SMCVX vs. BRW
SMCVX (ALPS/Smith Credit Opportunities Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 5 years, SMCVX returned 0.93%/yr vs 7.01%/yr for BRW. At a 0.23 correlation, their price movements are largely independent. SMCVX charges 1.17%/yr vs 1.71%/yr for BRW.
Performance
SMCVX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, SMCVX achieves a 1.28% return, which is significantly lower than BRW's 3.21% return.
SMCVX
- 1D
- 0.22%
- 1M
- -0.13%
- 6M
- 1.06%
- YTD
- 1.28%
- 1Y
- 4.62%
- 3Y*
- 5.34%
- 5Y*
- 0.93%
- 10Y*
- —
BRW
- 1D
- -0.90%
- 1M
- 2.36%
- 6M
- 4.03%
- YTD
- 3.21%
- 1Y
- -5.76%
- 3Y*
- 9.50%
- 5Y*
- 7.01%
- 10Y*
- —
SMCVX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMCVX ALPS/Smith Credit Opportunities Fund | 1.28% | 5.21% | 4.93% | 7.29% | -12.95% | 1.99% |
BRW Saba Capital Income & Opportunities Fund | 3.21% | 5.89% | 12.16% | 18.49% | -4.64% | 3.19% |
Correlation
The correlation between SMCVX and BRW is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since May 5, 2021 | 0.23 |
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Return for Risk
SMCVX vs. BRW — Risk / Return Rank
SMCVX
BRW
SMCVX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ALPS/Smith Credit Opportunities Fund (SMCVX) 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.
| SMCVX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.76 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.93 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | -0.33 | +2.04 |
| Martin ratioReturn relative to average drawdown | 7.88 | -0.55 | +8.43 |
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Drawdowns
SMCVX vs. BRW - Drawdown Comparison
The maximum SMCVX drawdown since its inception was -16.11%, smaller than the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for SMCVX and BRW.
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Drawdown Indicators
| SMCVX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.11% | -17.74% | +1.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -17.74% | +15.03% |
Max Drawdown (3Y)Largest decline over 3 years | -3.73% | -17.74% | +14.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -17.74% | +1.63% |
Current DrawdownCurrent decline from peak | -0.22% | -9.06% | +8.84% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -4.07% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 10.46% | -9.87% |
Volatility
SMCVX vs. BRW - Volatility Comparison
The current volatility for ALPS/Smith Credit Opportunities Fund (SMCVX) is 0.66%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.33%. This indicates that SMCVX 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
| SMCVX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 3.33% | -2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 8.44% | -6.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 13.48% | -10.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.18% | 12.95% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 12.87% | -8.87% |
SMCVX vs. BRW - Expense Ratio Comparison
SMCVX has a 1.17% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
SMCVX vs. BRW - Dividend Comparison
SMCVX's dividend yield for the trailing twelve months is around 4.89%, less than BRW's 15.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.39% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% | 0.00% |
SMCVX ALPS/Smith Credit Opportunities Fund | 4.89% | 4.74% | 4.60% | 4.15% | 2.21% | 2.40% | 0.75% |
Frequently Asked Questions
SMCVX and BRW have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.33%) compared to SMCVX (0.66%). In terms of maximum drawdown, SMCVX dropped -16.11% vs BRW's -17.74%.
SMCVX currently has the higher Sharpe Ratio (1.63 vs -0.43), 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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