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 3.73%/yr vs 6.48%/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 1.54% return, which is significantly higher than BRW's 1.14% return.
MZLSX
- 1D
- 0.11%
- 1M
- 0.62%
- YTD
- 1.54%
- 6M
- 1.71%
- 1Y
- 4.79%
- 3Y*
- 6.44%
- 5Y*
- 3.73%
- 10Y*
- —
BRW
- 1D
- 1.39%
- 1M
- -1.43%
- YTD
- 1.14%
- 6M
- 2.01%
- 1Y
- -3.62%
- 3Y*
- 9.44%
- 5Y*
- 6.48%
- 10Y*
- —
MZLSX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MZLSX Muzinich Low Duration Fund | 1.54% | 6.38% | 6.30% | 7.63% | -3.41% | 1.14% |
BRW Saba Capital Income & Opportunities Fund | 1.14% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between MZLSX and BRW is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
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 | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.36 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 0.96 | +0.85 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.21 | +3.47 |
| Martin ratioReturn relative to average drawdown | 14.79 | -0.36 | +15.15 |
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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% |
Current DrawdownCurrent decline from peak | 0.00% | -10.88% | +10.88% |
Average DrawdownAverage peak-to-trough decline | -0.85% | -4.00% | +3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 10.19% | -9.86% |
Volatility
MZLSX vs. BRW - Volatility Comparison
The current volatility for Muzinich Low Duration Fund (MZLSX) is 0.44%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.44%. 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 | 0.44% | 4.44% | -4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.36% | 8.23% | -6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.56% | 13.40% | -11.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.63% | 12.94% | -11.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.13% | 12.90% | -10.77% |
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 7.22%, less than BRW's 15.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.49% | 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 | 7.22% | 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 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.44%) compared to MZLSX (0.44%). In terms of maximum drawdown, MZLSX dropped -12.66% vs BRW's -17.74%.
MZLSX currently has the higher Sharpe Ratio (3.16 vs -0.27), 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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