CARY vs. UYLD

Last updated Jun 4, 2026

CARY (Angel Oak Income ETF) and UYLD (Angel Oak Ultrashort Income ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while UYLD is a Ultrashort Bond fund actively managed by Angel Oak. Both are actively managed. Over the past 3 years, CARY returned 7.35%/yr vs 5.89%/yr for UYLD. At a 0.37 correlation, their price movements are largely independent. CARY charges 0.80%/yr vs 0.29%/yr for UYLD.

Performance

CARY vs. UYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Income ETF (CARY) and Angel Oak Ultrashort Income ETF (UYLD). 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 lower than UYLD's 1.91% return.

CARY

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

UYLD

• 1D: -0.01%
• 1M: 0.67%
• YTD: 1.91%
• 6M: 2.37%
• 1Y: 5.18%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

CARY vs. UYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CARY Angel Oak Income ETF	1.74%	7.54%	6.93%	8.70%	0.70%
UYLD Angel Oak Ultrashort Income ETF	1.91%	5.36%	6.10%	6.90%	0.87%

Correlation

The correlation between CARY and UYLD is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	0.37

The correlation between CARY and UYLD shifts across timeframes, from 0.36 (3 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CARY vs. UYLD — 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

UYLD

UYLD Risk / Return Rank: 99
UYLD Sharpe Ratio Rank: 99
UYLD Sortino Ratio Rank: 99
UYLD Omega Ratio Rank: 99
UYLD Calmar Ratio Rank: 99
UYLD Martin Ratio Rank: 99

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. UYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and Angel Oak Ultrashort Income ETF (UYLD). 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	UYLD	Difference
Sharpe ratio: Return per unit of total volatility	3.96	8.00	-4.04
Sortino ratio: Return per unit of downside risk	6.28	21.91	-15.63
Omega ratio: Gain probability vs. loss probability	1.89	4.35	-2.45
Calmar ratio: Return relative to maximum drawdown	5.45	38.06	-32.61
Martin ratio: Return relative to average drawdown	23.64	225.76	-202.12
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. UYLD - Sharpe Ratio Comparison

The current CARY Sharpe Ratio is 3.96, which is lower than the UYLD Sharpe Ratio of 8.00. The chart below compares the historical Sharpe Ratios of CARY and UYLD, 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	UYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	8.00	-4.04
Sharpe Ratio (All Time) Calculated using the full available price history	2.65	5.98	-3.34

Drawdowns

CARY vs. UYLD - Drawdown Comparison

The maximum CARY drawdown since its inception was -1.96%, which is greater than UYLD's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for CARY and UYLD.

Drawdown Indicators

	CARY	UYLD	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-0.54%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-0.14%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	-0.54%	-1.42%
Current Drawdown Current decline from peak	-0.14%	-0.01%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.03%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.02%	+0.27%

Volatility

CARY vs. UYLD - Volatility Comparison

Angel Oak Income ETF (CARY) has a higher volatility of 0.56% compared to Angel Oak Ultrashort Income ETF (UYLD) at 0.38%. This indicates that CARY's price experiences larger fluctuations and is considered to be riskier than UYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARY	UYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	0.38%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	0.50%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	1.76%	0.65%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.74%	1.00%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.74%	1.00%	+1.74%

CARY vs. UYLD - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than UYLD's 0.29% expense ratio.

Dividends

CARY vs. UYLD - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 5.93%, more than UYLD's 5.03% yield.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.93%	6.13%	6.10%	6.38%	0.48%
UYLD Angel Oak Ultrashort Income ETF	5.03%	5.07%	4.97%	5.92%	0.75%

Frequently Asked Questions

Can I hold both CARY and UYLD in my portfolio?

CARY and UYLD have a correlation of 0.52, 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 UYLD?

CARY has higher volatility (0.56%) compared to UYLD (0.38%). In terms of maximum drawdown, CARY dropped -1.96% vs UYLD's -0.54%.

Which ETF is better, CARY or UYLD?

On 3-year performance, CARY leads with 7.35% vs 5.89% for UYLD. On fees, UYLD is cheaper at 0.29% per year. On volatility, UYLD has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARY or UYLD?

Over the 3-year period, CARY has performed better with a 7.35% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARY or UYLD?

UYLD is cheaper with a 0.29% expense ratio, compared with 0.80% for CARY.

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

CARY has the higher dividend yield at 5.93%, compared with 5.03% for UYLD.

What is the main difference between CARY and UYLD?

CARY is categorized as Multisector Bonds, while UYLD is Ultrashort Bond. Their fees differ too: 0.80% for CARY and 0.29% for UYLD.

Which has better risk-adjusted returns?

UYLD currently has the higher Sharpe Ratio (8.00 vs 3.96), 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.