PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
AOHY vs. FALN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AOHY vs. FALN

Last updated Jun 5, 2026

AOHY (Angel Oak High Yield Opportunities ETF) and FALN (iShares Fallen Angels USD Bond ETF) are both High Yield Bonds funds. AOHY is actively managed, while FALN is passively managed. Over the past year, AOHY returned 7.05% vs 8.49% for FALN. A 0.64 correlation means they provide meaningful diversification when combined. AOHY charges 0.55%/yr vs 0.25%/yr for FALN.

Performance

AOHY vs. FALN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak High Yield Opportunities ETF (AOHY) and iShares Fallen Angels USD Bond ETF (FALN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, AOHY achieves a 2.21% return, which is significantly higher than FALN's 1.75% return.

AOHY

1D
0.06%
1M
0.45%
YTD
2.21%
6M
2.76%
1Y
7.05%
3Y*
—
5Y*
—
10Y*
—

FALN

1D
0.19%
1M
0.57%
YTD
1.75%
6M
1.59%
1Y
8.49%
3Y*
9.24%
5Y*
3.82%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AOHY vs. FALN - Yearly Performance Comparison

2026 (YTD)20252024
AOHY
Angel Oak High Yield Opportunities ETF		2.21%7.62%7.50%
FALN
iShares Fallen Angels USD Bond ETF		1.75%8.92%6.83%

Correlation

The correlation between AOHY and FALN is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2024

0.64

The correlation between AOHY and FALN has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

AOHY vs. FALN - Sectors Allocation Comparison

Sectors
AOHY
FALN

Basic Materials

100.0%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Technology

-

-

Utilities

-

-

Basic Materials

AOHY
100.0%
FALN

-

Communication Services

AOHY

-

FALN

-

Consumer Cyclical

AOHY

-

FALN

-

Consumer Defensive

AOHY

-

FALN

-

Energy

AOHY

-

FALN

-

Financial Services

AOHY

-

FALN

-

Healthcare

AOHY

-

FALN

-

Industrials

AOHY

-

FALN

-

Real Estate

AOHY

-

FALN
100.0%

Technology

AOHY

-

FALN

-

Utilities

AOHY

-

FALN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Angel Oak High Yield Opportunities ETF

iShares Fallen Angels USD Bond ETF

Often compared with AOHY:
AOHY vs. JSIAOHY vs. HYHGAOHY vs. HYGHAOHY vs. SCHDAOHY vs. SPYAOHY vs. SPHYAOHY vs. BSJP
Often compared with FALN:
FALN vs. ANGLFALN vs. HYGFALN vs. SCYBFALN vs. IMTBFALN vs. BKLNFALN vs. FLOTFALN vs. DBA

Return for Risk

AOHY vs. FALN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AOHY
AOHY Risk / Return Rank: 7373
Overall Rank
AOHY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
AOHY Sortino Ratio Rank: 7777
Sortino Ratio Rank
AOHY Omega Ratio Rank: 7878
Omega Ratio Rank
AOHY Calmar Ratio Rank: 6161
Calmar Ratio Rank
AOHY Martin Ratio Rank: 7979
Martin Ratio Rank
FALN
FALN Risk / Return Rank: 5555
Overall Rank
FALN Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
FALN Sortino Ratio Rank: 5959
Sortino Ratio Rank
FALN Omega Ratio Rank: 6161
Omega Ratio Rank
FALN Calmar Ratio Rank: 4444
Calmar Ratio Rank
FALN Martin Ratio Rank: 5353
Martin Ratio Rank
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.

AOHY vs. FALN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak High Yield Opportunities ETF (AOHY) and iShares Fallen Angels USD Bond ETF (FALN). 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.

AOHYFALNDifference
Sharpe ratioReturn per unit of total volatility
2.23
1.88

+0.35

Sortino ratioReturn per unit of downside risk
3.42
2.73

+0.69

Omega ratioGain probability vs. loss probability

1.46

1.36

+0.09

Calmar ratioReturn relative to maximum drawdown

2.99

2.15

+0.84

Martin ratioReturn relative to average drawdown

15.09

8.99

+6.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOHY vs. FALN - Sharpe Ratio Comparison

The current AOHY Sharpe Ratio is 2.23, which is comparable to the FALN Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of AOHY and FALN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

AOHYFALNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

1.88

+0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.53

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.02

0.74

+1.28

Drawdowns

AOHY vs. FALN - Drawdown Comparison

The maximum AOHY drawdown since its inception was -4.17%, smaller than the maximum FALN drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for AOHY and FALN.

Loading charts...

Drawdown Indicators

AOHYFALNDifference

Max Drawdown

Largest peak-to-trough decline

-4.17%

-29.22%

+25.05%

Max Drawdown (1Y)

Largest decline over 1 year

-2.37%

-3.96%

+1.59%

Max Drawdown (3Y)

Largest decline over 3 years

—

-5.92%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.78%

—

Current Drawdown

Current decline from peak

-0.21%

-0.08%

-0.13%

Average Drawdown

Average peak-to-trough decline

-0.35%

-3.32%

+2.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.47%

0.95%

-0.48%

Volatility

AOHY vs. FALN - Volatility Comparison

The current volatility for Angel Oak High Yield Opportunities ETF (AOHY) is 0.99%, while iShares Fallen Angels USD Bond ETF (FALN) has a volatility of 1.36%. This indicates that AOHY experiences smaller price fluctuations and is considered to be less risky than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

AOHYFALNDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.99%

1.36%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

2.50%

3.63%

-1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

3.18%

4.54%

-1.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.79%

7.31%

-3.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.79%

8.95%

-5.16%

AOHY vs. FALN - Expense Ratio Comparison

AOHY has a 0.55% expense ratio, which is higher than FALN's 0.25% expense ratio.

Dividends

AOHY vs. FALN - Dividend Comparison

AOHY's dividend yield for the trailing twelve months is around 6.51%, which matches FALN's 6.45% yield.

PositionTTM2025202420232022202120202019201820172016
AOHY
Angel Oak High Yield Opportunities ETF		6.51%6.53%6.04%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
FALN
iShares Fallen Angels USD Bond ETF		6.45%6.31%6.24%5.37%5.08%3.40%5.14%5.35%5.97%6.98%3.55%

Frequently Asked Questions

AOHY and FALN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FALN has higher volatility (1.36%) compared to AOHY (0.99%). In terms of maximum drawdown, AOHY dropped -4.17% vs FALN's -29.22%.

On 1-year performance, FALN leads with 8.49% vs 7.05% for AOHY. On fees, FALN is cheaper at 0.25% per year. On volatility, AOHY has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, FALN has performed better with a 8.49% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FALN is cheaper with a 0.25% expense ratio, compared with 0.55% for AOHY.

AOHY has the higher dividend yield at 6.51%, compared with 6.45% for FALN.

They also come from different issuers: Angel Oak and iShares. Their fees differ too: 0.55% for AOHY and 0.25% for FALN.

AOHY currently has the higher Sharpe Ratio (2.23 vs 1.88), 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.

Portfolio Optimizer

Find the right allocation for AOHY and FALN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer