TQPAX vs. BRW
TQPAX (Touchstone Strategic Income Opportunities Fund) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Over the past 3 years, TQPAX returned 7.98%/yr vs 9.33%/yr for BRW. At a 0.16 correlation, their price movements are largely independent. TQPAX charges 1.00%/yr vs 1.71%/yr for BRW.
Performance
TQPAX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, TQPAX achieves a 1.65% return, which is significantly higher than BRW's 0.83% return.
TQPAX
- 1D
- 0.61%
- 1M
- 1.05%
- YTD
- 1.65%
- 6M
- 1.76%
- 1Y
- 6.39%
- 3Y*
- 7.98%
- 5Y*
- —
- 10Y*
- —
BRW
- 1D
- -0.30%
- 1M
- -2.31%
- YTD
- 0.83%
- 6M
- 1.70%
- 1Y
- -3.55%
- 3Y*
- 9.33%
- 5Y*
- 6.41%
- 10Y*
- —
TQPAX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TQPAX Touchstone Strategic Income Opportunities Fund | 1.65% | 8.97% | 7.26% | 8.37% | -9.86% | -0.64% |
BRW Saba Capital Income & Opportunities Fund | 0.83% | 5.89% | 12.16% | 18.49% | -4.64% | 1.33% |
Correlation
The correlation between TQPAX 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 | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2021 | 0.16 |
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Return for Risk
TQPAX vs. BRW — Risk / Return Rank
TQPAX
BRW
TQPAX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Touchstone Strategic Income Opportunities Fund (TQPAX) 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.
| TQPAX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.89 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.96 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | -0.20 | +2.87 |
| Martin ratioReturn relative to average drawdown | 9.28 | -0.35 | +9.62 |
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Drawdowns
TQPAX vs. BRW - Drawdown Comparison
The maximum TQPAX drawdown since its inception was -16.94%, roughly equal to the maximum BRW drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for TQPAX and BRW.
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Drawdown Indicators
| TQPAX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.94% | -17.74% | +0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -17.74% | +15.34% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -17.74% | +13.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.74% | — |
Current DrawdownCurrent decline from peak | 0.00% | -11.15% | +11.15% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -4.00% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 10.21% | -9.52% |
Volatility
TQPAX vs. BRW - Volatility Comparison
The current volatility for Touchstone Strategic Income Opportunities Fund (TQPAX) is 1.05%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 4.39%. This indicates that TQPAX 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
| TQPAX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 4.39% | -3.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.69% | 8.23% | -5.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.73% | 13.38% | -9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 12.94% | -7.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.11% | 12.90% | -7.79% |
TQPAX vs. BRW - Expense Ratio Comparison
TQPAX has a 1.00% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
TQPAX vs. BRW - Dividend Comparison
TQPAX's dividend yield for the trailing twelve months is around 4.65%, less than BRW's 15.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.54% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
TQPAX Touchstone Strategic Income Opportunities Fund | 4.65% | 4.20% | 4.43% | 4.95% | 4.02% | 1.09% |
Frequently Asked Questions
TQPAX 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 (4.39%) compared to TQPAX (1.05%). In terms of maximum drawdown, TQPAX dropped -16.94% vs BRW's -17.74%.
TQPAX currently has the higher Sharpe Ratio (1.72 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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