NSTLX vs. BRW
NSTLX (Neuberger Berman Strategic Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, NSTLX returned 2.62%/yr vs 6.64%/yr for BRW. At a 0.22 correlation, their price movements are largely independent. NSTLX charges 0.59%/yr vs 1.71%/yr for BRW.
Performance
NSTLX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, NSTLX achieves a 0.54% return, which is significantly lower than BRW's 3.52% return.
NSTLX
- 1D
- -0.10%
- 1M
- -0.02%
- 6M
- 0.44%
- YTD
- 0.54%
- 1Y
- 5.16%
- 3Y*
- 7.38%
- 5Y*
- 2.62%
- 10Y*
- 3.80%
BRW
- 1D
- 0.76%
- 1M
- 2.67%
- 6M
- 3.59%
- YTD
- 3.52%
- 1Y
- -4.66%
- 3Y*
- 9.80%
- 5Y*
- 6.64%
- 10Y*
- —
NSTLX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NSTLX Neuberger Berman Strategic Income Fund | 0.54% | 9.44% | 6.02% | 10.07% | -11.81% | 1.78% |
BRW Saba Capital Income & Opportunities Fund | 3.52% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between NSTLX and BRW is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
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
NSTLX vs. BRW — Risk / Return Rank
NSTLX
BRW
NSTLX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Strategic Income Fund (NSTLX) 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.
| NSTLX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.95 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | -0.26 | +1.78 |
| Martin ratioReturn relative to average drawdown | 5.24 | -0.45 | +5.69 |
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Drawdowns
NSTLX vs. BRW - Drawdown Comparison
The maximum NSTLX drawdown since its inception was -19.00%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for NSTLX and BRW.
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Drawdown Indicators
| NSTLX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.00% | -17.74% | -1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -17.74% | +14.44% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -17.74% | +12.89% |
Max Drawdown (5Y)Largest decline over 5 years | -16.65% | -17.74% | +1.09% |
Max Drawdown (10Y)Largest decline over 10 years | -19.00% | — | — |
Current DrawdownCurrent decline from peak | -1.07% | -8.78% | +7.71% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -4.05% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 10.41% | -9.46% |
Volatility
NSTLX vs. BRW - Volatility Comparison
The current volatility for Neuberger Berman Strategic Income Fund (NSTLX) is 1.05%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.36%. This indicates that NSTLX 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
| NSTLX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 3.36% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 8.38% | -5.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 13.45% | -9.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.08% | 12.97% | -7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 12.87% | -7.89% |
NSTLX vs. BRW - Expense Ratio Comparison
NSTLX has a 0.59% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
NSTLX vs. BRW - Dividend Comparison
NSTLX's dividend yield for the trailing twelve months is around 5.60%, 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% |
NSTLX Neuberger Berman Strategic Income Fund | 5.60% | 5.46% | 5.31% | 5.38% | 3.92% | 6.29% | 3.81% | 4.02% | 4.33% | 3.64% | 3.54% | 4.09% |
Frequently Asked Questions
NSTLX and BRW have a correlation of 0.15, 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 NSTLX (1.05%). In terms of maximum drawdown, NSTLX dropped -19.00% vs BRW's -17.74%.
NSTLX currently has the higher Sharpe Ratio (1.39 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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