ANGL vs. TBLL

Last updated Jun 13, 2026

ANGL (VanEck Vectors Fallen Angel High Yield Bond ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - ANGL is a High Yield Bonds fund tracking the BofA Merrill Lynch US Fallen Angel High Yield Index, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. Both are passively managed. Over the past 5 years, ANGL returned 3.32%/yr vs 3.38%/yr for TBLL. At a 0.01 correlation, their price movements are largely independent. ANGL charges 0.35%/yr vs 0.08%/yr for TBLL.

Performance

ANGL vs. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). 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 TBLL's 1.55% 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%

TBLL

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.55%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

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

ANGL vs. TBLL - 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%	8.24%
TBLL Invesco Short Term Treasury ETF	1.55%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.93%	2.20%	1.85%	0.62%

Correlation

The correlation between ANGL and TBLL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 12, 2017	0.01

The correlation between ANGL and TBLL shifts across timeframes, from 0.01 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

ANGL vs. TBLL - Sectors Allocation Comparison

Sectors	ANGL	TBLL
Financial Services	100.0%	64.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ANGL vs. TBLL — 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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - 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 Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	1.71	20.89	-19.18
Sortino ratio: Return per unit of downside risk	2.46	217.77	-215.32
Omega ratio: Gain probability vs. loss probability	1.33	102.67	-101.33
Calmar ratio: Return relative to maximum drawdown	1.85	415.79	-413.95
Martin ratio: Return relative to average drawdown	7.72	3,524.23	-3,516.50

ANGL vs. TBLL - Sharpe Ratio Comparison

The current ANGL Sharpe Ratio is 1.71, which is lower than the TBLL Sharpe Ratio of 20.89. The chart below compares the historical Sharpe Ratios of ANGL and TBLL, 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. TBLL - Drawdown Comparison

The maximum ANGL drawdown since its inception was -29.31%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for ANGL and TBLL.

Drawdown Indicators

	ANGL	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-29.31%	-0.63%	-28.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-0.01%	-4.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.48%	-0.36%	-5.12%
Max Drawdown (5Y) Largest decline over 5 years	-19.25%	-0.36%	-18.89%
Max Drawdown (10Y) Largest decline over 10 years	-29.31%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.29%	-0.14%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.00%	+0.97%

Volatility

ANGL vs. TBLL - Volatility Comparison

VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) has a higher volatility of 1.45% compared to Invesco Short Term Treasury ETF (TBLL) at 0.04%. This indicates that ANGL's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANGL	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	0.04%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	3.54%	0.12%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	0.19%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	0.45%	+7.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	0.56%	+8.72%

ANGL vs. TBLL - Expense Ratio Comparison

ANGL has a 0.35% expense ratio, which is higher than TBLL's 0.08% expense ratio.

Dividends

ANGL vs. TBLL - Dividend Comparison

ANGL's dividend yield for the trailing twelve months is around 6.35%, more than TBLL's 3.81% 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%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ANGL and TBLL in my portfolio?

ANGL and TBLL have a correlation of 0.14, 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 TBLL?

ANGL has higher volatility (1.45%) compared to TBLL (0.04%). In terms of maximum drawdown, ANGL dropped -29.31% vs TBLL's -0.63%.

Which ETF is better, ANGL or TBLL?

On 5-year performance, TBLL leads with 3.38% vs 3.32% for ANGL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ANGL or TBLL?

Over the 5-year period, TBLL has performed better with a 3.38% return vs 3.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ANGL or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.35% for ANGL.

Which ETF pays a higher dividend yield, ANGL or TBLL?

ANGL has the higher dividend yield at 6.35%, compared with 3.81% for TBLL.

What is the main difference between ANGL and TBLL?

ANGL is categorized as High Yield Bonds, while TBLL is Ultrashort Bond. ANGL tracks BofA Merrill Lynch US Fallen Angel High Yield Index, while TBLL tracks ICE U.S. Treasury Short Bond Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for ANGL and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.89 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.