ANGL vs. FALN
ANGL (VanEck Fallen Angel High Yield Bond ETF) and FALN (iShares Fallen Angels USD Bond ETF) are both High Yield Bonds funds - ANGL tracks the ICE US Fallen Angel High Yield 10% Constrained Index while FALN tracks the Bloomberg US High Yield Fallen Angel 3% Capped Index. Both are passively managed. Over the past 10 years, ANGL returned 5.86%/yr vs 6.18%/yr for FALN. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.
Performance
ANGL vs. FALN - Performance Comparison
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Returns By Period
In the year-to-date period, ANGL achieves a 2.15% return, which is significantly lower than FALN's 2.48% return. Over the past 10 years, ANGL has underperformed FALN with an annualized return of 5.86%, while FALN has yielded a comparatively higher 6.18% annualized return.
ANGL
- 1D
- -0.21%
- 1M
- 0.28%
- 6M
- 1.44%
- YTD
- 2.15%
- 1Y
- 6.73%
- 3Y*
- 8.26%
- 5Y*
- 2.93%
- 10Y*
- 5.86%
FALN
- 1D
- -0.13%
- 1M
- 0.48%
- 6M
- 1.68%
- YTD
- 2.48%
- 1Y
- 7.21%
- 3Y*
- 9.01%
- 5Y*
- 3.50%
- 10Y*
- 6.18%
ANGL vs. FALN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Fallen Angel High Yield Bond ETF | 2.15% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 9.71% |
FALN iShares Fallen Angels USD Bond ETF | 2.48% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
Correlation
The correlation between ANGL and FALN is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.84 |
The correlation between ANGL and FALN shifts across timeframes, from 0.84 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ANGL vs. FALN — Risk / Return Rank
ANGL
FALN
ANGL vs. FALN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Fallen Angel High Yield Bond ETF (ANGL) and iShares Fallen Angels USD Bond ETF (FALN). 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.
| ANGL | FALN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.77 | -0.15 |
| Martin ratioReturn relative to average drawdown | 6.83 | 7.39 | -0.56 |
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Drawdowns
ANGL vs. FALN - Drawdown Comparison
The maximum ANGL drawdown since its inception was -29.31%, roughly equal to the maximum FALN drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for ANGL and FALN.
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Drawdown Indicators
| ANGL | FALN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.31% | -29.22% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.05% | -3.96% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -5.48% | -5.92% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -19.25% | -18.78% | -0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -29.31% | -29.22% | -0.09% |
Current DrawdownCurrent decline from peak | -0.51% | -0.46% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -3.28% | -3.29% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 0.95% | +0.01% |
Volatility
ANGL vs. FALN - Volatility Comparison
VanEck Fallen Angel High Yield Bond ETF (ANGL) and iShares Fallen Angels USD Bond ETF (FALN) have volatilities of 1.02% and 1.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ANGL | FALN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 1.03% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 3.73% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.31% | 4.55% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.63% | 7.33% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.23% | 8.86% | +0.37% |
ANGL vs. FALN - Expense Ratio Comparison
Both ANGL and FALN have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ANGL vs. FALN - Dividend Comparison
ANGL's dividend yield for the trailing twelve months is around 6.46%, which matches FALN's 6.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Fallen Angel High Yield Bond ETF | 6.46% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
FALN iShares Fallen Angels USD Bond ETF | 6.47% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, ANGL and FALN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FALN has higher volatility (1.03%) compared to ANGL (1.02%). In terms of maximum drawdown, ANGL dropped -29.31% vs FALN's -29.22%.
On 10-year performance, FALN leads with 6.18% vs 5.86% for ANGL. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FALN has performed better with a 6.18% return vs 5.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL and FALN have the same expense ratio: 0.25% per year.
ANGL and FALN have nearly identical dividend yields, around 6.46%.
ANGL tracks ICE US Fallen Angel High Yield 10% Constrained Index, while FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index. They also come from different issuers: VanEck and iShares.
FALN currently has the higher Sharpe Ratio (1.54 vs 1.53), 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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