BRW vs. MOFIX
BRW (Saba Capital Income & Opportunities Fund) and MOFIX (Mercer Opportunistic Fixed Income Fund) are both Multisector Bonds funds. Over the past 5 years, BRW returned 6.15%/yr vs 1.55%/yr for MOFIX. At a 0.18 correlation, their price movements are largely independent. BRW charges 1.71%/yr vs 0.44%/yr for MOFIX.
Performance
BRW vs. MOFIX - Performance Comparison
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Returns By Period
In the year-to-date period, BRW achieves a -0.40% return, which is significantly higher than MOFIX's -1.06% return.
BRW
- 1D
- -0.46%
- 1M
- -2.93%
- YTD
- -0.40%
- 6M
- -0.11%
- 1Y
- -4.49%
- 3Y*
- 8.88%
- 5Y*
- 6.15%
- 10Y*
- —
MOFIX
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- -1.06%
- 6M
- -0.40%
- 1Y
- 2.98%
- 3Y*
- 5.16%
- 5Y*
- 1.55%
- 10Y*
- —
BRW vs. MOFIX - 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% |
MOFIX Mercer Opportunistic Fixed Income Fund | -1.06% | 8.60% | 2.23% | 12.22% | -11.57% | 0.29% |
Correlation
The correlation between BRW and MOFIX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.18 |
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Return for Risk
BRW vs. MOFIX — Risk / Return Rank
BRW
MOFIX
BRW vs. MOFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and Mercer Opportunistic Fixed Income Fund (MOFIX). 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 | MOFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.22 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 0.95 | -1.20 |
| Martin ratioReturn relative to average drawdown | -0.44 | 2.81 | -3.25 |
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Drawdowns
BRW vs. MOFIX - Drawdown Comparison
The maximum BRW drawdown since its inception was -17.74%, smaller than the maximum MOFIX drawdown of -19.96%. Use the drawdown chart below to compare losses from any high point for BRW and MOFIX.
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Drawdown Indicators
| BRW | MOFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -19.96% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -17.74% | -3.52% | -14.22% |
Max Drawdown (3Y)Largest decline over 3 years | -17.74% | -8.02% | -9.72% |
Max Drawdown (5Y)Largest decline over 5 years | -17.74% | -19.00% | +1.26% |
Current DrawdownCurrent decline from peak | -12.24% | -1.53% | -10.71% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -5.15% | +1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 1.13% | +9.01% |
Volatility
BRW vs. MOFIX - Volatility Comparison
Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 4.17% compared to Mercer Opportunistic Fixed Income Fund (MOFIX) at 0.81%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than MOFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRW | MOFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 0.81% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 8.18% | 2.40% | +5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.36% | 3.01% | +10.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 7.26% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.90% | 7.16% | +5.74% |
BRW vs. MOFIX - Expense Ratio Comparison
BRW has a 1.71% expense ratio, which is higher than MOFIX's 0.44% expense ratio.
Dividends
BRW vs. MOFIX - Dividend Comparison
BRW's dividend yield for the trailing twelve months is around 15.73%, more than MOFIX's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.73% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
MOFIX Mercer Opportunistic Fixed Income Fund | 3.36% | 3.32% | 6.91% | 6.44% | 3.81% | 4.20% |
Frequently Asked Questions
BRW and MOFIX have a correlation of 0.24, 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 MOFIX (0.81%). In terms of maximum drawdown, BRW dropped -17.74% vs MOFIX's -19.96%.
MOFIX currently has the higher Sharpe Ratio (1.11 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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