CARY vs. CAAA

Last updated Jun 4, 2026

CARY (Angel Oak Income ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while CAAA is a Intermediate Core-Plus Bond fund actively managed by First Trust. Both are actively managed. Over the past year, CARY returned 6.94% vs 5.28% for CAAA. A 0.56 correlation means they provide meaningful diversification when combined. CARY charges 0.80%/yr vs 0.55%/yr for CAAA.

Performance

CARY vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Income ETF (CARY) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARY achieves a 1.74% return, which is significantly higher than CAAA's 0.56% return.

CARY

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.74%
• 6M: 2.13%
• 1Y: 6.94%
• 3Y*: 7.35%
• 5Y*: —
• 10Y*: —

CAAA

• 1D: -0.34%
• 1M: -0.12%
• YTD: 0.56%
• 6M: 0.55%
• 1Y: 5.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARY vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARY Angel Oak Income ETF	1.74%	7.54%	6.56%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.56%	8.03%	4.65%

Correlation

The correlation between CARY and CAAA is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Feb 29, 2024	0.56

The correlation between CARY and CAAA has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

CARY vs. CAAA — Risk / Return Rank

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

CARY

CARY Risk / Return Rank: 94
CARY Sharpe Ratio Rank: 95
CARY Sortino Ratio Rank: 97
CARY Omega Ratio Rank: 97
CARY Calmar Ratio Rank: 89
CARY Martin Ratio Rank: 92

CAAA

CAAA Risk / Return Rank: 51
CAAA Sharpe Ratio Rank: 50
CAAA Sortino Ratio Rank: 55
CAAA Omega Ratio Rank: 51
CAAA Calmar Ratio Rank: 52
CAAA Martin Ratio Rank: 47

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.

CARY vs. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.

	CARY	CAAA	Difference
Sharpe ratio: Return per unit of total volatility	3.96	1.73	+2.23
Sortino ratio: Return per unit of downside risk	6.28	2.62	+3.65
Omega ratio: Gain probability vs. loss probability	1.89	1.32	+0.57
Calmar ratio: Return relative to maximum drawdown	5.45	2.55	+2.91
Martin ratio: Return relative to average drawdown	23.64	7.88	+15.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CARY vs. CAAA - Sharpe Ratio Comparison

The current CARY Sharpe Ratio is 3.96, which is higher than the CAAA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CARY and CAAA, 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

	CARY	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	1.73	+2.23
Sharpe Ratio (All Time) Calculated using the full available price history	2.65	1.83	+0.81

Drawdowns

CARY vs. CAAA - Drawdown Comparison

The maximum CARY drawdown since its inception was -1.96%, smaller than the maximum CAAA drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for CARY and CAAA.

Drawdown Indicators

	CARY	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-2.24%	+0.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-2.08%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	—	—
Current Drawdown Current decline from peak	-0.14%	-1.04%	+0.90%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.56%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.67%	-0.38%

Volatility

CARY vs. CAAA - Volatility Comparison

The current volatility for Angel Oak Income ETF (CARY) is 0.56%, while First Trust Commercial Mortgage Opportunities ETF (CAAA) has a volatility of 1.04%. This indicates that CARY experiences smaller price fluctuations and is considered to be less risky than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARY	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	1.04%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	2.16%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	1.76%	3.07%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.74%	3.21%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	3.21%	-0.47%

CARY vs. CAAA - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than CAAA's 0.55% expense ratio.

Dividends

CARY vs. CAAA - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 5.93%, more than CAAA's 5.30% yield.

Position	TTM	2025	2024	2023	2022
CAAA First Trust Commercial Mortgage Opportunities ETF	5.30%	6.09%	4.01%	0.00%	0.00%
CARY Angel Oak Income ETF	5.93%	6.13%	6.10%	6.38%	0.48%

Frequently Asked Questions

Can I hold both CARY and CAAA in my portfolio?

CARY and CAAA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARY or CAAA?

CAAA has higher volatility (1.04%) compared to CARY (0.56%). In terms of maximum drawdown, CARY dropped -1.96% vs CAAA's -2.24%.

Which ETF is better, CARY or CAAA?

On 1-year performance, CARY leads with 6.94% vs 5.28% for CAAA. On fees, CAAA is cheaper at 0.55% per year. On volatility, CARY has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARY or CAAA?

Over the 1-year period, CARY has performed better with a 6.94% return vs 5.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARY or CAAA?

CAAA is cheaper with a 0.55% expense ratio, compared with 0.80% for CARY.

Which ETF pays a higher dividend yield, CARY or CAAA?

CARY has the higher dividend yield at 5.93%, compared with 5.30% for CAAA.

What is the main difference between CARY and CAAA?

CARY is categorized as Multisector Bonds, while CAAA is Intermediate Core-Plus Bond. They also come from different issuers: Angel Oak and First Trust. Their fees differ too: 0.80% for CARY and 0.55% for CAAA.

Which has better risk-adjusted returns?

CARY currently has the higher Sharpe Ratio (3.96 vs 1.73), 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.