BCPL vs. MBS

Last updated Jun 4, 2026

BCPL (BNY Mellon Core Plus ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. BCPL charges 0.40%/yr vs 0.49%/yr for MBS.

Performance

BCPL vs. MBS - Performance Comparison

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

Returns By Period

BCPL

• 1D: -0.08%
• 1M: 0.38%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBS

• 1D: -0.29%
• 1M: -0.22%
• YTD: 0.62%
• 6M: 0.84%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCPL vs. MBS - Yearly Performance Comparison

	2026 (YTD)
BCPL BNY Mellon Core Plus ETF	0.55%
MBS Angel Oak Mortgage-Backed Securities ETF	0.25%

Correlation

The correlation between BCPL and MBS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.68

Return for Risk

BCPL vs. MBS — Risk / Return Rank

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

MBS

MBS Risk / Return Rank: 69
MBS Sharpe Ratio Rank: 72
MBS Sortino Ratio Rank: 79
MBS Omega Ratio Rank: 75
MBS Calmar Ratio Rank: 64
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.

BCPL vs. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Core Plus ETF (BCPL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BCPL	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	1.60	-1.24

Drawdowns

BCPL vs. MBS - Drawdown Comparison

The maximum BCPL drawdown since its inception was -2.95%, smaller than the maximum MBS drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for BCPL and MBS.

Drawdown Indicators

	BCPL	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-4.09%	+1.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.20%	—
Current Drawdown Current decline from peak	-1.12%	-1.46%	+0.34%
Average Drawdown Average peak-to-trough decline	-1.05%	-1.02%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.70%	—

Volatility

Volatility by Period

	BCPL	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	2.93%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	3.99%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	3.99%	+0.05%

BCPL vs. MBS - Expense Ratio Comparison

BCPL has a 0.40% expense ratio, which is lower than MBS's 0.49% expense ratio.

Dividends

BCPL vs. MBS - Dividend Comparison

BCPL's dividend yield for the trailing twelve months is around 1.57%, less than MBS's 5.61% yield.

Position	TTM	2025	2024
BCPL BNY Mellon Core Plus ETF	1.57%	0.00%	0.00%
MBS Angel Oak Mortgage-Backed Securities ETF	5.61%	5.28%	4.52%

Frequently Asked Questions

Can I hold both BCPL and MBS in my portfolio?

BCPL and MBS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BCPL or MBS?

On fees, BCPL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BCPL or MBS?

BCPL is cheaper with a 0.40% expense ratio, compared with 0.49% for MBS.

Which ETF pays a higher dividend yield, BCPL or MBS?

MBS has the higher dividend yield at 5.61%, compared with 1.57% for BCPL.

What is the main difference between BCPL and MBS?

They also come from different issuers: BNY Mellon and Angel Oak. Their fees differ too: 0.40% for BCPL and 0.49% for MBS.