MZCSX vs. BRW
MZCSX (Muzinich Credit Opportunities Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, MZCSX returned 2.05%/yr vs 6.64%/yr for BRW. At a 0.15 correlation, their price movements are largely independent. MZCSX charges 0.60%/yr vs 1.71%/yr for BRW.
Performance
MZCSX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, MZCSX achieves a 0.93% return, which is significantly lower than BRW's 3.52% return.
MZCSX
- 1D
- 0.00%
- 1M
- -0.05%
- 6M
- 0.72%
- YTD
- 0.93%
- 1Y
- 4.47%
- 3Y*
- 5.89%
- 5Y*
- 2.05%
- 10Y*
- 3.25%
BRW
- 1D
- 0.76%
- 1M
- 2.67%
- 6M
- 3.59%
- YTD
- 3.52%
- 1Y
- -4.66%
- 3Y*
- 9.80%
- 5Y*
- 6.64%
- 10Y*
- —
MZCSX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZCSX Muzinich Credit Opportunities Fund | 0.93% | 6.74% | 4.27% | 7.48% | -8.41% | 0.98% |
BRW Saba Capital Income & Opportunities Fund | 3.52% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MZCSX and BRW is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
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
MZCSX vs. BRW — Risk / Return Rank
MZCSX
BRW
MZCSX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Muzinich Credit Opportunities Fund (MZCSX) 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.
| MZCSX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.95 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.26 | +2.02 |
| Martin ratioReturn relative to average drawdown | 7.48 | -0.45 | +7.93 |
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Drawdowns
MZCSX vs. BRW - Drawdown Comparison
The maximum MZCSX drawdown since its inception was -12.56%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for MZCSX and BRW.
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Drawdown Indicators
| MZCSX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.56% | -17.74% | +5.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -17.74% | +15.31% |
Max Drawdown (3Y)Largest decline over 3 years | -3.26% | -17.74% | +14.48% |
Max Drawdown (5Y)Largest decline over 5 years | -12.05% | -17.74% | +5.69% |
Max Drawdown (10Y)Largest decline over 10 years | -12.56% | — | — |
Current DrawdownCurrent decline from peak | -0.46% | -8.78% | +8.32% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -4.05% | +2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 10.41% | -9.84% |
Volatility
MZCSX vs. BRW - Volatility Comparison
The current volatility for Muzinich Credit Opportunities Fund (MZCSX) is 0.66%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.36%. This indicates that MZCSX 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
| MZCSX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 3.36% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 8.38% | -6.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 13.45% | -10.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.43% | 12.97% | -9.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.34% | 12.87% | -9.53% |
MZCSX vs. BRW - Expense Ratio Comparison
MZCSX has a 0.60% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
MZCSX vs. BRW - Dividend Comparison
MZCSX's dividend yield for the trailing twelve months is around 6.68%, less than BRW's 15.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.34% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MZCSX Muzinich Credit Opportunities Fund | 6.68% | 5.96% | 5.19% | 4.10% | 1.35% | 8.02% | 2.41% | 6.52% | 2.11% | 2.80% | 3.99% | 2.56% |
Frequently Asked Questions
MZCSX and BRW have a correlation of 0.16, 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 MZCSX (0.66%). In terms of maximum drawdown, MZCSX dropped -12.56% vs BRW's -17.74%.
MZCSX currently has the higher Sharpe Ratio (1.70 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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