FBAPX vs. BRW
FBAPX (Fidelity Tactical Bond Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 3 years, FBAPX returned 4.29%/yr vs 10.24%/yr for BRW. At a 0.16 correlation, their price movements are largely independent. FBAPX charges 0.66%/yr vs 1.71%/yr for BRW.
Performance
FBAPX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, FBAPX achieves a 0.54% return, which is significantly lower than BRW's 4.77% return.
FBAPX
- 1D
- 0.23%
- 1M
- -0.43%
- 6M
- 0.09%
- YTD
- 0.54%
- 1Y
- 5.06%
- 3Y*
- 4.29%
- 5Y*
- —
- 10Y*
- —
BRW
- 1D
- 0.30%
- 1M
- 3.91%
- 6M
- 4.38%
- YTD
- 4.77%
- 1Y
- -3.04%
- 3Y*
- 10.24%
- 5Y*
- 7.33%
- 10Y*
- —
FBAPX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FBAPX Fidelity Tactical Bond Fund | 0.54% | 7.77% | 1.57% | 6.73% | -9.94% |
BRW Saba Capital Income & Opportunities Fund | 4.77% | 5.89% | 12.16% | 18.49% | -4.51% |
Correlation
The correlation between FBAPX and BRW is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2022 | 0.16 |
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Return for Risk
FBAPX vs. BRW — Risk / Return Rank
FBAPX
BRW
FBAPX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond Fund (FBAPX) 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.
| FBAPX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.97 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.17 | +1.88 |
| Martin ratioReturn relative to average drawdown | 4.87 | -0.29 | +5.16 |
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Drawdowns
FBAPX vs. BRW - Drawdown Comparison
The maximum FBAPX drawdown since its inception was -14.34%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for FBAPX and BRW.
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Drawdown Indicators
| FBAPX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.34% | -17.74% | +3.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | -17.74% | +14.97% |
Max Drawdown (3Y)Largest decline over 3 years | -6.04% | -17.74% | +11.70% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.74% | — |
Current DrawdownCurrent decline from peak | -1.44% | -7.68% | +6.24% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -4.06% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 10.43% | -9.46% |
Volatility
FBAPX vs. BRW - Volatility Comparison
The current volatility for Fidelity Tactical Bond Fund (FBAPX) is 1.08%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.28%. This indicates that FBAPX 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
| FBAPX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 3.28% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 8.40% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 13.44% | -9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.64% | 12.98% | -7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.64% | 12.87% | -7.23% |
FBAPX vs. BRW - Expense Ratio Comparison
FBAPX has a 0.66% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
FBAPX vs. BRW - Dividend Comparison
FBAPX's dividend yield for the trailing twelve months is around 4.78%, less than BRW's 15.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.16% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
FBAPX Fidelity Tactical Bond Fund | 4.78% | 4.61% | 4.81% | 4.08% | 3.19% | 0.00% |
Frequently Asked Questions
FBAPX and BRW have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.28%) compared to FBAPX (1.08%). In terms of maximum drawdown, FBAPX dropped -14.34% vs BRW's -17.74%.
FBAPX currently has the higher Sharpe Ratio (1.23 vs -0.23), 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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