CADUX vs. BRW
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 5.78%/yr vs 6.18%/yr for BRW. At a 0.24 correlation, their price movements are largely independent.
Performance
CADUX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, CADUX achieves a -0.45% return, which is significantly lower than BRW's -0.25% return.
CADUX
- 1D
- 0.00%
- 1M
- 0.17%
- YTD
- -0.45%
- 6M
- 0.32%
- 1Y
- 4.11%
- 3Y*
- 8.09%
- 5Y*
- 5.78%
- 10Y*
- —
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
CADUX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CADUX CION Ares Diversified Credit Fund Class I | -0.45% | 7.50% | 9.70% | 11.32% | -2.85% | 5.14% |
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between CADUX and BRW is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.24 |
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Return for Risk
CADUX vs. BRW — Risk / Return Rank
CADUX
BRW
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 ratioReturn per unit of total volatility | +1.69 | ||
| Sortino ratioReturn per unit of downside risk | +4.66 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.96 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | -0.23 | +1.93 |
| Martin ratioReturn relative to average drawdown | 5.16 | -0.40 | +5.56 |
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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.
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Drawdown Indicators
| CADUX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.62% | -12.10% | +11.48% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -3.99% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 10.16% | -9.35% |
Volatility
CADUX vs. BRW - Volatility Comparison
The current volatility for CION Ares Diversified Credit Fund Class I (CADUX) is 0.81%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. 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.
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Volatility by Period
| CADUX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 4.17% | -3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 8.18% | -5.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.06% | 13.33% | -10.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.73% | 12.93% | -10.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.10% | 12.89% | -8.79% |
Dividends
CADUX vs. BRW - Dividend Comparison
CADUX's dividend yield for the trailing twelve months is around 8.83%, less than BRW's 15.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% |
CADUX CION Ares Diversified Credit Fund Class I | 8.83% | 8.48% | 8.42% | 6.84% | 4.08% | 4.46% | 5.56% | 2.71% |
Frequently Asked Questions
CADUX and BRW have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.17%) compared to CADUX (0.81%). In terms of maximum drawdown, CADUX dropped -18.59% vs BRW's -17.74%.
CADUX currently has the higher Sharpe Ratio (1.38 vs -0.31), 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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