MOFIX vs. BRW
MOFIX (Mercer Opportunistic Fixed Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, MOFIX returned 1.48%/yr vs 6.18%/yr for BRW. At a 0.18 correlation, their price movements are largely independent. MOFIX charges 0.44%/yr vs 1.71%/yr for BRW.
Performance
MOFIX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, MOFIX achieves a -1.18% return, which is significantly lower than BRW's -0.25% return.
MOFIX
- 1D
- -0.12%
- 1M
- 0.48%
- YTD
- -1.18%
- 6M
- -0.52%
- 1Y
- 2.61%
- 3Y*
- 5.20%
- 5Y*
- 1.48%
- 10Y*
- —
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
MOFIX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MOFIX Mercer Opportunistic Fixed Income Fund | -1.18% | 8.60% | 2.23% | 12.22% | -11.57% | 0.29% |
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MOFIX and BRW is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.18 |
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Return for Risk
MOFIX vs. BRW — Risk / Return Rank
MOFIX
BRW
MOFIX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mercer Opportunistic Fixed Income Fund (MOFIX) 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.
| MOFIX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.96 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | -0.23 | +1.14 |
| Martin ratioReturn relative to average drawdown | 2.68 | -0.40 | +3.08 |
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Drawdowns
MOFIX vs. BRW - Drawdown Comparison
The maximum MOFIX drawdown since its inception was -19.96%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for MOFIX and BRW.
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Drawdown Indicators
| MOFIX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.96% | -17.74% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.52% | -17.74% | +14.22% |
Max Drawdown (3Y)Largest decline over 3 years | -8.02% | -17.74% | +9.72% |
Max Drawdown (5Y)Largest decline over 5 years | -19.00% | -17.74% | -1.26% |
Current DrawdownCurrent decline from peak | -1.64% | -12.10% | +10.46% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -3.99% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 10.16% | -9.03% |
Volatility
MOFIX vs. BRW - Volatility Comparison
The current volatility for Mercer Opportunistic Fixed Income Fund (MOFIX) is 0.75%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. This indicates that MOFIX 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
| MOFIX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 4.17% | -3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.40% | 8.18% | -5.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.01% | 13.33% | -10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.26% | 12.93% | -5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.16% | 12.89% | -5.73% |
MOFIX vs. BRW - Expense Ratio Comparison
MOFIX has a 0.44% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
MOFIX vs. BRW - Dividend Comparison
MOFIX's dividend yield for the trailing twelve months is around 3.36%, less than BRW's 15.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
MOFIX Mercer Opportunistic Fixed Income Fund | 3.36% | 3.32% | 6.91% | 6.44% | 3.81% | 4.20% |
Frequently Asked Questions
MOFIX and BRW have a correlation of 0.24, 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 MOFIX (0.75%). In terms of maximum drawdown, MOFIX dropped -19.96% vs BRW's -17.74%.
MOFIX currently has the higher Sharpe Ratio (1.06 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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