BRW vs. VMSAX

Last updated Apr 1, 2026

Compare and contrast key facts about Saba Capital Income & Opportunities Fund (BRW) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX).

BRW is an actively managed fund by Saba Capital. It was launched on Dec 2, 1987. VMSAX is an actively managed fund by Vanguard. It was launched on Oct 12, 2021.

Performance

BRW vs. VMSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saba Capital Income & Opportunities Fund (BRW) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). The values are adjusted to include any dividend payments, if applicable.

BRW vs. VMSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BRW Saba Capital Income & Opportunities Fund	-0.08%	5.89%	12.16%	18.49%	-6.04%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	-0.99%	9.08%	6.86%	10.53%	-8.42%

Returns By Period

In the year-to-date period, BRW achieves a -0.08% return, which is significantly higher than VMSAX's -0.99% return.

BRW

• 1D: 2.12%
• 1M: 3.32%
• YTD: -0.08%
• 6M: -5.91%
• 1Y: 0.56%
• 3Y*: 8.31%
• 5Y*: —
• 10Y*: —

VMSAX

• 1D: 0.22%
• 1M: -1.98%
• YTD: -0.99%
• 6M: 0.66%
• 1Y: 6.00%
• 3Y*: 7.21%
• 5Y*: —
• 10Y*: —

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

BRW vs. VMSAX - Expense Ratio Comparison

BRW has a 1.71% expense ratio, which is higher than VMSAX's 0.30% expense ratio.

BRW

Saba Capital Income & Opportunities Fund

VMSAX

Vanguard Multi-Sector Income Bond Fund Admiral Shares

Return for Risk

BRW vs. VMSAX — Risk / Return Rank

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

BRW

BRW Risk / Return Rank: 6
BRW Sharpe Ratio Rank: 5
BRW Sortino Ratio Rank: 5
BRW Omega Ratio Rank: 5
BRW Calmar Ratio Rank: 7
BRW Martin Ratio Rank: 6

VMSAX

VMSAX Risk / Return Rank: 35
VMSAX Sharpe Ratio Rank: 6
VMSAX Sortino Ratio Rank: 44
VMSAX Omega Ratio Rank: 98
VMSAX Calmar Ratio Rank: 8
VMSAX Martin Ratio Rank: 17

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. VMSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saba Capital Income & Opportunities Fund (BRW) and Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX). 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	VMSAX	Difference
Sharpe ratio Return per unit of total volatility	0.04	0.05	-0.01
Sortino ratio Return per unit of downside risk	0.15	1.32	-1.17
Omega ratio Gain probability vs. loss probability	1.02	2.07	-1.05
Calmar ratio Return relative to maximum drawdown	0.04	0.11	-0.07
Martin ratio Return relative to average drawdown	0.08	1.75	-1.67
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. VMSAX - Sharpe Ratio Comparison

The current BRW Sharpe Ratio is 0.04, which is comparable to the VMSAX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of BRW and VMSAX, 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	VMSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	0.05	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.06	+0.48

Correlation

The correlation between BRW and VMSAX is 0.23, 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. VMSAX - Dividend Comparison

BRW's dividend yield for the trailing twelve months is around 15.07%, more than VMSAX's 5.17% yield.

	TTM	2025	2024	2023	2022	2021
BRW Saba Capital Income & Opportunities Fund	15.07%	14.46%	12.27%	16.02%	13.82%	4.53%
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares	5.17%	5.66%	6.48%	5.52%	3.76%	0.00%

Drawdowns

BRW vs. VMSAX - Drawdown Comparison

The maximum BRW drawdown since its inception was -17.74%, smaller than the maximum VMSAX drawdown of -54.84%. Use the drawdown chart below to compare losses from any high point for BRW and VMSAX.

Drawdown Indicators

	BRW	VMSAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.74%	-54.84%	+37.10%
Max Drawdown (1Y) Largest decline over 1 year	-17.74%	-54.84%	+37.10%
Current Drawdown Current decline from peak	-11.95%	-2.03%	-9.92%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.21%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	3.50%	+5.61%

Volatility

BRW vs. VMSAX - Volatility Comparison

Saba Capital Income & Opportunities Fund (BRW) has a higher volatility of 3.70% compared to Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) at 1.19%. This indicates that BRW's price experiences larger fluctuations and is considered to be riskier than VMSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRW	VMSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	1.19%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	112.83%	-103.53%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	133.59%	-117.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	65.65%	-52.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	65.65%	-52.73%