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BRW vs. IOBZX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BRW vs. IOBZX

Last updated Jun 24, 2026

BRW (Saba Capital Income & Opportunities Fund) and IOBZX (ICON FlexibleBondFund) are both Multisector Bonds funds. Over the past 5 years, BRW returned 6.18%/yr vs 3.70%/yr for IOBZX. At a 0.23 correlation, their price movements are largely independent. BRW charges 1.71%/yr vs 0.76%/yr for IOBZX.

Performance

BRW vs. IOBZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Capital Income & Opportunities Fund (BRW) and ICON FlexibleBondFund (IOBZX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BRW achieves a -0.25% return, which is significantly lower than IOBZX's 1.36% return.

BRW

1D
0.15%
1M
-2.78%
YTD
-0.25%
6M
0.62%
1Y
-4.10%
3Y*
8.94%
5Y*
6.18%
10Y*
—

IOBZX

1D
-0.12%
1M
0.48%
YTD
1.36%
6M
1.55%
1Y
4.76%
3Y*
6.37%
5Y*
3.70%
10Y*
4.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BRW vs. IOBZX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
BRW
Saba Capital Income & Opportunities Fund		-0.25%5.89%12.16%18.49%-4.64%3.19%
IOBZX
ICON FlexibleBondFund		1.36%5.67%8.33%8.28%-5.63%1.81%

Correlation

The correlation between BRW and IOBZX 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

0.18

Correlation (5Y)
Calculated over the trailing 5-year period

0.23

Correlation (All Time)
Calculated using the full available price history since May 5, 2021

0.23

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Saba Capital Income & Opportunities Fund

ICON FlexibleBondFund

Often compared with BRW:
BRW vs. SABABRW vs. EMOBRW vs. PFLBRW vs. RFXIXBRW vs. JMSIXBRW vs. MOFIXBRW vs. BKE
Often compared with IOBZX:
IOBZX vs. EVHYIOBZX vs. BUFHXIOBZX vs. BNDIOBZX vs. AGGIOBZX vs. ICMUXIOBZX vs. ICSHIOBZX vs. ICFSX

Return for Risk

BRW vs. IOBZX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BRW
BRW Risk / Return Rank: 22
Overall Rank
BRW Sharpe Ratio Rank: 22
Sharpe Ratio Rank
BRW Sortino Ratio Rank: 22
Sortino Ratio Rank
BRW Omega Ratio Rank: 22
Omega Ratio Rank
BRW Calmar Ratio Rank: 22
Calmar Ratio Rank
BRW Martin Ratio Rank: 22
Martin Ratio Rank
IOBZX
IOBZX Risk / Return Rank: 6969
Overall Rank
IOBZX Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IOBZX Sortino Ratio Rank: 7878
Sortino Ratio Rank
IOBZX Omega Ratio Rank: 8888
Omega Ratio Rank
IOBZX Calmar Ratio Rank: 4343
Calmar Ratio Rank
IOBZX Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRW vs. IOBZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and ICON FlexibleBondFund (IOBZX). 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.

BRWIOBZXDifference
Sharpe ratioReturn per unit of total volatility
-0.31
2.43

-2.74

Sortino ratioReturn per unit of downside risk
-0.31
3.43

-3.74

Omega ratioGain probability vs. loss probability

0.96

1.58

-0.62

Calmar ratioReturn relative to maximum drawdown

-0.23

2.37

-2.60

Martin ratioReturn relative to average drawdown

-0.40

10.72

-11.12

BRW vs. IOBZX - Sharpe Ratio Comparison

The current BRW Sharpe Ratio is -0.31, which is lower than the IOBZX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of BRW and IOBZX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BRW vs. IOBZX - Drawdown Comparison

The maximum BRW drawdown since its inception was -17.74%, which is greater than IOBZX's maximum drawdown of -15.53%. Use the drawdown chart below to compare losses from any high point for BRW and IOBZX.

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Drawdown Indicators

BRWIOBZXDifference

Max Drawdown

Largest peak-to-trough decline

-17.74%

-15.53%

-2.21%

Max Drawdown (1Y)

Largest decline over 1 year

-17.74%

-2.08%

-15.66%

Max Drawdown (3Y)

Largest decline over 3 years

-17.74%

-2.97%

-14.77%

Max Drawdown (5Y)

Largest decline over 5 years

-17.74%

-8.48%

-9.26%

Max Drawdown (10Y)

Largest decline over 10 years

—

-15.53%

—

Current Drawdown

Current decline from peak

-12.10%

-0.12%

-11.98%

Average Drawdown

Average peak-to-trough decline

-3.99%

-1.28%

-2.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.16%

0.46%

+9.70%

Volatility

BRW vs. IOBZX - Volatility Comparison

Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 4.17% compared to ICON FlexibleBondFund (IOBZX) at 0.54%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than IOBZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BRWIOBZXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.17%

0.54%

+3.63%

Volatility (6M)

Calculated over the trailing 6-month period

8.18%

1.64%

+6.54%

Volatility (1Y)

Calculated over the trailing 1-year period

13.33%

2.03%

+11.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.93%

2.82%

+10.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.89%

3.70%

+9.19%

BRW vs. IOBZX - Expense Ratio Comparison

BRW has a 1.71% expense ratio, which is higher than IOBZX's 0.76% expense ratio.

Dividends

BRW vs. IOBZX - Dividend Comparison

BRW's dividend yield for the trailing twelve months is around 15.71%, more than IOBZX's 6.11% yield.

PositionTTM20252024202320222021202020192018201720162015
BRW
Saba Capital Income & Opportunities Fund		15.71%14.46%12.27%16.02%13.82%4.53%0.00%0.00%0.00%0.00%0.00%0.00%
IOBZX
ICON FlexibleBondFund		6.11%6.74%6.71%5.65%5.22%4.90%4.03%4.67%4.18%4.07%3.58%4.00%

Frequently Asked Questions

BRW and IOBZX 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 IOBZX (0.54%). In terms of maximum drawdown, BRW dropped -17.74% vs IOBZX's -15.53%.

IOBZX currently has the higher Sharpe Ratio (2.43 vs -0.31), 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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