MZLSX vs. BRW
MZLSX (Muzinich Low Duration Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, MZLSX returned 3.72%/yr vs 7.20%/yr for BRW. At a 0.15 correlation, their price movements are largely independent. MZLSX charges 0.50%/yr vs 1.71%/yr for BRW.
Performance
MZLSX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, MZLSX achieves a 1.73% return, which is significantly lower than BRW's 4.15% return.
MZLSX
- 1D
- 0.11%
- 1M
- 0.19%
- 6M
- 1.52%
- YTD
- 1.73%
- 1Y
- 4.58%
- 3Y*
- 6.33%
- 5Y*
- 3.72%
- 10Y*
- 3.72%
BRW
- 1D
- -0.60%
- 1M
- 2.04%
- 6M
- 3.76%
- YTD
- 4.15%
- 1Y
- -3.85%
- 3Y*
- 9.83%
- 5Y*
- 7.20%
- 10Y*
- —
MZLSX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZLSX Muzinich Low Duration Fund | 1.73% | 6.38% | 6.30% | 7.63% | -3.41% | 1.14% |
BRW Saba Capital Income & Opportunities Fund | 4.15% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MZLSX and BRW is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
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
MZLSX vs. BRW — Risk / Return Rank
MZLSX
BRW
MZLSX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Muzinich Low Duration Fund (MZLSX) 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.
| MZLSX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.20 | ||
| Sortino ratioReturn per unit of downside risk | +4.94 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 0.96 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | -0.22 | +3.27 |
| Martin ratioReturn relative to average drawdown | 13.79 | -0.37 | +14.15 |
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Drawdowns
MZLSX vs. BRW - Drawdown Comparison
The maximum MZLSX drawdown since its inception was -12.66%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for MZLSX and BRW.
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Drawdown Indicators
| MZLSX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.66% | -17.74% | +5.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -17.74% | +16.24% |
Max Drawdown (3Y)Largest decline over 3 years | -1.50% | -17.74% | +16.24% |
Max Drawdown (5Y)Largest decline over 5 years | -6.09% | -17.74% | +11.65% |
Max Drawdown (10Y)Largest decline over 10 years | -12.66% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -8.23% | +8.12% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -4.06% | +3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 10.44% | -10.11% |
Volatility
MZLSX vs. BRW - Volatility Comparison
The current volatility for Muzinich Low Duration Fund (MZLSX) is 0.41%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.37%. This indicates that MZLSX 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
| MZLSX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 3.37% | -2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 8.42% | -7.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.58% | 13.46% | -11.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.63% | 12.95% | -11.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.13% | 12.87% | -10.74% |
MZLSX vs. BRW - Expense Ratio Comparison
MZLSX has a 0.50% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
MZLSX vs. BRW - Dividend Comparison
MZLSX's dividend yield for the trailing twelve months is around 7.21%, less than BRW's 15.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.25% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MZLSX Muzinich Low Duration Fund | 7.21% | 7.03% | 4.77% | 4.88% | 3.85% | 6.36% | 2.08% | 2.24% | 8.62% | 1.86% | 0.79% |
Frequently Asked Questions
MZLSX and BRW have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.37%) compared to MZLSX (0.41%). In terms of maximum drawdown, MZLSX dropped -12.66% vs BRW's -17.74%.
MZLSX currently has the higher Sharpe Ratio (2.91 vs -0.29), 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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