PIPNX vs. BRW
PIPNX (PIMCO Income Fund Class I-3) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, PIPNX returned 3.14%/yr vs 6.18%/yr for BRW. At a 0.20 correlation, their price movements are largely independent. PIPNX charges 0.77%/yr vs 1.71%/yr for BRW.
Performance
PIPNX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, PIPNX achieves a 0.66% return, which is significantly higher than BRW's -0.25% return.
PIPNX
- 1D
- -0.28%
- 1M
- 0.90%
- YTD
- 0.66%
- 6M
- 1.24%
- 1Y
- 7.12%
- 3Y*
- 7.26%
- 5Y*
- 3.14%
- 10Y*
- —
BRW
- 1D
- 0.15%
- 1M
- -2.78%
- YTD
- -0.25%
- 6M
- 0.62%
- 1Y
- -4.10%
- 3Y*
- 8.94%
- 5Y*
- 6.18%
- 10Y*
- —
PIPNX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PIPNX PIMCO Income Fund Class I-3 | 0.66% | 10.91% | 5.32% | 8.08% | -9.14% | 1.61% |
BRW Saba Capital Income & Opportunities Fund | -0.25% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between PIPNX and BRW is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.20 |
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Return for Risk
PIPNX vs. BRW — Risk / Return Rank
PIPNX
BRW
PIPNX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class I-3 (PIPNX) 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.
| PIPNX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.11 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 0.96 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.23 | +2.26 |
| Martin ratioReturn relative to average drawdown | 6.78 | -0.40 | +7.18 |
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Drawdowns
PIPNX vs. BRW - Drawdown Comparison
The maximum PIPNX drawdown since its inception was -13.42%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for PIPNX and BRW.
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Drawdown Indicators
| PIPNX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.42% | -17.74% | +4.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -17.74% | +14.05% |
Max Drawdown (3Y)Largest decline over 3 years | -3.95% | -17.74% | +13.79% |
Max Drawdown (5Y)Largest decline over 5 years | -13.42% | -17.74% | +4.32% |
Current DrawdownCurrent decline from peak | -1.24% | -12.10% | +10.86% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -3.99% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 10.16% | -9.06% |
Volatility
PIPNX vs. BRW - Volatility Comparison
The current volatility for PIMCO Income Fund Class I-3 (PIPNX) is 1.34%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.17%. This indicates that PIPNX 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
| PIPNX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 4.17% | -2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 8.18% | -4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 13.33% | -9.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.85% | 12.93% | -8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 12.89% | -8.33% |
PIPNX vs. BRW - Expense Ratio Comparison
PIPNX has a 0.77% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
PIPNX vs. BRW - Dividend Comparison
PIPNX's dividend yield for the trailing twelve months is around 5.69%, less than BRW's 15.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.71% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% |
PIPNX PIMCO Income Fund Class I-3 | 5.69% | 5.86% | 6.15% | 5.08% | 4.89% | 3.91% | 4.73% | 5.66% | 3.66% |
Frequently Asked Questions
PIPNX and BRW have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.17%) compared to PIPNX (1.34%). In terms of maximum drawdown, PIPNX dropped -13.42% vs BRW's -17.74%.
PIPNX currently has the higher Sharpe Ratio (1.80 vs -0.31), 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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