BNDS vs. MBS

Last updated Jun 3, 2026

BNDS (Infrastructure Capital Bond Income ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, BNDS returned 13.48% vs 7.19% for MBS. At a 0.31 correlation, their price movements are largely independent. BNDS charges 0.81%/yr vs 0.49%/yr for MBS.

Performance

BNDS vs. MBS - Performance Comparison

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

Returns By Period

In the year-to-date period, BNDS achieves a 4.44% return, which is significantly higher than MBS's 0.91% return.

BNDS

• 1D: 0.10%
• 1M: 0.18%
• YTD: 4.44%
• 6M: 4.74%
• 1Y: 13.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBS

• 1D: 0.17%
• 1M: -0.10%
• YTD: 0.91%
• 6M: 1.14%
• 1Y: 7.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNDS vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025
BNDS Infrastructure Capital Bond Income ETF	4.44%	8.30%
MBS Angel Oak Mortgage-Backed Securities ETF	0.91%	8.77%

Correlation

The correlation between BNDS and MBS is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.31

Return for Risk

BNDS vs. MBS — Risk / Return Rank

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

BNDS

BNDS Risk / Return Rank: 89
BNDS Sharpe Ratio Rank: 94
BNDS Sortino Ratio Rank: 96
BNDS Omega Ratio Rank: 96
BNDS Calmar Ratio Rank: 75
BNDS Martin Ratio Rank: 85

MBS

MBS Risk / Return Rank: 71
MBS Sharpe Ratio Rank: 75
MBS Sortino Ratio Rank: 82
MBS Omega Ratio Rank: 78
MBS Calmar Ratio Rank: 62
MBS Martin Ratio Rank: 56

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.

BNDS vs. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Infrastructure Capital Bond Income ETF (BNDS) 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.

	BNDS	MBS	Difference
Sharpe ratio Return per unit of total volatility	3.82	2.48	+1.34
Sortino ratio Return per unit of downside risk	5.66	3.73	+1.93
Omega ratio Gain probability vs. loss probability	1.82	1.48	+0.35
Calmar ratio Return relative to maximum drawdown	3.88	3.12	+0.75
Martin ratio Return relative to average drawdown	17.93	9.95	+7.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDS vs. MBS - Sharpe Ratio Comparison

The current BNDS Sharpe Ratio is 3.82, which is higher than the MBS Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of BNDS and MBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BNDS	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.82	2.48	+1.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.64	+0.15

Drawdowns

BNDS vs. MBS - Drawdown Comparison

The maximum BNDS drawdown since its inception was -6.96%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for BNDS and MBS.

Drawdown Indicators

	BNDS	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-6.96%	-4.09%	-2.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	-2.20%	-1.25%
Current Drawdown Current decline from peak	-0.15%	-1.18%	+1.03%
Average Drawdown Average peak-to-trough decline	-0.82%	-1.02%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	0.69%	+0.06%

Volatility

BNDS vs. MBS - Volatility Comparison

Infrastructure Capital Bond Income ETF (BNDS) and Angel Oak Mortgage-Backed Securities ETF (MBS) have volatilities of 0.86% and 0.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDS	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.87%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.00%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	3.55%	2.93%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	3.99%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	3.99%	+1.30%

BNDS vs. MBS - Expense Ratio Comparison

BNDS has a 0.81% expense ratio, which is higher than MBS's 0.49% expense ratio.

Dividends

BNDS vs. MBS - Dividend Comparison

BNDS's dividend yield for the trailing twelve months is around 7.96%, more than MBS's 5.60% yield.

Position	TTM	2025	2024
BNDS Infrastructure Capital Bond Income ETF	7.96%	7.98%	0.00%
MBS Angel Oak Mortgage-Backed Securities ETF	5.60%	5.28%	4.52%

Frequently Asked Questions

Can I hold both BNDS and MBS in my portfolio?

BNDS and MBS have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDS or MBS?

MBS has higher volatility (0.87%) compared to BNDS (0.86%). In terms of maximum drawdown, BNDS dropped -6.96% vs MBS's -4.09%.

Which ETF is better, BNDS or MBS?

On 1-year performance, BNDS leads with 13.48% vs 7.19% for MBS. On fees, MBS is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDS or MBS?

Over the 1-year period, BNDS has performed better with a 13.48% return vs 7.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDS or MBS?

MBS is cheaper with a 0.49% expense ratio, compared with 0.81% for BNDS.

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

BNDS has the higher dividend yield at 7.96%, compared with 5.60% for MBS.

What is the main difference between BNDS and MBS?

They also come from different issuers: InfraCap and Angel Oak. Their fees differ too: 0.81% for BNDS and 0.49% for MBS.

Which has better risk-adjusted returns?

BNDS currently has the higher Sharpe Ratio (3.82 vs 2.48), 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.