KIO vs. BRW
KIO (KKR Income Opportunities Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, KIO returned 3.87%/yr vs 6.88%/yr for BRW. At a 0.30 correlation, their price movements are largely independent. KIO charges 0.04%/yr vs 1.71%/yr for BRW.
Performance
KIO vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, KIO achieves a 4.73% return, which is significantly higher than BRW's 4.46% return.
KIO
- 1D
- 0.18%
- 1M
- 1.89%
- 6M
- 3.57%
- YTD
- 4.73%
- 1Y
- 2.20%
- 3Y*
- 11.09%
- 5Y*
- 3.87%
- 10Y*
- 7.65%
BRW
- 1D
- 0.90%
- 1M
- 3.60%
- 6M
- 4.83%
- YTD
- 4.46%
- 1Y
- -3.21%
- 3Y*
- 10.13%
- 5Y*
- 6.88%
- 10Y*
- —
KIO vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KIO KKR Income Opportunities Fund | 4.73% | -2.49% | 18.45% | 31.53% | -28.25% | 10.60% |
BRW Saba Capital Income & Opportunities Fund | 4.46% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between KIO and BRW is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.30 |
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Return for Risk
KIO vs. BRW — Risk / Return Rank
KIO
BRW
KIO vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) 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.
| KIO | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.97 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | -0.18 | +0.38 |
| Martin ratioReturn relative to average drawdown | 0.43 | -0.31 | +0.74 |
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Drawdowns
KIO vs. BRW - Drawdown Comparison
The maximum KIO drawdown since its inception was -43.87%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for KIO and BRW.
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Drawdown Indicators
| KIO | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.87% | -17.74% | -26.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.01% | -17.74% | +6.73% |
Max Drawdown (3Y)Largest decline over 3 years | -22.85% | -17.74% | -5.11% |
Max Drawdown (5Y)Largest decline over 5 years | -31.87% | -17.74% | -14.13% |
Max Drawdown (10Y)Largest decline over 10 years | -43.87% | — | — |
Current DrawdownCurrent decline from peak | -6.77% | -7.96% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -4.06% | -4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.09% | 10.42% | -5.33% |
Volatility
KIO vs. BRW - Volatility Comparison
The current volatility for KKR Income Opportunities Fund (KIO) is 2.19%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.31%. This indicates that KIO 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
| KIO | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.19% | 3.31% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 7.82% | 8.42% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.15% | 13.46% | -3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 12.98% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 12.88% | +3.46% |
KIO vs. BRW - Expense Ratio Comparison
KIO has a 0.04% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
KIO vs. BRW - Dividend Comparison
KIO's dividend yield for the trailing twelve months is around 12.95%, less than BRW's 15.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.20% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
KIO KKR Income Opportunities Fund | 12.95% | 12.58% | 10.90% | 11.32% | 11.44% | 7.45% | 10.12% | 9.51% | 10.53% | 9.66% | 9.92% | 10.81% |
Frequently Asked Questions
KIO and BRW have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.31%) compared to KIO (2.19%). In terms of maximum drawdown, KIO dropped -43.87% vs BRW's -17.74%.
KIO currently has the higher Sharpe Ratio (0.22 vs -0.24), 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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