PKBIX vs. BRW
PKBIX (Payden/Kravitz Cash Balance Plan Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, PKBIX returned 3.80%/yr vs 6.41%/yr for BRW. At a 0.18 correlation, their price movements are largely independent. PKBIX charges 1.25%/yr vs 1.71%/yr for BRW.
Performance
PKBIX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, PKBIX achieves a 1.41% return, which is significantly higher than BRW's 0.83% return.
PKBIX
- 1D
- -0.10%
- 1M
- 0.20%
- YTD
- 1.41%
- 6M
- 1.68%
- 1Y
- 4.82%
- 3Y*
- 6.68%
- 5Y*
- 3.80%
- 10Y*
- 3.55%
BRW
- 1D
- -0.30%
- 1M
- -2.31%
- YTD
- 0.83%
- 6M
- 1.70%
- 1Y
- -3.55%
- 3Y*
- 9.33%
- 5Y*
- 6.41%
- 10Y*
- —
PKBIX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PKBIX Payden/Kravitz Cash Balance Plan Fund | 1.41% | 6.75% | 8.14% | 6.21% | -3.89% | 1.41% |
BRW Saba Capital Income & Opportunities Fund | 0.83% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between PKBIX and BRW is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.18 |
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Return for Risk
PKBIX vs. BRW — Risk / Return Rank
PKBIX
BRW
PKBIX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Payden/Kravitz Cash Balance Plan Fund (PKBIX) 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.
| PKBIX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.84 | ||
| Sortino ratioReturn per unit of downside risk | +4.20 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 0.96 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | -0.20 | +2.81 |
| Martin ratioReturn relative to average drawdown | 11.05 | -0.35 | +11.40 |
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Drawdowns
PKBIX vs. BRW - Drawdown Comparison
The maximum PKBIX drawdown since its inception was -19.17%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for PKBIX and BRW.
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Drawdown Indicators
| PKBIX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.17% | -17.74% | -1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.90% | -17.74% | +15.84% |
Max Drawdown (3Y)Largest decline over 3 years | -2.11% | -17.74% | +15.63% |
Max Drawdown (5Y)Largest decline over 5 years | -7.05% | -17.74% | +10.69% |
Max Drawdown (10Y)Largest decline over 10 years | -19.17% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -11.15% | +10.85% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -4.00% | +3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 10.21% | -9.76% |
Volatility
PKBIX vs. BRW - Volatility Comparison
The current volatility for Payden/Kravitz Cash Balance Plan Fund (PKBIX) is 0.54%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.39%. This indicates that PKBIX 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
| PKBIX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 4.39% | -3.85% |
Volatility (6M)Calculated over the trailing 6-month period | 1.59% | 8.23% | -6.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.93% | 13.38% | -11.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.61% | 12.94% | -10.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.33% | 12.90% | -9.57% |
PKBIX vs. BRW - Expense Ratio Comparison
PKBIX has a 1.25% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
PKBIX vs. BRW - Dividend Comparison
PKBIX's dividend yield for the trailing twelve months is around 8.14%, less than BRW's 15.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.54% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PKBIX Payden/Kravitz Cash Balance Plan Fund | 8.14% | 8.25% | 6.95% | 5.55% | 1.94% | 2.18% | 3.57% | 3.32% | 3.27% | 2.50% | 1.70% | 2.00% |
Frequently Asked Questions
PKBIX and BRW have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (4.39%) compared to PKBIX (0.54%). In terms of maximum drawdown, PKBIX dropped -19.17% vs BRW's -17.74%.
PKBIX currently has the higher Sharpe Ratio (2.57 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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