CARY vs. MBS

Last updated Apr 1, 2026

Compare and contrast key facts about Angel Oak Income ETF (CARY) and Angel Oak Mortgage-Backed Securities ETF (MBS).

CARY and MBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CARY is an actively managed fund by Angel Oak. It was launched on Nov 7, 2022. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021.

Performance

CARY vs. MBS - Performance Comparison

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

CARY vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARY Angel Oak Income ETF	0.97%	7.54%	-0.74%
MBS Angel Oak Mortgage-Backed Securities ETF	0.29%	8.13%	0.09%

Returns By Period

In the year-to-date period, CARY achieves a 0.97% return, which is significantly higher than MBS's 0.29% return.

CARY

• 1D: 0.36%
• 1M: -0.81%
• YTD: 0.97%
• 6M: 2.36%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBS

• 1D: -0.09%
• 1M: -1.73%
• YTD: 0.29%
• 6M: 1.91%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARY vs. MBS - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than MBS's 0.49% expense ratio.

CARY

Angel Oak Income ETF

MBS

Angel Oak Mortgage-Backed Securities ETF

Return for Risk

CARY vs. MBS — Risk / Return Rank

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

CARY

CARY Risk / Return Rank: 97
CARY Sharpe Ratio Rank: 98
CARY Sortino Ratio Rank: 98
CARY Omega Ratio Rank: 98
CARY Calmar Ratio Rank: 97
CARY Martin Ratio Rank: 97

MBS

MBS Risk / Return Rank: 77
MBS Sharpe Ratio Rank: 80
MBS Sortino Ratio Rank: 80
MBS Omega Ratio Rank: 76
MBS Calmar Ratio Rank: 82
MBS Martin Ratio Rank: 66

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. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) 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.

	CARY	MBS	Difference
Sharpe ratio Return per unit of total volatility	3.09	1.51	+1.58
Sortino ratio Return per unit of downside risk	4.52	2.06	+2.46
Omega ratio Gain probability vs. loss probability	1.67	1.29	+0.39
Calmar ratio Return relative to maximum drawdown	5.08	2.36	+2.72
Martin ratio Return relative to average drawdown	19.05	6.59	+12.46
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. MBS - Sharpe Ratio Comparison

The current CARY Sharpe Ratio is 3.09, which is higher than the MBS Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of CARY and MBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CARY	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.09	1.51	+1.58
Sharpe Ratio (All Time) Calculated using the full available price history	2.83	1.66	+1.17

Correlation

The correlation between CARY and MBS is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CARY vs. MBS - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 6.07%, more than MBS's 5.47% yield.

	TTM	2025	2024
CARY Angel Oak Income ETF	6.07%	6.13%	0.42%
MBS Angel Oak Mortgage-Backed Securities ETF	5.47%	5.28%	4.52%

Drawdowns

CARY vs. MBS - Drawdown Comparison

The maximum CARY drawdown since its inception was -1.28%, smaller than the maximum MBS drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for CARY and MBS.

Drawdown Indicators

	CARY	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-4.09%	+2.81%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-2.54%	+1.26%
Current Drawdown Current decline from peak	-0.83%	-1.79%	+0.96%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.99%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.91%	-0.57%

Volatility

CARY vs. MBS - Volatility Comparison

The current volatility for Angel Oak Income ETF (CARY) is 0.89%, while Angel Oak Mortgage-Backed Securities ETF (MBS) has a volatility of 1.01%. This indicates that CARY experiences smaller price fluctuations and is considered to be less risky than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARY	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.01%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.27%	2.02%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	3.62%	-1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.18%	4.08%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.18%	4.08%	-1.90%