ANGLX vs. CION
ANGLX (Angel Oak Multi-Strategy Income Fund) is Multisector Bonds fund managed by Angel Oak, while CION (CION Investment Corporation) is a stock. Over the past 3 years, ANGLX returned 7.13%/yr vs -0.08%/yr for CION. At a 0.11 correlation, their price movements are largely independent.
Performance
ANGLX vs. CION - Performance Comparison
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Returns By Period
In the year-to-date period, ANGLX achieves a 2.40% return, which is significantly higher than CION's -23.03% return.
ANGLX
- 1D
- 0.00%
- 1M
- 0.43%
- 6M
- 2.40%
- YTD
- 2.40%
- 1Y
- 6.53%
- 3Y*
- 7.13%
- 5Y*
- 1.43%
- 10Y*
- 2.51%
CION
- 1D
- 0.16%
- 1M
- -1.55%
- 6M
- -22.46%
- YTD
- -23.03%
- 1Y
- -18.79%
- 3Y*
- -0.08%
- 5Y*
- —
- 10Y*
- —
ANGLX vs. CION - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ANGLX Angel Oak Multi-Strategy Income Fund | 2.40% | 7.45% | 7.60% | 4.06% | -14.00% | 0.44% |
CION CION Investment Corporation | -23.03% | -2.26% | 14.82% | 35.42% | -14.80% | 3.97% |
Correlation
The correlation between ANGLX and CION is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021 | 0.11 |
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Return for Risk
ANGLX vs. CION — Risk / Return Rank
ANGLX
CION
ANGLX vs. CION - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Angel Oak Multi-Strategy Income Fund (ANGLX) and CION Investment Corporation (CION). 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.
| ANGLX | CION | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.50 | ||
| Sortino ratioReturn per unit of downside risk | +6.31 | ||
| Omega ratioGain probability vs. loss probability | 1.75 | 0.91 | +0.84 |
| Calmar ratioReturn relative to maximum drawdown | 4.38 | -0.56 | +4.94 |
| Martin ratioReturn relative to average drawdown | 18.93 | -1.08 | +20.00 |
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Drawdowns
ANGLX vs. CION - Drawdown Comparison
The maximum ANGLX drawdown since its inception was -16.40%, smaller than the maximum CION drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for ANGLX and CION.
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Drawdown Indicators
| ANGLX | CION | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.40% | -45.39% | +28.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -33.39% | +31.92% |
Max Drawdown (3Y)Largest decline over 3 years | -1.59% | -37.62% | +36.03% |
Max Drawdown (5Y)Largest decline over 5 years | -14.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.40% | — | — |
Current DrawdownCurrent decline from peak | -0.23% | -31.66% | +31.43% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -15.45% | +12.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 17.47% | -17.13% |
Volatility
ANGLX vs. CION - Volatility Comparison
The current volatility for Angel Oak Multi-Strategy Income Fund (ANGLX) is 0.63%, while CION Investment Corporation (CION) has a volatility of 12.79%. This indicates that ANGLX experiences smaller price fluctuations and is considered to be less risky than CION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ANGLX | CION | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 12.79% | -12.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.69% | 25.34% | -23.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 29.89% | -27.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 30.03% | -27.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 30.03% | -26.73% |
Dividends
ANGLX vs. CION - Dividend Comparison
ANGLX's dividend yield for the trailing twelve months is around 5.16%, less than CION's 27.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGLX Angel Oak Multi-Strategy Income Fund | 5.16% | 5.41% | 5.89% | 4.78% | 3.69% | 4.69% | 4.38% | 4.53% | 4.70% | 4.97% | 5.83% | 6.74% |
CION CION Investment Corporation | 27.91% | 14.89% | 13.33% | 14.24% | 14.87% | 3.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ANGLX and CION have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CION has higher volatility (12.79%) compared to ANGLX (0.63%). In terms of maximum drawdown, ANGLX dropped -16.40% vs CION's -45.39%.
ANGLX currently has the higher Sharpe Ratio (2.87 vs -0.63), 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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