ADFI vs. MBS

Last updated Jun 4, 2026

ADFI (Anfield Dynamic Fixed Income ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, ADFI returned 4.05% vs 6.88% for MBS. At a 0.42 correlation, their price movements are largely independent. ADFI charges 1.75%/yr vs 0.49%/yr for MBS.

Performance

ADFI vs. MBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anfield Dynamic Fixed Income ETF (ADFI) and Angel Oak Mortgage-Backed Securities ETF (MBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADFI achieves a -0.02% return, which is significantly lower than MBS's 0.62% return.

ADFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: -0.02%
• 6M: 0.01%
• 1Y: 4.05%
• 3Y*: 3.32%
• 5Y*: -0.16%
• 10Y*: —

MBS

• 1D: -0.29%
• 1M: -0.22%
• YTD: 0.62%
• 6M: 0.84%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ADFI vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ADFI Anfield Dynamic Fixed Income ETF	-0.02%	5.61%	1.61%
MBS Angel Oak Mortgage-Backed Securities ETF	0.62%	8.13%	5.78%

Correlation

The correlation between ADFI and MBS is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 21, 2024	0.42

Return for Risk

ADFI vs. MBS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ADFI

ADFI Risk / Return Rank: 27
ADFI Sharpe Ratio Rank: 24
ADFI Sortino Ratio Rank: 24
ADFI Omega Ratio Rank: 22
ADFI Calmar Ratio Rank: 33
ADFI Martin Ratio Rank: 32

MBS

MBS Risk / Return Rank: 69
MBS Sharpe Ratio Rank: 72
MBS Sortino Ratio Rank: 79
MBS Omega Ratio Rank: 75
MBS Calmar Ratio Rank: 64
MBS Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ADFI vs. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anfield Dynamic Fixed Income ETF (ADFI) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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.

	ADFI	MBS	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.36	-1.50
Sortino ratio: Return per unit of downside risk	1.29	3.54	-2.25
Omega ratio: Gain probability vs. loss probability	1.15	1.45	-0.30
Calmar ratio: Return relative to maximum drawdown	1.64	3.14	-1.50
Martin ratio: Return relative to average drawdown	4.74	9.89	-5.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADFI vs. MBS - Sharpe Ratio Comparison

The current ADFI Sharpe Ratio is 0.85, which is lower than the MBS Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ADFI and MBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADFI	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	2.36	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	1.60	-1.70

Drawdowns

ADFI vs. MBS - Drawdown Comparison

The maximum ADFI drawdown since its inception was -17.62%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for ADFI and MBS.

Drawdown Indicators

	ADFI	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-17.62%	-4.09%	-13.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.48%	-2.20%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-5.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	—	—
Current Drawdown Current decline from peak	-3.64%	-1.46%	-2.18%
Average Drawdown Average peak-to-trough decline	-7.61%	-1.02%	-6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.70%	+0.16%

Volatility

ADFI vs. MBS - Volatility Comparison

Anfield Dynamic Fixed Income ETF (ADFI) has a higher volatility of 1.11% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 0.90%. This indicates that ADFI's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADFI	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	0.90%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.84%	2.00%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	2.93%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	3.99%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.88%	3.99%	+1.89%

ADFI vs. MBS - Expense Ratio Comparison

ADFI has a 1.75% expense ratio, which is higher than MBS's 0.49% expense ratio.

Dividends

ADFI vs. MBS - Dividend Comparison

ADFI's dividend yield for the trailing twelve months is around 3.24%, less than MBS's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ADFI Anfield Dynamic Fixed Income ETF	3.24%	3.30%	3.17%	2.90%	1.60%	0.80%	0.50%
MBS Angel Oak Mortgage-Backed Securities ETF	5.61%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADFI and MBS in my portfolio?

ADFI and MBS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADFI or MBS?

ADFI has higher volatility (1.11%) compared to MBS (0.90%). In terms of maximum drawdown, ADFI dropped -17.62% vs MBS's -4.09%.

Which ETF is better, ADFI or MBS?

On 1-year performance, MBS leads with 6.88% vs 4.05% for ADFI. On fees, MBS is cheaper at 0.49% per year. On volatility, MBS has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADFI or MBS?

Over the 1-year period, MBS has performed better with a 6.88% return vs 4.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADFI or MBS?

MBS is cheaper with a 0.49% expense ratio, compared with 1.75% for ADFI.

Which ETF pays a higher dividend yield, ADFI or MBS?

MBS has the higher dividend yield at 5.61%, compared with 3.24% for ADFI.

What is the main difference between ADFI and MBS?

They also come from different issuers: Anfield and Angel Oak. Their fees differ too: 1.75% for ADFI and 0.49% for MBS.

Which has better risk-adjusted returns?

MBS currently has the higher Sharpe Ratio (2.36 vs 0.85), 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.