ANGLX vs. CION

Last updated Apr 1, 2026

Compare and contrast key facts about Angel Oak Multi-Strategy Income Fund (ANGLX) and CION Investment Corporation (CION).

ANGLX is managed by Angel Oak. It was launched on Jun 27, 2011.

Performance

ANGLX vs. CION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Multi-Strategy Income Fund (ANGLX) and CION Investment Corporation (CION). The values are adjusted to include any dividend payments, if applicable.

ANGLX vs. CION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ANGLX Angel Oak Multi-Strategy Income Fund	0.41%	7.45%	7.60%	4.06%	-14.00%	0.53%
CION CION Investment Corporation	-26.63%	-2.26%	14.82%	35.42%	-14.80%	14.07%

Returns By Period

In the year-to-date period, ANGLX achieves a 0.41% return, which is significantly higher than CION's -26.63% return.

ANGLX

• 1D: 0.23%
• 1M: -1.24%
• YTD: 0.41%
• 6M: 1.99%
• 1Y: 5.50%
• 3Y*: 6.11%
• 5Y*: 1.36%
• 10Y*: 2.49%

CION

• 1D: 0.59%
• 1M: -13.03%
• YTD: -26.63%
• 6M: -22.41%
• 1Y: -23.64%
• 3Y*: 2.07%
• 5Y*: —
• 10Y*: —

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

Return for Risk

ANGLX vs. CION — Risk / Return Rank

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

ANGLX

ANGLX Risk / Return Rank: 97
ANGLX Sharpe Ratio Rank: 97
ANGLX Sortino Ratio Rank: 98
ANGLX Omega Ratio Rank: 97
ANGLX Calmar Ratio Rank: 97
ANGLX Martin Ratio Rank: 96

CION

CION Risk / Return Rank: 9
CION Sharpe Ratio Rank: 8
CION Sortino Ratio Rank: 11
CION Omega Ratio Rank: 11
CION Calmar Ratio Rank: 16
CION Martin Ratio Rank: 1

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.

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.

	ANGLX	CION	Difference
Sharpe ratio Return per unit of total volatility	2.57	-0.83	+3.39
Sortino ratio Return per unit of downside risk	4.73	-1.03	+5.77
Omega ratio Gain probability vs. loss probability	1.64	0.86	+0.77
Calmar ratio Return relative to maximum drawdown	4.23	-0.73	+4.96
Martin ratio Return relative to average drawdown	14.83	-2.18	+17.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ANGLX vs. CION - Sharpe Ratio Comparison

The current ANGLX Sharpe Ratio is 2.57, which is higher than the CION Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of ANGLX and CION, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ANGLX	CION	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	-0.83	+3.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.06	+1.19

Correlation

The correlation between ANGLX and CION is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ANGLX vs. CION - Dividend Comparison

ANGLX's dividend yield for the trailing twelve months is around 4.88%, less than CION's 20.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ANGLX Angel Oak Multi-Strategy Income Fund	4.88%	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	20.18%	14.89%	13.33%	14.24%	14.87%	3.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	ANGLX	CION	Difference
Max Drawdown Largest 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 (5Y) Largest decline over 5 years	-14.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.40%	—	—
Current Drawdown Current decline from peak	-1.24%	-34.86%	+33.62%
Average Drawdown Average peak-to-trough decline	-2.78%	-14.37%	+11.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	11.18%	-10.76%

Volatility

ANGLX vs. CION - Volatility Comparison

The current volatility for Angel Oak Multi-Strategy Income Fund (ANGLX) is 0.61%, while CION Investment Corporation (CION) has a volatility of 13.62%. 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.

Volatility by Period

	ANGLX	CION	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	13.62%	-13.01%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	20.54%	-19.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	28.76%	-26.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.76%	29.25%	-26.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.28%	29.25%	-25.97%