CARY vs. SGOV
CARY (Angel Oak Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. CARY is actively managed, while SGOV is passively managed. Over the past 3 years, CARY returned 7.26%/yr vs 4.70%/yr for SGOV. At a 0.03 correlation, their price movements are largely independent. CARY charges 0.80%/yr vs 0.09%/yr for SGOV.
Performance
CARY vs. SGOV - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CARY having a 1.60% return and SGOV slightly lower at 1.56%.
CARY
- 1D
- 0.00%
- 1M
- -0.18%
- YTD
- 1.60%
- 6M
- 2.15%
- 1Y
- 6.71%
- 3Y*
- 7.26%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 3.95%
- 3Y*
- 4.70%
- 5Y*
- 3.55%
- 10Y*
- —
CARY vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 1.60% | 7.54% | 6.93% | 8.70% | 0.70% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.56% | 4.24% | 5.27% | 5.12% | 0.58% |
Correlation
The correlation between CARY and SGOV is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.03 |
The correlation between CARY and SGOV shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CARY vs. SGOV — Risk / Return Rank
CARY
SGOV
CARY vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.49 | ||
| Sortino ratioReturn per unit of downside risk | -269.75 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 195.55 | -193.71 |
| Calmar ratioReturn relative to maximum drawdown | 5.27 | 398.20 | -392.93 |
| Martin ratioReturn relative to average drawdown | 22.77 | 4,461.99 | -4,439.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CARY | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.79 | 20.28 | -16.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 14.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.62 | 12.50 | -9.88 |
Drawdowns
CARY vs. SGOV - Drawdown Comparison
The maximum CARY drawdown since its inception was -1.96%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CARY and SGOV.
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Drawdown Indicators
| CARY | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.96% | -0.03% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.28% | -0.01% | -1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -1.96% | -0.01% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -0.00% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.00% | +0.30% |
Volatility
CARY vs. SGOV - Volatility Comparison
Angel Oak Income ETF (CARY) has a higher volatility of 0.61% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that CARY's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CARY | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.06% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 0.13% | +1.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.78% | 0.20% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.73% | 0.24% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 0.24% | +2.49% |
CARY vs. SGOV - Expense Ratio Comparison
CARY has a 0.80% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
CARY vs. SGOV - Dividend Comparison
CARY's dividend yield for the trailing twelve months is around 5.94%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.94% | 6.13% | 6.10% | 6.38% | 0.48% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
CARY and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARY has higher volatility (0.61%) compared to SGOV (0.06%). In terms of maximum drawdown, CARY dropped -1.96% vs SGOV's -0.03%.
On 3-year performance, CARY leads with 7.26% vs 4.70% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CARY has performed better with a 7.26% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.80% for CARY.
CARY has the higher dividend yield at 5.94%, compared with 3.85% for SGOV.
CARY is categorized as Multisector Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: Angel Oak and iShares. Their fees differ too: 0.80% for CARY and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 3.79), 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.
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