MSTMX vs. BRW
MSTMX (Morningstar Multisector Bond Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, MSTMX returned 2.05%/yr vs 6.64%/yr for BRW. At a 0.22 correlation, their price movements are largely independent. MSTMX charges 0.58%/yr vs 1.71%/yr for BRW.
Performance
MSTMX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, MSTMX achieves a 1.94% return, which is significantly lower than BRW's 3.52% return.
MSTMX
- 1D
- 0.11%
- 1M
- 0.14%
- 6M
- 1.40%
- YTD
- 1.94%
- 1Y
- 5.80%
- 3Y*
- 7.64%
- 5Y*
- 2.05%
- 10Y*
- —
BRW
- 1D
- 0.76%
- 1M
- 2.67%
- 6M
- 3.59%
- YTD
- 3.52%
- 1Y
- -4.66%
- 3Y*
- 9.80%
- 5Y*
- 6.64%
- 10Y*
- —
MSTMX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MSTMX Morningstar Multisector Bond Fund | 1.94% | 10.03% | 4.60% | 10.77% | -13.11% | -1.16% |
BRW Saba Capital Income & Opportunities Fund | 3.52% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MSTMX and BRW is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.22 |
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Return for Risk
MSTMX vs. BRW — Risk / Return Rank
MSTMX
BRW
MSTMX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morningstar Multisector Bond Fund (MSTMX) 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.
| MSTMX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.95 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.26 | +2.02 |
| Martin ratioReturn relative to average drawdown | 6.43 | -0.45 | +6.88 |
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Drawdowns
MSTMX vs. BRW - Drawdown Comparison
The maximum MSTMX drawdown since its inception was -21.37%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for MSTMX and BRW.
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Drawdown Indicators
| MSTMX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.37% | -17.74% | -3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.09% | -17.74% | +13.65% |
Max Drawdown (3Y)Largest decline over 3 years | -5.79% | -17.74% | +11.95% |
Max Drawdown (5Y)Largest decline over 5 years | -21.20% | -17.74% | -3.46% |
Current DrawdownCurrent decline from peak | -0.39% | -8.78% | +8.39% |
Average DrawdownAverage peak-to-trough decline | -4.95% | -4.05% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 10.41% | -9.40% |
Volatility
MSTMX vs. BRW - Volatility Comparison
The current volatility for Morningstar Multisector Bond Fund (MSTMX) is 1.05%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.36%. This indicates that MSTMX 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
| MSTMX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 3.36% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.42% | 8.38% | -4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 13.45% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.52% | 12.97% | -7.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.75% | 12.87% | -7.12% |
MSTMX vs. BRW - Expense Ratio Comparison
MSTMX has a 0.58% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
MSTMX vs. BRW - Dividend Comparison
MSTMX's dividend yield for the trailing twelve months is around 4.90%, less than BRW's 15.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.34% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% |
MSTMX Morningstar Multisector Bond Fund | 4.90% | 4.00% | 6.01% | 5.26% | 1.42% | 4.17% | 2.68% | 6.18% | 0.37% |
Frequently Asked Questions
MSTMX and BRW have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.36%) compared to MSTMX (1.05%). In terms of maximum drawdown, MSTMX dropped -21.37% vs BRW's -17.74%.
MSTMX currently has the higher Sharpe Ratio (1.59 vs -0.35), 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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