MXIIX vs. BRW
MXIIX (Touchstone Flexible Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, MXIIX returned 2.49%/yr vs 6.15%/yr for BRW. At a 0.15 correlation, their price movements are largely independent. MXIIX charges 0.79%/yr vs 1.71%/yr for BRW.
Performance
MXIIX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, MXIIX achieves a 1.68% return, which is significantly higher than BRW's -0.40% return.
MXIIX
- 1D
- 0.10%
- 1M
- 1.24%
- YTD
- 1.68%
- 6M
- 1.89%
- 1Y
- 5.84%
- 3Y*
- 6.08%
- 5Y*
- 2.49%
- 10Y*
- 3.66%
BRW
- 1D
- -0.46%
- 1M
- -2.93%
- YTD
- -0.40%
- 6M
- -0.11%
- 1Y
- -4.49%
- 3Y*
- 8.88%
- 5Y*
- 6.15%
- 10Y*
- —
MXIIX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MXIIX Touchstone Flexible Income Fund | 1.68% | 6.11% | 4.82% | 7.96% | -8.14% | 1.86% |
BRW Saba Capital Income & Opportunities Fund | -0.40% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MXIIX and BRW is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.15 |
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Return for Risk
MXIIX vs. BRW — Risk / Return Rank
MXIIX
BRW
MXIIX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Flexible Income Fund (MXIIX) 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.
| MXIIX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.95 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | -0.25 | +2.50 |
| Martin ratioReturn relative to average drawdown | 7.52 | -0.44 | +7.96 |
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Drawdowns
MXIIX vs. BRW - Drawdown Comparison
The maximum MXIIX drawdown since its inception was -37.45%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for MXIIX and BRW.
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Drawdown Indicators
| MXIIX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.45% | -17.74% | -19.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.66% | -17.74% | +15.08% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -17.74% | +15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -11.59% | -17.74% | +6.15% |
Max Drawdown (10Y)Largest decline over 10 years | -15.21% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -12.24% | +12.08% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -3.99% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 10.14% | -9.35% |
Volatility
MXIIX vs. BRW - Volatility Comparison
The current volatility for Touchstone Flexible Income Fund (MXIIX) is 0.86%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. This indicates that MXIIX 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
| MXIIX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 4.17% | -3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 8.18% | -5.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 13.36% | -10.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.44% | 12.93% | -9.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 12.90% | -8.49% |
MXIIX vs. BRW - Expense Ratio Comparison
MXIIX has a 0.79% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
MXIIX vs. BRW - Dividend Comparison
MXIIX's dividend yield for the trailing twelve months is around 5.21%, less than BRW's 15.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.73% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MXIIX Touchstone Flexible Income Fund | 5.21% | 4.66% | 4.03% | 3.77% | 4.70% | 3.49% | 4.66% | 3.84% | 4.04% | 2.72% | 2.91% | 3.30% |
Frequently Asked Questions
MXIIX and BRW have a correlation of 0.08, 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 MXIIX (0.86%). In terms of maximum drawdown, MXIIX dropped -37.45% vs BRW's -17.74%.
MXIIX currently has the higher Sharpe Ratio (1.81 vs -0.34), 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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