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 2.01%/yr vs 6.18%/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 1.80% return, which is significantly higher than BRW's -0.25% return.
MSTMX
- 1D
- -0.11%
- 1M
- 1.20%
- YTD
- 1.80%
- 6M
- 2.02%
- 1Y
- 7.09%
- 3Y*
- 7.64%
- 5Y*
- 2.01%
- 10Y*
- —
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
MSTMX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MSTMX Morningstar Multisector Bond Fund | 1.80% | 10.03% | 4.60% | 10.77% | -13.11% | -1.16% |
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MSTMX and BRW is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
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 | +2.28 | ||
| Sortino ratioReturn per unit of downside risk | +3.15 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.96 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | -0.23 | +2.43 |
| Martin ratioReturn relative to average drawdown | 8.05 | -0.40 | +8.45 |
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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 | -0.53% | -12.10% | +11.57% |
Average DrawdownAverage peak-to-trough decline | -4.98% | -3.99% | -0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 10.16% | -9.07% |
Volatility
MSTMX vs. BRW - Volatility Comparison
The current volatility for Morningstar Multisector Bond Fund (MSTMX) is 1.32%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. 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 | 1.32% | 4.17% | -2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 3.45% | 8.18% | -4.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 13.33% | -8.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.51% | 12.93% | -7.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 12.89% | -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 4.22%, less than BRW's 15.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% |
MSTMX Morningstar Multisector Bond Fund | 4.22% | 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 0.18, 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 MSTMX (1.32%). In terms of maximum drawdown, MSTMX dropped -21.37% vs BRW's -17.74%.
MSTMX currently has the higher Sharpe Ratio (1.97 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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