BRW vs. SABA

Last updated Apr 2, 2026

Compare and contrast key facts about Saba Capital Income & Opportunities Fund (BRW) and Saba Capital Income & Opportunities Fund II (SABA).

BRW is an actively managed fund by Saba Capital. It was launched on Dec 2, 1987. SABA is managed by Saba Capital.

Performance

BRW vs. SABA - Performance Comparison

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

BRW vs. SABA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BRW Saba Capital Income & Opportunities Fund	-0.37%	5.89%	12.16%	18.49%	-4.64%	3.19%
SABA Saba Capital Income & Opportunities Fund II	3.03%	-0.31%	31.32%	-2.77%	-9.02%	0.80%

Returns By Period

In the year-to-date period, BRW achieves a -0.37% return, which is significantly lower than SABA's 3.03% return.

BRW

• 1D: -0.30%
• 1M: 3.64%
• YTD: -0.37%
• 6M: -1.89%
• 1Y: 0.15%
• 3Y*: 8.21%
• 5Y*: —
• 10Y*: —

SABA

• 1D: 0.00%
• 1M: 4.75%
• YTD: 3.03%
• 6M: -3.37%
• 1Y: 5.02%
• 3Y*: 8.09%
• 5Y*: 4.25%
• 10Y*: 2.59%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRW vs. SABA - Expense Ratio Comparison

BRW

Saba Capital Income & Opportunities Fund

Return for Risk

BRW vs. SABA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRW

BRW Risk / Return Rank: 4
BRW Sharpe Ratio Rank: 4
BRW Sortino Ratio Rank: 4
BRW Omega Ratio Rank: 4
BRW Calmar Ratio Rank: 4
BRW Martin Ratio Rank: 4

SABA

SABA Risk / Return Rank: 9
SABA Sharpe Ratio Rank: 9
SABA Sortino Ratio Rank: 9
SABA Omega Ratio Rank: 9
SABA Calmar Ratio Rank: 11
SABA Martin Ratio Rank: 8

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. SABA - Risk-Adjusted Trends Comparison

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

	BRW	SABA	Difference
Sharpe ratio Return per unit of total volatility	0.01	0.33	-0.32
Sortino ratio Return per unit of downside risk	0.12	0.58	-0.47
Omega ratio Gain probability vs. loss probability	1.02	1.08	-0.06
Calmar ratio Return relative to maximum drawdown	0.01	0.47	-0.45
Martin ratio Return relative to average drawdown	0.03	0.92	-0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRW vs. SABA - Sharpe Ratio Comparison

The current BRW Sharpe Ratio is 0.01, which is lower than the SABA Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of BRW and SABA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BRW	SABA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.33	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.42	+0.11

Correlation

The correlation between BRW and SABA is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BRW vs. SABA - Dividend Comparison

BRW's dividend yield for the trailing twelve months is around 15.12%, more than SABA's 9.57% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRW Saba Capital Income & Opportunities Fund	15.12%	14.46%	12.27%	16.02%	13.82%	4.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SABA Saba Capital Income & Opportunities Fund II	9.57%	9.65%	8.32%	11.43%	9.14%	7.19%	4.00%	6.68%	5.81%	4.44%	4.63%	4.72%

Drawdowns

BRW vs. SABA - Drawdown Comparison

The maximum BRW drawdown since its inception was -17.74%, smaller than the maximum SABA drawdown of -32.37%. Use the drawdown chart below to compare losses from any high point for BRW and SABA.

Drawdown Indicators

	BRW	SABA	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-32.37%	+14.63%
Max Drawdown (1Y) Largest decline over 1 year	-17.74%	-10.45%	-7.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.39%	—
Current Drawdown Current decline from peak	-12.21%	-5.87%	-6.34%
Average Drawdown Average peak-to-trough decline	-3.72%	-7.59%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.15%	5.31%	+3.84%

Volatility

BRW vs. SABA - Volatility Comparison

The current volatility for Saba Capital Income & Opportunities Fund (BRW) is 3.70%, while Saba Capital Income & Opportunities Fund II (SABA) has a volatility of 4.61%. This indicates that BRW experiences smaller price fluctuations and is considered to be less risky than SABA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRW	SABA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	4.61%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	7.83%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	15.19%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	14.45%	-1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	16.65%	-3.73%