AOHY vs. MBS

Last updated Apr 3, 2026

Compare and contrast key facts about Angel Oak High Yield Opportunities ETF (AOHY) and Angel Oak Mortgage-Backed Securities ETF (MBS).

AOHY and MBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AOHY is an actively managed fund by Angel Oak. It was launched on Mar 31, 2009. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021.

Performance

AOHY vs. MBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak High Yield Opportunities ETF (AOHY) and Angel Oak Mortgage-Backed Securities ETF (MBS). The values are adjusted to include any dividend payments, if applicable.

AOHY vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AOHY Angel Oak High Yield Opportunities ETF	0.49%	7.62%	7.50%
MBS Angel Oak Mortgage-Backed Securities ETF	0.87%	8.13%	5.78%

Returns By Period

In the year-to-date period, AOHY achieves a 0.49% return, which is significantly lower than MBS's 0.87% return.

AOHY

• 1D: 0.00%
• 1M: -0.47%
• YTD: 0.49%
• 6M: 1.30%
• 1Y: 6.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBS

• 1D: 0.35%
• 1M: -0.94%
• YTD: 0.87%
• 6M: 2.09%
• 1Y: 6.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AOHY vs. MBS - Expense Ratio Comparison

AOHY has a 0.55% expense ratio, which is higher than MBS's 0.49% expense ratio.

AOHY

Angel Oak High Yield Opportunities ETF

MBS

Angel Oak Mortgage-Backed Securities ETF

Return for Risk

AOHY vs. MBS — Risk / Return Rank

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

AOHY

AOHY Risk / Return Rank: 77
AOHY Sharpe Ratio Rank: 78
AOHY Sortino Ratio Rank: 81
AOHY Omega Ratio Rank: 83
AOHY Calmar Ratio Rank: 65
AOHY Martin Ratio Rank: 79

MBS

MBS Risk / Return Rank: 76
MBS Sharpe Ratio Rank: 83
MBS Sortino Ratio Rank: 84
MBS Omega Ratio Rank: 80
MBS Calmar Ratio Rank: 75
MBS Martin Ratio Rank: 57

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. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak High Yield Opportunities ETF (AOHY) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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.

	AOHY	MBS	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.70	-0.20
Sortino ratio Return per unit of downside risk	2.21	2.33	-0.12
Omega ratio Gain probability vs. loss probability	1.34	1.33	+0.02
Calmar ratio Return relative to maximum drawdown	1.95	2.40	-0.45
Martin ratio Return relative to average drawdown	10.13	6.64	+3.49
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. MBS - Sharpe Ratio Comparison

The current AOHY Sharpe Ratio is 1.51, which is comparable to the MBS Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of AOHY and MBS, 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

	AOHY	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.70	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.94	1.72	+0.21

Correlation

The correlation between AOHY and MBS is 0.32, 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

AOHY vs. MBS - Dividend Comparison

AOHY's dividend yield for the trailing twelve months is around 6.58%, more than MBS's 5.44% yield.

	TTM	2025	2024
AOHY Angel Oak High Yield Opportunities ETF	6.58%	6.53%	6.04%
MBS Angel Oak Mortgage-Backed Securities ETF	5.44%	5.28%	4.52%

Drawdowns

AOHY vs. MBS - Drawdown Comparison

The maximum AOHY drawdown since its inception was -4.17%, roughly equal to the maximum MBS drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for AOHY and MBS.

Drawdown Indicators

	AOHY	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-4.09%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-2.54%	-0.12%
Current Drawdown Current decline from peak	-0.72%	-1.22%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.36%	-1.00%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.92%	-0.24%

Volatility

AOHY vs. MBS - Volatility Comparison

Angel Oak High Yield Opportunities ETF (AOHY) has a higher volatility of 1.91% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 1.11%. This indicates that AOHY's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOHY	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	1.11%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	2.06%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	3.59%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.83%	4.08%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.83%	4.08%	-0.25%