AOHY vs. TRBF

Last updated Jun 5, 2026

AOHY (Angel Oak High Yield Opportunities ETF) and TRBF (Angel Oak Total Return ETF) are both exchange-traded funds - AOHY is a High Yield Bonds fund actively managed by Angel Oak, while TRBF is a Intermediate Core-Plus Bond fund actively managed by Angel Oak. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. AOHY charges 0.55%/yr vs 0.44%/yr for TRBF.

Performance

AOHY vs. TRBF - 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 Total Return ETF (TRBF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOHY achieves a 2.21% return, which is significantly higher than TRBF's 0.52% return.

AOHY

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

TRBF

• 1D: 0.13%
• 1M: 0.08%
• YTD: 0.52%
• 6M: 0.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AOHY vs. TRBF - Yearly Performance Comparison

	2026 (YTD)	2025
AOHY Angel Oak High Yield Opportunities ETF	2.21%	0.91%
TRBF Angel Oak Total Return ETF	0.52%	0.96%

Correlation

The correlation between AOHY and TRBF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.48

Return for Risk

AOHY vs. TRBF — Risk / Return Rank

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

AOHY

AOHY Risk / Return Rank: 73
AOHY Sharpe Ratio Rank: 69
AOHY Sortino Ratio Rank: 77
AOHY Omega Ratio Rank: 78
AOHY Calmar Ratio Rank: 61
AOHY Martin Ratio Rank: 79

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. TRBF - 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 Total Return ETF (TRBF). 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	TRBF	Difference
Sharpe ratio: Return per unit of total volatility	2.23	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	2.99	—	—
Martin ratio: Return relative to average drawdown	15.09	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AOHY	TRBF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	0.61	+1.41

Drawdowns

AOHY vs. TRBF - Drawdown Comparison

The maximum AOHY drawdown since its inception was -4.17%, which is greater than TRBF's maximum drawdown of -2.59%. Use the drawdown chart below to compare losses from any high point for AOHY and TRBF.

Drawdown Indicators

	AOHY	TRBF	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-2.59%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-2.37%	—	—
Current Drawdown Current decline from peak	-0.21%	-1.48%	+1.27%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.80%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	—	—

Volatility

Volatility by Period

	AOHY	TRBF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	3.76%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.79%	3.76%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	3.76%	+0.03%

AOHY vs. TRBF - Expense Ratio Comparison

AOHY has a 0.55% expense ratio, which is higher than TRBF's 0.44% expense ratio.

Dividends

AOHY vs. TRBF - Dividend Comparison

AOHY's dividend yield for the trailing twelve months is around 6.51%, more than TRBF's 3.14% yield.

Position	TTM	2025	2024
AOHY Angel Oak High Yield Opportunities ETF	6.51%	6.53%	6.04%
TRBF Angel Oak Total Return ETF	3.14%	1.16%	0.00%

Frequently Asked Questions

Can I hold both AOHY and TRBF in my portfolio?

AOHY and TRBF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AOHY or TRBF?

On fees, TRBF is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AOHY or TRBF?

TRBF is cheaper with a 0.44% expense ratio, compared with 0.55% for AOHY.

Which ETF pays a higher dividend yield, AOHY or TRBF?

AOHY has the higher dividend yield at 6.51%, compared with 3.14% for TRBF.

What is the main difference between AOHY and TRBF?

AOHY is categorized as High Yield Bonds, while TRBF is Intermediate Core-Plus Bond. Their fees differ too: 0.55% for AOHY and 0.44% for TRBF.