VMSAX vs. BRW
VMSAX (Vanguard Multi-Sector Income Bond Fund Admiral Shares) and BRW (Saba Capital Income & Opportunities Fund) are both Multisector Bonds funds. Both are actively managed. Over the past 3 years, VMSAX returned 7.52%/yr vs 9.83%/yr for BRW. At a 0.24 correlation, their price movements are largely independent. VMSAX charges 0.30%/yr vs 1.71%/yr for BRW.
Performance
VMSAX vs. BRW - Performance Comparison
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Returns By Period
In the year-to-date period, VMSAX achieves a 1.45% return, which is significantly lower than BRW's 4.15% return.
VMSAX
- 1D
- 0.16%
- 1M
- -0.01%
- 6M
- 1.18%
- YTD
- 1.45%
- 1Y
- 5.87%
- 3Y*
- 7.52%
- 5Y*
- —
- 10Y*
- —
BRW
- 1D
- -0.60%
- 1M
- 2.04%
- 6M
- 3.76%
- YTD
- 4.15%
- 1Y
- -3.85%
- 3Y*
- 9.83%
- 5Y*
- 7.20%
- 10Y*
- —
VMSAX vs. BRW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 1.45% | 9.08% | 6.86% | 10.53% | -8.42% |
BRW Saba Capital Income & Opportunities Fund | 4.15% | 5.89% | 12.16% | 18.49% | -5.84% |
Correlation
The correlation between VMSAX and BRW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022 | 0.24 |
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Return for Risk
VMSAX vs. BRW — Risk / Return Rank
VMSAX
BRW
VMSAX vs. BRW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) 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.
| VMSAX | BRW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 2.09 | 0.96 | +1.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.22 | +0.33 |
| Martin ratioReturn relative to average drawdown | 1.70 | -0.37 | +2.07 |
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Drawdowns
VMSAX vs. BRW - Drawdown Comparison
The maximum VMSAX drawdown since its inception was -54.84%, which is greater than BRW's maximum drawdown of -17.74%. Use the drawdown chart below to compare losses from any high point for VMSAX and BRW.
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Drawdown Indicators
| VMSAX | BRW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.84% | -17.74% | -37.10% |
Max Drawdown (1Y)Largest decline over 1 year | -54.84% | -17.74% | -37.10% |
Max Drawdown (3Y)Largest decline over 3 years | -54.84% | -17.74% | -37.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.74% | — |
Current DrawdownCurrent decline from peak | -0.22% | -8.23% | +8.01% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -4.06% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 10.44% | -6.95% |
Volatility
VMSAX vs. BRW - Volatility Comparison
The current volatility for Vanguard Multi-Sector Income Bond Fund Admiral Shares (VMSAX) is 0.62%, while Saba Capital Income & Opportunities Fund (BRW) has a volatility of 3.37%. This indicates that VMSAX 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
| VMSAX | BRW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 3.37% | -2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | 8.42% | -6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 133.32% | 13.46% | +119.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.44% | 12.95% | +50.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.44% | 12.87% | +50.57% |
VMSAX vs. BRW - Expense Ratio Comparison
VMSAX has a 0.30% expense ratio, which is lower than BRW's 1.71% expense ratio.
Dividends
VMSAX vs. BRW - Dividend Comparison
VMSAX's dividend yield for the trailing twelve months is around 5.47%, less than BRW's 15.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BRW Saba Capital Income & Opportunities Fund | 15.25% | 14.46% | 12.27% | 16.02% | 13.82% | 4.53% |
VMSAX Vanguard Multi-Sector Income Bond Fund Admiral Shares | 5.47% | 5.66% | 6.48% | 5.52% | 3.76% | 0.00% |
Frequently Asked Questions
VMSAX and BRW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BRW has higher volatility (3.37%) compared to VMSAX (0.62%). In terms of maximum drawdown, VMSAX dropped -54.84% vs BRW's -17.74%.
VMSAX currently has the higher Sharpe Ratio (0.04 vs -0.29), 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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