PAXS vs. BRW
PAXS (PIMCO Access Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, PAXS returned 12.96%/yr vs 9.83%/yr for BRW. At a 0.27 correlation, their price movements are largely independent.
Performance
PAXS vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, PAXS achieves a 1.95% return, which is significantly lower than BRW's 4.15% return.
PAXS
- 1D
- -0.14%
- 1M
- 3.15%
- 6M
- -2.01%
- YTD
- 1.95%
- 1Y
- 9.20%
- 3Y*
- 12.96%
- 5Y*
- —
- 10Y*
- —
BRW
- 1D
- -0.60%
- 1M
- 2.04%
- 6M
- 3.76%
- YTD
- 4.15%
- 1Y
- -3.85%
- 3Y*
- 9.83%
- 5Y*
- 7.20%
- 10Y*
- —
PAXS vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PAXS PIMCO Access Income Fund | 1.95% | 12.58% | 19.51% | 9.30% | -16.66% |
BRW Saba Capital Income & Opportunities Fund | 4.15% | 5.89% | 12.16% | 18.49% | -5.42% |
Correlation
The correlation between PAXS and BRW is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2022 | 0.27 |
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Return for Risk
PAXS vs. BRW — Risk / Return Rank
PAXS
BRW
PAXS vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Access Income Fund (PAXS) 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.
| PAXS | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.96 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | -0.22 | +0.98 |
| Martin ratioReturn relative to average drawdown | 1.96 | -0.37 | +2.33 |
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Drawdowns
PAXS vs. BRW - Drawdown Comparison
The maximum PAXS drawdown since its inception was -22.28%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for PAXS and BRW.
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Drawdown Indicators
| PAXS | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.28% | -17.74% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -17.74% | +5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -13.40% | -17.74% | +4.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.74% | — |
Current DrawdownCurrent decline from peak | -3.54% | -8.23% | +4.69% |
Average DrawdownAverage peak-to-trough decline | -7.50% | -4.06% | -3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | 10.44% | -5.73% |
Volatility
PAXS vs. BRW - Volatility Comparison
The current volatility for PIMCO Access Income Fund (PAXS) is 2.52%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.37%. This indicates that PAXS 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
| PAXS | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 3.37% | -0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 9.62% | 8.42% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 13.46% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 12.95% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.29% | 12.87% | +4.42% |
Dividends
PAXS vs. BRW - Dividend Comparison
PAXS's dividend yield for the trailing twelve months is around 12.33%, less than BRW's 15.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.25% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
PAXS PIMCO Access Income Fund | 12.33% | 11.72% | 11.76% | 12.54% | 13.30% | 0.00% |
Frequently Asked Questions
PAXS and BRW have a correlation of 0.25, 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 PAXS (2.52%). In terms of maximum drawdown, PAXS dropped -22.28% vs BRW's -17.74%.
PAXS currently has the higher Sharpe Ratio (0.75 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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