CARY vs. PSQO

Last updated Jul 14, 2026

CARY (Angel Oak Income ETF) and PSQO (Palmer Square Credit Opportunities ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, CARY returned 5.88% vs 5.52% for PSQO. At a 0.13 correlation, their price movements are largely independent. CARY charges 0.80%/yr vs 0.52%/yr for PSQO.

Performance

CARY vs. PSQO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Income ETF (CARY) and Palmer Square Credit Opportunities ETF (PSQO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARY achieves a 2.06% return, which is significantly lower than PSQO's 2.20% return.

CARY

• 1D: -0.19%
• 1M: 0.05%
• 6M: 1.80%
• YTD: 2.06%
• 1Y: 5.88%
• 3Y*: 7.14%
• 5Y*: —
• 10Y*: —

PSQO

• 1D: -0.02%
• 1M: 0.44%
• 6M: 2.20%
• YTD: 2.20%
• 1Y: 5.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARY vs. PSQO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CARY Angel Oak Income ETF	2.06%	7.54%	-1.04%
PSQO Palmer Square Credit Opportunities ETF	2.20%	7.05%	1.96%

Correlation

The correlation between CARY and PSQO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.13

The correlation between CARY and PSQO shifts across timeframes, from 0.13 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CARY vs. PSQO — Risk / Return Rank

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

CARY

CARY Risk / Return Rank: 95
CARY Sharpe Ratio Rank: 96
CARY Sortino Ratio Rank: 97
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 91
CARY Martin Ratio Rank: 93

PSQO

PSQO Risk / Return Rank: 97
PSQO Sharpe Ratio Rank: 96
PSQO Sortino Ratio Rank: 97
PSQO Omega Ratio Rank: 97
PSQO Calmar Ratio Rank: 97
PSQO Martin Ratio Rank: 97

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. PSQO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and Palmer Square Credit Opportunities ETF (PSQO). 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.

	CARY	PSQO	Difference
Sharpe ratio: Return per unit of total volatility	3.29	3.42	-0.12
Sortino ratio: Return per unit of downside risk	5.01	5.93	-0.92
Omega ratio: Gain probability vs. loss probability	1.70	1.77	-0.07
Calmar ratio: Return relative to maximum drawdown	4.62	8.39	-3.77
Martin ratio: Return relative to average drawdown	19.81	33.78	-13.97

CARY vs. PSQO - Sharpe Ratio Comparison

The current CARY Sharpe Ratio is 3.29, which is comparable to the PSQO Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of CARY and PSQO, 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

CARY vs. PSQO - Drawdown Comparison

The maximum CARY drawdown since its inception was -1.96%, which is greater than PSQO's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for CARY and PSQO.

Drawdown Indicators

	CARY	PSQO	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-0.76%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-0.66%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	—	—
Current Drawdown Current decline from peak	-0.43%	-0.05%	-0.38%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.11%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.16%	+0.14%

Volatility

CARY vs. PSQO - Volatility Comparison

Angel Oak Income ETF (CARY) has a higher volatility of 0.64% compared to Palmer Square Credit Opportunities ETF (PSQO) at 0.59%. This indicates that CARY's price experiences larger fluctuations and is considered to be riskier than PSQO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARY	PSQO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.59%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.44%	1.29%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.80%	1.63%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.72%	1.99%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.72%	1.99%	+0.73%

CARY vs. PSQO - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than PSQO's 0.52% expense ratio.

Dividends

CARY vs. PSQO - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 5.96%, more than PSQO's 4.53% yield.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.96%	6.13%	6.10%	6.38%	0.48%
PSQO Palmer Square Credit Opportunities ETF	4.53%	4.45%	1.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CARY and PSQO in my portfolio?

CARY and PSQO have a correlation of 0.24, 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 PSQO?

CARY has higher volatility (0.64%) compared to PSQO (0.59%). In terms of maximum drawdown, CARY dropped -1.96% vs PSQO's -0.76%.

Which ETF is better, CARY or PSQO?

On 1-year performance, CARY leads with 5.88% vs 5.52% for PSQO. On fees, PSQO is cheaper at 0.52% 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, CARY or PSQO?

Over the 1-year period, CARY has performed better with a 5.88% return vs 5.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARY or PSQO?

PSQO is cheaper with a 0.52% expense ratio, compared with 0.80% for CARY.

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

CARY has the higher dividend yield at 5.96%, compared with 4.53% for PSQO.

What is the main difference between CARY and PSQO?

They also come from different issuers: Angel Oak and Palmer Square. Their fees differ too: 0.80% for CARY and 0.52% for PSQO.

Which has better risk-adjusted returns?

PSQO currently has the higher Sharpe Ratio (3.42 vs 3.29), 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.