ANGLX vs. KIO

Last updated Jun 4, 2026

ANGLX (Angel Oak Multi-Strategy Income Fund) and KIO (KKR Income Opportunities Fund) are both Multisector Bonds funds. Over the past 10 years, ANGLX returned 2.52%/yr vs 7.92%/yr for KIO. At a 0.13 correlation, their price movements are largely independent. ANGLX charges 1.21%/yr vs 0.04%/yr for KIO.

Performance

ANGLX vs. KIO - Performance Comparison

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

Returns By Period

In the year-to-date period, ANGLX achieves a 1.97% return, which is significantly lower than KIO's 2.77% return. Over the past 10 years, ANGLX has underperformed KIO with an annualized return of 2.52%, while KIO has yielded a comparatively higher 7.92% annualized return.

ANGLX

• 1D: 0.23%
• 1M: 0.52%
• YTD: 1.97%
• 6M: 2.23%
• 1Y: 7.16%
• 3Y*: 6.94%
• 5Y*: 1.45%
• 10Y*: 2.52%

KIO

• 1D: -0.35%
• 1M: 1.08%
• YTD: 2.77%
• 6M: 3.32%
• 1Y: 4.71%
• 3Y*: 12.54%
• 5Y*: 3.74%
• 10Y*: 7.92%

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

ANGLX vs. KIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ANGLX Angel Oak Multi-Strategy Income Fund	1.97%	7.45%	7.60%	4.06%	-14.00%	4.26%	-1.99%	4.73%	2.62%	5.47%
KIO KKR Income Opportunities Fund	2.77%	-2.49%	18.45%	31.53%	-28.25%	26.82%	2.04%	21.92%	-2.53%	9.68%

Correlation

The correlation between ANGLX and KIO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 29, 2013	0.13

The correlation between ANGLX and KIO shifts across timeframes, from 0.13 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ANGLX vs. KIO — Risk / Return Rank

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

ANGLX

ANGLX Risk / Return Rank: 94
ANGLX Sharpe Ratio Rank: 93
ANGLX Sortino Ratio Rank: 98
ANGLX Omega Ratio Rank: 96
ANGLX Calmar Ratio Rank: 92
ANGLX Martin Ratio Rank: 94

KIO

KIO Risk / Return Rank: 5
KIO Sharpe Ratio Rank: 6
KIO Sortino Ratio Rank: 6
KIO Omega Ratio Rank: 6
KIO Calmar Ratio Rank: 5
KIO Martin Ratio Rank: 4

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. KIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Multi-Strategy Income Fund (ANGLX) and KKR Income Opportunities Fund (KIO). 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	KIO	Difference
Sharpe ratio: Return per unit of total volatility	3.16	0.47	+2.69
Sortino ratio: Return per unit of downside risk	6.53	0.73	+5.80
Omega ratio: Gain probability vs. loss probability	1.86	1.09	+0.76
Calmar ratio: Return relative to maximum drawdown	4.89	0.43	+4.46
Martin ratio: Return relative to average drawdown	20.87	0.94	+19.92
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. KIO - Sharpe Ratio Comparison

The current ANGLX Sharpe Ratio is 3.16, which is higher than the KIO Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of ANGLX and KIO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ANGLX	KIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	0.47	+2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.29	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.48	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.28	0.39	+0.89

Drawdowns

ANGLX vs. KIO - Drawdown Comparison

The maximum ANGLX drawdown since its inception was -16.40%, smaller than the maximum KIO drawdown of -43.87%. Use the drawdown chart below to compare losses from any high point for ANGLX and KIO.

Drawdown Indicators

	ANGLX	KIO	Difference
Max Drawdown Largest peak-to-trough decline	-16.40%	-43.87%	+27.47%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-11.01%	+9.54%
Max Drawdown (3Y) Largest decline over 3 years	-1.59%	-22.85%	+21.26%
Max Drawdown (5Y) Largest decline over 5 years	-14.34%	-31.87%	+17.53%
Max Drawdown (10Y) Largest decline over 10 years	-16.40%	-43.87%	+27.47%
Current Drawdown Current decline from peak	0.00%	-8.51%	+8.51%
Average Drawdown Average peak-to-trough decline	-2.75%	-8.08%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	5.00%	-4.66%

Volatility

ANGLX vs. KIO - Volatility Comparison

The current volatility for Angel Oak Multi-Strategy Income Fund (ANGLX) is 0.87%, while KKR Income Opportunities Fund (KIO) has a volatility of 2.55%. This indicates that ANGLX experiences smaller price fluctuations and is considered to be less risky than KIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ANGLX	KIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	2.55%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	1.63%	7.70%	-6.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	9.96%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.80%	13.18%	-10.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	16.39%	-13.09%

ANGLX vs. KIO - Expense Ratio Comparison

ANGLX has a 1.21% expense ratio, which is higher than KIO's 0.04% expense ratio.

Dividends

ANGLX vs. KIO - Dividend Comparison

ANGLX's dividend yield for the trailing twelve months is around 5.17%, less than KIO's 12.91% 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%
KIO KKR Income Opportunities Fund	12.91%	12.58%	10.90%	11.32%	11.44%	7.45%	10.12%	9.51%	10.53%	9.66%	9.92%	10.81%

Frequently Asked Questions

Can I hold both ANGLX and KIO in my portfolio?

ANGLX and KIO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ANGLX or KIO?

KIO has higher volatility (2.55%) compared to ANGLX (0.87%). In terms of maximum drawdown, ANGLX dropped -16.40% vs KIO's -43.87%.

Which has better risk-adjusted returns?

ANGLX currently has the higher Sharpe Ratio (3.16 vs 0.47), 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.