BWDTX vs. AXSIX

Last updated Apr 1, 2026

Compare and contrast key facts about Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) and Axonic Strategic Income Fund (AXSIX).

BWDTX is managed by Boyd Watterson. It was launched on Jul 28, 2016. AXSIX is managed by Axonic. It was launched on Dec 29, 2019.

Performance

BWDTX vs. AXSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) and Axonic Strategic Income Fund (AXSIX). The values are adjusted to include any dividend payments, if applicable.

BWDTX vs. AXSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund	0.05%	7.14%	4.92%	9.80%	-3.16%	2.32%	4.55%
AXSIX Axonic Strategic Income Fund	0.69%	6.71%	8.30%	7.54%	-6.81%	5.91%	-0.16%

Returns By Period

In the year-to-date period, BWDTX achieves a 0.05% return, which is significantly lower than AXSIX's 0.69% return.

BWDTX

• 1D: 0.15%
• 1M: -0.85%
• YTD: 0.05%
• 6M: 1.65%
• 1Y: 5.72%
• 3Y*: 6.45%
• 5Y*: 4.05%
• 10Y*: —

AXSIX

• 1D: 0.11%
• 1M: -1.11%
• YTD: 0.69%
• 6M: 2.20%
• 1Y: 5.38%
• 3Y*: 7.06%
• 5Y*: 3.79%
• 10Y*: —

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

BWDTX vs. AXSIX - Expense Ratio Comparison

BWDTX has a 0.40% expense ratio, which is lower than AXSIX's 1.00% expense ratio.

AXSIX

Axonic Strategic Income Fund

BWDTX

Boyd Watterson Limited Duration Enhanced Income Fund

Return for Risk

BWDTX vs. AXSIX — Risk / Return Rank

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

BWDTX

BWDTX Risk / Return Rank: 93
BWDTX Sharpe Ratio Rank: 96
BWDTX Sortino Ratio Rank: 92
BWDTX Omega Ratio Rank: 97
BWDTX Calmar Ratio Rank: 91
BWDTX Martin Ratio Rank: 92

AXSIX

AXSIX Risk / Return Rank: 97
AXSIX Sharpe Ratio Rank: 96
AXSIX Sortino Ratio Rank: 98
AXSIX Omega Ratio Rank: 97
AXSIX Calmar Ratio Rank: 98
AXSIX Martin Ratio Rank: 98

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.

BWDTX vs. AXSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) and Axonic Strategic Income Fund (AXSIX). 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.

	BWDTX	AXSIX	Difference
Sharpe ratio Return per unit of total volatility	2.31	2.40	-0.09
Sortino ratio Return per unit of downside risk	2.78	5.06	-2.28
Omega ratio Gain probability vs. loss probability	1.70	1.64	+0.06
Calmar ratio Return relative to maximum drawdown	2.58	4.97	-2.40
Martin ratio Return relative to average drawdown	10.82	18.44	-7.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BWDTX vs. AXSIX - Sharpe Ratio Comparison

The current BWDTX Sharpe Ratio is 2.31, which is comparable to the AXSIX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of BWDTX and AXSIX, 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

	BWDTX	AXSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.40	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.86	1.78	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	0.92	+0.83

Correlation

The correlation between BWDTX and AXSIX is 0.39, 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

BWDTX vs. AXSIX - Dividend Comparison

BWDTX's dividend yield for the trailing twelve months is around 5.74%, less than AXSIX's 6.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BWDTX Boyd Watterson Limited Duration Enhanced Income Fund	5.74%	5.70%	4.13%	5.51%	3.80%	3.20%	3.18%	3.47%	4.18%	2.90%	1.35%
AXSIX Axonic Strategic Income Fund	6.06%	6.39%	6.52%	6.24%	3.89%	6.70%	2.04%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BWDTX vs. AXSIX - Drawdown Comparison

The maximum BWDTX drawdown since its inception was -10.06%, smaller than the maximum AXSIX drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for BWDTX and AXSIX.

Drawdown Indicators

	BWDTX	AXSIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	-12.55%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.22%	-1.22%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-6.35%	-6.87%	+0.52%
Current Drawdown Current decline from peak	-0.85%	-1.11%	+0.26%
Average Drawdown Average peak-to-trough decline	-0.69%	-2.01%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.33%	+0.20%

Volatility

BWDTX vs. AXSIX - Volatility Comparison

Boyd Watterson Limited Duration Enhanced Income Fund (BWDTX) has a higher volatility of 0.59% compared to Axonic Strategic Income Fund (AXSIX) at 0.50%. This indicates that BWDTX's price experiences larger fluctuations and is considered to be riskier than AXSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BWDTX	AXSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.50%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	1.57%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	2.51%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.19%	2.15%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.21%	3.73%	-1.52%