PFLEX vs. BRW
PFLEX (PIMCO Flexible Credit Income Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, PFLEX returned 3.38%/yr vs 6.88%/yr for BRW. At a 0.19 correlation, their price movements are largely independent. PFLEX charges 2.10%/yr vs 1.71%/yr for BRW.
Performance
PFLEX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, PFLEX achieves a -0.23% return, which is significantly lower than BRW's 4.46% return.
PFLEX
- 1D
- -0.29%
- 1M
- 0.53%
- 6M
- -0.51%
- YTD
- -0.23%
- 1Y
- 2.47%
- 3Y*
- 9.19%
- 5Y*
- 3.38%
- 10Y*
- —
BRW
- 1D
- 0.90%
- 1M
- 3.60%
- 6M
- 4.83%
- YTD
- 4.46%
- 1Y
- -3.21%
- 3Y*
- 10.13%
- 5Y*
- 6.88%
- 10Y*
- —
PFLEX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFLEX PIMCO Flexible Credit Income Fund | -0.23% | 7.28% | 14.00% | 10.05% | -14.68% | 6.75% |
BRW Saba Capital Income & Opportunities Fund | 4.46% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between PFLEX and BRW is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.19 |
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Return for Risk
PFLEX vs. BRW — Risk / Return Rank
PFLEX
BRW
PFLEX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) 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.
| PFLEX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.97 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | -0.18 | +0.85 |
| Martin ratioReturn relative to average drawdown | 1.70 | -0.31 | +2.01 |
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Drawdowns
PFLEX vs. BRW - Drawdown Comparison
The maximum PFLEX drawdown since its inception was -24.60%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for PFLEX and BRW.
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Drawdown Indicators
| PFLEX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.60% | -17.74% | -6.86% |
Max Drawdown (1Y)Largest decline over 1 year | -4.28% | -17.74% | +13.46% |
Max Drawdown (3Y)Largest decline over 3 years | -4.28% | -17.74% | +13.46% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -17.74% | -0.32% |
Current DrawdownCurrent decline from peak | -0.87% | -7.96% | +7.09% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -4.06% | +0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 10.42% | -8.90% |
Volatility
PFLEX vs. BRW - Volatility Comparison
The current volatility for PIMCO Flexible Credit Income Fund (PFLEX) is 1.50%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.31%. This indicates that PFLEX 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
| PFLEX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 3.31% | -1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 3.32% | 8.42% | -5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 13.46% | -9.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.25% | 12.98% | -7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.88% | 12.88% | -7.00% |
PFLEX vs. BRW - Expense Ratio Comparison
PFLEX has a 2.10% expense ratio, which is higher than BRW's 1.71% expense ratio.
Dividends
PFLEX vs. BRW - Dividend Comparison
PFLEX's dividend yield for the trailing twelve months is around 5.96%, less than BRW's 15.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.20% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% |
PFLEX PIMCO Flexible Credit Income Fund | 5.96% | 6.59% | 9.41% | 12.77% | 14.50% | 9.06% | 8.51% | 9.86% | 10.59% |
Frequently Asked Questions
PFLEX and BRW have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.31%) compared to PFLEX (1.50%). In terms of maximum drawdown, PFLEX dropped -24.60% vs BRW's -17.74%.
PFLEX currently has the higher Sharpe Ratio (0.70 vs -0.24), 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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