CADUX vs. BRW

Last updated Aug 4, 2026

CADUX (CION Ares Diversified Credit Fund Class I) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Both are actively managed. Over the past 5 years, CADUX returned 5.42%/yr vs 7.16%/yr for BRW. Their 0.23 correlation means their historical movements had little consistent relationship.

Performance

CADUX vs. BRW - Performance Comparison

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

Returns By Period

In the year-to-date period, CADUX achieves a -0.76% return, which is significantly lower than BRW's 3.37% return.

CADUX

• 1D: 0.04%
• 1M: -0.38%
• 6M: -0.33%
• YTD: -0.76%
• 1Y: 1.77%
• 3Y*: 7.13%
• 5Y*: 5.42%
• 10Y*: —
• ALL TIME*: 5.40%

BRW

• 1D: 0.30%
• 1M: 0.97%
• 6M: 5.88%
• YTD: 3.37%
• 1Y: -8.31%
• 3Y*: 8.50%
• 5Y*: 7.16%
• 10Y*: —
• ALL TIME*: 7.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BRW Saba Capital Income & Opportunities Fund	$1.29M	$1.36M	$1.43M
CADUX CION Ares Diversified Credit Fund Class I	$0.00	$0.00	$0.00

CADUX vs. BRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CADUX CION Ares Diversified Credit Fund Class I	-0.76%	7.50%	9.70%	11.32%	-2.85%	5.14%
BRW Saba Capital Income & Opportunities Fund	3.37%	5.89%	12.16%	18.49%	-4.64%	3.19%

Correlation

The correlation between CADUX and BRW is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.21
Correlation (5Y) Shows whether the relationship held over a longer period.	0.24
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.23

Return for Risk

CADUX vs. BRW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CADUX

CADUX Risk / Return Rank: 23
CADUX Sharpe Ratio Rank: 15
CADUX Sortino Ratio Rank: 40
CADUX Omega Ratio Rank: 32
CADUX Calmar Ratio Rank: 14
CADUX Martin Ratio Rank: 14

BRW

BRW Risk / Return Rank: 1
BRW Sharpe Ratio Rank: 1
BRW Sortino Ratio Rank: 1
BRW Omega Ratio Rank: 1
BRW Calmar Ratio Rank: 1
BRW Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CADUX vs. BRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CION Ares Diversified Credit Fund Class I (CADUX) and Saba Capital Income & Opportunities Fund (BRW). 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.

	CADUX	BRW	Difference
Sharpe ratio: Return per unit of total volatility	0.64	-0.61	+1.26
Sortino ratio: Return per unit of downside risk	1.89	-0.72	+2.60
Omega ratio: Gain probability vs. loss probability	1.21	0.90	+0.31
Calmar ratio: Return relative to maximum drawdown	0.74	-0.47	+1.21
Martin ratio: Return relative to average drawdown	2.16	-0.78	+2.94

CADUX vs. BRW - Sharpe Ratio Comparison

The current CADUX Sharpe Ratio is 0.64, which is higher than the BRW Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of CADUX and BRW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CADUX vs. BRW - Drawdown Comparison

The maximum CADUX drawdown since its inception was -18.59%, roughly equal to the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for CADUX and BRW.

Drawdown Indicators

	CADUX	BRW	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-17.74%	-0.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.47%	-17.74%	+15.27%
Max Drawdown (3Y) Largest decline over 3 years	-2.47%	-17.74%	+15.27%
Max Drawdown (5Y) Largest decline over 5 years	-5.39%	-17.74%	+12.35%
Current Drawdown Current decline from peak	-0.93%	-8.92%	+7.99%
Average Drawdown Average peak-to-trough decline	-1.47%	-4.11%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	10.62%	-9.78%

Volatility

CADUX vs. BRW - Volatility Comparison

The current volatility for CION Ares Diversified Credit Fund Class I (CADUX) is 0.19%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.91%. This indicates that CADUX experiences smaller price fluctuations and is considered to be less risky than BRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CADUX	BRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	3.91%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	8.85%	-6.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	13.68%	-10.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.70%	13.02%	-10.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.08%	12.89%	-8.81%

Dividends

CADUX vs. BRW - Dividend Comparison

CADUX's dividend yield for the trailing twelve months is around 8.16%, less than BRW's 15.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BRW Saba Capital Income & Opportunities Fund	15.36%	14.46%	12.27%	16.02%	13.82%	4.53%	0.00%	0.00%
CADUX CION Ares Diversified Credit Fund Class I	8.16%	8.48%	8.42%	6.84%	4.08%	4.46%	5.56%	2.71%

Frequently Asked Questions

Can I hold both CADUX and BRW in my portfolio?

CADUX and BRW have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CADUX or BRW?

BRW has higher volatility (3.91%) compared to CADUX (0.19%). In terms of maximum drawdown, CADUX dropped -18.59% vs BRW's -17.74%.

Which has better risk-adjusted returns?

CADUX currently has the higher Sharpe Ratio (0.64 vs -0.61), 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.