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 6.98%/yr vs 1.14%/yr for CION. At a 0.12 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 1.97% return, which is significantly higher than CION's -23.99% return.
ANGLX
- 1D
- 0.11%
- 1M
- 0.87%
- YTD
- 1.97%
- 6M
- 2.46%
- 1Y
- 6.79%
- 3Y*
- 6.98%
- 5Y*
- 1.43%
- 10Y*
- 2.53%
CION
- 1D
- -3.36%
- 1M
- 5.10%
- YTD
- -23.99%
- 6M
- -23.03%
- 1Y
- -14.77%
- 3Y*
- 1.14%
- 5Y*
- —
- 10Y*
- —
ANGLX vs. CION - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ANGLX Angel Oak Multi-Strategy Income Fund | 1.97% | 7.45% | 7.60% | 4.06% | -14.00% | 0.44% |
CION CION Investment Corporation | -23.99% | -2.26% | 14.82% | 35.42% | -14.80% | 3.97% |
Correlation
The correlation between ANGLX and CION is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
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 | 0.12 |
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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 | +6.59 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 0.93 | +0.87 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | -0.44 | +5.08 |
| Martin ratioReturn relative to average drawdown | 19.75 | -0.92 | +20.66 |
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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 | -0.11% | -32.51% | +32.40% |
Average DrawdownAverage peak-to-trough decline | -2.74% | -15.24% | +12.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 16.12% | -15.78% |
Volatility
ANGLX vs. CION - Volatility Comparison
The current volatility for Angel Oak Multi-Strategy Income Fund (ANGLX) is 0.84%, while CION Investment Corporation (CION) has a volatility of 12.27%. 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 | 0.84% | 12.27% | -11.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 24.70% | -23.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 28.99% | -26.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.81% | 29.97% | -27.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 29.97% | -26.67% |
Dividends
ANGLX vs. CION - Dividend Comparison
ANGLX's dividend yield for the trailing twelve months is around 5.17%, less than CION's 28.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGLX Angel Oak Multi-Strategy Income Fund | 5.17% | 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 | 28.26% | 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 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CION has higher volatility (12.27%) compared to ANGLX (0.84%). In terms of maximum drawdown, ANGLX dropped -16.40% vs CION's -45.39%.
ANGLX currently has the higher Sharpe Ratio (2.98 vs -0.51), 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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