ASCIX vs. AOUIX

Last updated Jun 23, 2026

ASCIX (Angel Oak Strategic Credit Fund) and AOUIX (Angel Oak UltraShort Income Fund) are both mutual funds - ASCIX is a Nontraditional Bonds fund managed by Angel Oak, while AOUIX is a Ultrashort Bond fund managed by Angel Oak. Over the past 5 years, ASCIX returned 7.49%/yr vs 3.26%/yr for AOUIX. At a 0.45 correlation, their price movements are largely independent. ASCIX charges 0.85%/yr vs 0.53%/yr for AOUIX.

Performance

ASCIX vs. AOUIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Strategic Credit Fund (ASCIX) and Angel Oak UltraShort Income Fund (AOUIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASCIX achieves a 2.54% return, which is significantly higher than AOUIX's 1.51% return.

ASCIX

• 1D: 0.00%
• 1M: 0.90%
• YTD: 2.54%
• 6M: 3.13%
• 1Y: 7.07%
• 3Y*: 9.58%
• 5Y*: 7.49%
• 10Y*: —

AOUIX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.51%
• 6M: 2.05%
• 1Y: 4.91%
• 3Y*: 5.94%
• 5Y*: 3.26%
• 10Y*: —

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

ASCIX vs. AOUIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ASCIX Angel Oak Strategic Credit Fund	2.54%	8.04%	11.06%	11.95%	-4.79%	14.93%	1.51%	7.80%	2.39%
AOUIX Angel Oak UltraShort Income Fund	1.51%	5.63%	7.06%	6.21%	-4.11%	0.97%	1.99%	4.07%	2.25%

Correlation

The correlation between ASCIX and AOUIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Apr 2, 2018	0.45

The correlation between ASCIX and AOUIX shifts across timeframes, from 0.45 (all time) to 0.58 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ASCIX vs. AOUIX — Risk / Return Rank

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

ASCIX

ASCIX Risk / Return Rank: 82
ASCIX Sharpe Ratio Rank: 62
ASCIX Sortino Ratio Rank: 90
ASCIX Omega Ratio Rank: 90
ASCIX Calmar Ratio Rank: 93
ASCIX Martin Ratio Rank: 76

AOUIX

AOUIX Risk / Return Rank: 98
AOUIX Sharpe Ratio Rank: 95
AOUIX Sortino Ratio Rank: 99
AOUIX Omega Ratio Rank: 99
AOUIX Calmar Ratio Rank: 99
AOUIX Martin Ratio Rank: 99

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.

ASCIX vs. AOUIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Strategic Credit Fund (ASCIX) and Angel Oak UltraShort Income Fund (AOUIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ASCIX	AOUIX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	3.10	-0.97
Sortino ratio: Return per unit of downside risk	4.12	9.52	-5.40
Omega ratio: Gain probability vs. loss probability	1.61	2.90	-1.28
Calmar ratio: Return relative to maximum drawdown	4.87	12.19	-7.33
Martin ratio: Return relative to average drawdown	13.33	53.94	-40.61

ASCIX vs. AOUIX - Sharpe Ratio Comparison

The current ASCIX Sharpe Ratio is 2.13, which is lower than the AOUIX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of ASCIX and AOUIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ASCIX vs. AOUIX - Drawdown Comparison

The maximum ASCIX drawdown since its inception was -25.70%, which is greater than AOUIX's maximum drawdown of -7.38%. Use the drawdown chart below to compare losses from any high point for ASCIX and AOUIX.

Drawdown Indicators

	ASCIX	AOUIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.70%	-7.38%	-18.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-0.40%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-1.49%	-0.51%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-7.54%	-4.53%	-3.01%
Current Drawdown Current decline from peak	-0.14%	-0.10%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.86%	-0.60%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.09%	+0.45%

Volatility

ASCIX vs. AOUIX - Volatility Comparison

Angel Oak Strategic Credit Fund (ASCIX) has a higher volatility of 0.85% compared to Angel Oak UltraShort Income Fund (AOUIX) at 0.48%. This indicates that ASCIX's price experiences larger fluctuations and is considered to be riskier than AOUIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASCIX	AOUIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.48%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	1.08%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	3.41%	1.59%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	1.53%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.40%	1.93%	+3.47%

ASCIX vs. AOUIX - Expense Ratio Comparison

ASCIX has a 0.85% expense ratio, which is higher than AOUIX's 0.53% expense ratio.

Dividends

ASCIX vs. AOUIX - Dividend Comparison

ASCIX's dividend yield for the trailing twelve months is around 8.49%, more than AOUIX's 4.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AOUIX Angel Oak UltraShort Income Fund	4.80%	5.05%	5.36%	3.69%	1.48%	1.37%	2.24%	3.08%	2.12%
ASCIX Angel Oak Strategic Credit Fund	8.49%	8.55%	8.76%	8.40%	8.04%	13.64%	8.74%	6.97%	6.14%

Frequently Asked Questions

Can I hold both ASCIX and AOUIX in my portfolio?

ASCIX and AOUIX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASCIX or AOUIX?

ASCIX has higher volatility (0.85%) compared to AOUIX (0.48%). In terms of maximum drawdown, ASCIX dropped -25.70% vs AOUIX's -7.38%.

Which has better risk-adjusted returns?

AOUIX currently has the higher Sharpe Ratio (3.10 vs 2.13), 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.