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 4.17% compared to Axonic Strategic Income Fund (AXSIX) at 0.74%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than AXSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRW | AXSIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 0.74% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 1.65% | +6.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.36% | 2.42% | +10.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 2.19% | +10.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.90% | 3.69% | +9.21% |
BRW vs. AXSIX - Expense Ratio Comparison
BRW has a 1.71% expense ratio, which is higher than AXSIX's 1.00% expense ratio.
Dividends
BRW vs. AXSIX - Dividend Comparison
BRW's dividend yield for the trailing twelve months is around 15.73%, more than AXSIX's 6.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AXSIX Axonic Strategic Income Fund | 6.21% | 6.39% | 6.52% | 6.24% | 3.89% | 6.70% | 2.04% |
BRW Saba Capital Income & Opportunities Fund | 15.73% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% |
Frequently Asked Questions
BRW and AXSIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.17%) compared to AXSIX (0.74%). In terms of maximum drawdown, BRW dropped -17.74% vs AXSIX's -12.55%.
AXSIX currently has the higher Sharpe Ratio (2.40 vs -0.34), 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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