BRW vs. PKBIX
BRW (Saba Capital Income & Opportunities Fund) and PKBIX (Payden/Kravitz Cash Balance Plan Fund) are both Multisector Bonds funds. Over the past 5 years, BRW returned 6.64%/yr vs 3.88%/yr for PKBIX. At a 0.18 correlation, their price movements are largely independent. BRW charges 1.71%/yr vs 1.25%/yr for PKBIX.
Performance
BRW vs. PKBIX - Performance Comparison
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Returns By Period
In the year-to-date period, BRW achieves a 3.52% return, which is significantly higher than PKBIX's 2.02% return.
BRW
- 1D
- 0.76%
- 1M
- 2.67%
- 6M
- 3.59%
- YTD
- 3.52%
- 1Y
- -4.66%
- 3Y*
- 9.80%
- 5Y*
- 6.64%
- 10Y*
- —
PKBIX
- 1D
- 0.10%
- 1M
- 0.50%
- 6M
- 2.02%
- YTD
- 2.02%
- 1Y
- 5.44%
- 3Y*
- 6.96%
- 5Y*
- 3.88%
- 10Y*
- 3.58%
BRW vs. PKBIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 3.52% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
PKBIX Payden/Kravitz Cash Balance Plan Fund | 2.02% | 6.75% | 8.14% | 6.21% | -3.89% | 1.41% |
Correlation
The correlation between BRW and PKBIX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
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. PKBIX — Risk / Return Rank
BRW
PKBIX
BRW vs. PKBIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and Payden/Kravitz Cash Balance Plan Fund (PKBIX). 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 | PKBIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.12 | ||
| Sortino ratioReturn per unit of downside risk | -4.64 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.63 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.77 | -3.04 |
| Martin ratioReturn relative to average drawdown | -0.45 | 11.87 | -12.32 |
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Drawdowns
BRW vs. PKBIX - Drawdown Comparison
The maximum BRW drawdown since its inception was -17.74%, smaller than the maximum PKBIX drawdown of -19.17%. Use the drawdown chart below to compare losses from any high point for BRW and PKBIX.
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Drawdown Indicators
| BRW | PKBIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.74% | -19.17% | +1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -17.74% | -1.90% | -15.84% |
Max Drawdown (3Y)Largest decline over 3 years | -17.74% | -2.11% | -15.63% |
Max Drawdown (5Y)Largest decline over 5 years | -17.74% | -7.05% | -10.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.17% | — |
Current DrawdownCurrent decline from peak | -8.78% | 0.00% | -8.78% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -0.92% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.41% | 0.44% | +9.97% |
Volatility
BRW vs. PKBIX - Volatility Comparison
Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 3.36% compared to Payden/Kravitz Cash Balance Plan Fund (PKBIX) at 0.39%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than PKBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRW | PKBIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 0.39% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.38% | 1.59% | +6.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.45% | 1.90% | +11.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 2.61% | +10.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.87% | 3.33% | +9.54% |
BRW vs. PKBIX - Expense Ratio Comparison
BRW has a 1.71% expense ratio, which is higher than PKBIX's 1.25% expense ratio.
Dividends
BRW vs. PKBIX - Dividend Comparison
BRW's dividend yield for the trailing twelve months is around 15.34%, more than PKBIX's 8.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.34% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PKBIX Payden/Kravitz Cash Balance Plan Fund | 8.09% | 8.25% | 6.95% | 5.55% | 1.94% | 2.18% | 3.57% | 3.32% | 3.27% | 2.50% | 1.70% | 2.00% |
Frequently Asked Questions
BRW and PKBIX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.36%) compared to PKBIX (0.39%). In terms of maximum drawdown, BRW dropped -17.74% vs PKBIX's -19.17%.
PKBIX currently has the higher Sharpe Ratio (2.77 vs -0.35), 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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