ANGL vs. FCFAX

Last updated Jun 13, 2026

ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and FCFAX (Frost Credit Fund) are both funds - ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index, while FCFAX is a Short-Term Bond fund managed by Frost Funds. Over the past 10 years, ANGL returned 6.28%/yr vs 5.17%/yr for FCFAX. At a 0.38 correlation, their price movements are largely independent. ANGL charges 0.35%/yr vs 0.96%/yr for FCFAX.

Performance

ANGL vs. FCFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and Frost Credit Fund (FCFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ANGL achieves a 1.87% return, which is significantly higher than FCFAX's 1.58% return. Over the past 10 years, ANGL has outperformed FCFAX with an annualized return of 6.28%, while FCFAX has yielded a comparatively lower 5.17% annualized return.

ANGL

• 1D: 0.03%
• 1M: 0.91%
• YTD: 1.87%
• 6M: 2.30%
• 1Y: 7.44%
• 3Y*: 8.49%
• 5Y*: 3.32%
• 10Y*: 6.28%

FCFAX

• 1D: 0.33%
• 1M: 0.72%
• YTD: 1.58%
• 6M: 1.88%
• 1Y: 4.56%
• 3Y*: 7.23%
• 5Y*: 3.79%
• 10Y*: 5.17%

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

ANGL vs. FCFAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF	1.87%	9.04%	6.06%	12.52%	-14.26%	6.84%	13.20%	18.06%	-5.84%	9.71%
FCFAX Frost Credit Fund	1.58%	5.21%	8.01%	11.23%	-7.83%	5.07%	6.22%	6.95%	0.89%	7.95%

Correlation

The correlation between ANGL and FCFAX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.38

Over the past year, ANGL and FCFAX have become more correlated (0.69) than their long-term average of 0.38, meaning their price movements have been converging.

Return for Risk

ANGL vs. FCFAX — Risk / Return Rank

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

ANGL

ANGL Risk / Return Rank: 55
ANGL Sharpe Ratio Rank: 58
ANGL Sortino Ratio Rank: 60
ANGL Omega Ratio Rank: 64
ANGL Calmar Ratio Rank: 42
ANGL Martin Ratio Rank: 51

FCFAX

FCFAX Risk / Return Rank: 73
FCFAX Sharpe Ratio Rank: 77
FCFAX Sortino Ratio Rank: 81
FCFAX Omega Ratio Rank: 79
FCFAX Calmar Ratio Rank: 68
FCFAX Martin Ratio Rank: 62

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.

ANGL vs. FCFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) and Frost Credit Fund (FCFAX). 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	FCFAX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.13	-0.42
Sortino ratio: Return per unit of downside risk	2.46	3.26	-0.81
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	1.85	2.65	-0.81
Martin ratio: Return relative to average drawdown	7.72	9.89	-2.16

ANGL vs. FCFAX - Sharpe Ratio Comparison

The current ANGL Sharpe Ratio is 1.71, which is comparable to the FCFAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of ANGL and FCFAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ANGL vs. FCFAX - Drawdown Comparison

The maximum ANGL drawdown since its inception was -29.31%, which is greater than FCFAX's maximum drawdown of -16.33%. Use the drawdown chart below to compare losses from any high point for ANGL and FCFAX.

Drawdown Indicators

	ANGL	FCFAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.31%	-16.33%	-12.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-1.82%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.48%	-2.82%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.25%	-10.49%	-8.76%
Max Drawdown (10Y) Largest decline over 10 years	-29.31%	-16.33%	-12.98%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.29%	-1.53%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.49%	+0.48%

Volatility

ANGL vs. FCFAX - Volatility Comparison

VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) has a higher volatility of 1.45% compared to Frost Credit Fund (FCFAX) at 0.77%. This indicates that ANGL's price experiences larger fluctuations and is considered to be riskier than FCFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANGL	FCFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	0.77%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	1.76%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	2.27%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	2.77%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	3.24%	+6.04%

ANGL vs. FCFAX - Expense Ratio Comparison

ANGL has a 0.35% expense ratio, which is lower than FCFAX's 0.96% expense ratio.

Dividends

ANGL vs. FCFAX - Dividend Comparison

ANGL's dividend yield for the trailing twelve months is around 6.35%, more than FCFAX's 6.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF	6.35%	6.20%	6.29%	5.27%	4.72%	3.90%	4.67%	5.19%	5.99%	5.25%	5.34%	5.81%
FCFAX Frost Credit Fund	6.15%	6.10%	5.76%	5.93%	5.00%	3.65%	3.69%	4.62%	5.05%	5.85%	4.84%	4.95%

Frequently Asked Questions

Can I hold both ANGL and FCFAX in my portfolio?

ANGL and FCFAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANGL or FCFAX?

ANGL has higher volatility (1.45%) compared to FCFAX (0.77%). In terms of maximum drawdown, ANGL dropped -29.31% vs FCFAX's -16.33%.

Which has better risk-adjusted returns?

FCFAX currently has the higher Sharpe Ratio (2.13 vs 1.71), 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.