CARY vs. VRIG

Last updated Jun 9, 2026

CARY (Angel Oak Income ETF) and VRIG (Invesco Variable Rate Investment Grade ETF) are both exchange-traded funds - CARY is a Multisector Bonds fund actively managed by Angel Oak, while VRIG is a Ultrashort Bond fund actively managed by Invesco. Both are actively managed. Over the past 3 years, CARY returned 7.26%/yr vs 5.96%/yr for VRIG. At a correlation of -0.00, they often move in opposite directions. CARY charges 0.80%/yr vs 0.30%/yr for VRIG.

Performance

CARY vs. VRIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Income ETF (CARY) and Invesco Variable Rate Investment Grade ETF (VRIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CARY achieves a 1.60% return, which is significantly lower than VRIG's 1.87% return.

CARY

• 1D: 0.00%
• 1M: -0.18%
• YTD: 1.60%
• 6M: 2.15%
• 1Y: 6.71%
• 3Y*: 7.26%
• 5Y*: —
• 10Y*: —

VRIG

• 1D: 0.04%
• 1M: 0.39%
• YTD: 1.87%
• 6M: 2.24%
• 1Y: 4.97%
• 3Y*: 5.96%
• 5Y*: 4.44%
• 10Y*: —

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

CARY vs. VRIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CARY Angel Oak Income ETF	1.60%	7.54%	6.93%	8.70%	0.70%
VRIG Invesco Variable Rate Investment Grade ETF	1.87%	5.05%	6.81%	7.37%	1.41%

Correlation

The correlation between CARY and VRIG is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022	-0.00

CARY vs. VRIG - Sectors Allocation Comparison

Sectors	CARY	VRIG
Basic Materials	100.0%	0.8%
Financial Services	1.0%	23.3%
Communication Services	-	-
Consumer Cyclical	-	3.0%
Consumer Defensive	-	0.7%
Energy	-	-
Healthcare	-	-
Industrials	-	0.0%
Real Estate	-	0.3%
Technology	-	0.4%
Utilities	-	0.1%

Return for Risk

CARY vs. VRIG — 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: 97
CARY Calmar Ratio Rank: 91
CARY Martin Ratio Rank: 93

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 99
VRIG 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. VRIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Income ETF (CARY) and Invesco Variable Rate Investment Grade ETF (VRIG). 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	VRIG	Difference
Sharpe ratio: Return per unit of total volatility	3.79	10.08	-6.29
Sortino ratio: Return per unit of downside risk	5.94	24.37	-18.43
Omega ratio: Gain probability vs. loss probability	1.85	5.29	-3.44
Calmar ratio: Return relative to maximum drawdown	5.27	62.49	-57.21
Martin ratio: Return relative to average drawdown	22.77	318.26	-295.49
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. VRIG - Sharpe Ratio Comparison

The current CARY Sharpe Ratio is 3.79, which is lower than the VRIG Sharpe Ratio of 10.08. The chart below compares the historical Sharpe Ratios of CARY and VRIG, 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	VRIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	10.08	-6.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	3.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.62	0.91	+1.71

Drawdowns

CARY vs. VRIG - Drawdown Comparison

The maximum CARY drawdown since its inception was -1.96%, smaller than the maximum VRIG drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for CARY and VRIG.

Drawdown Indicators

	CARY	VRIG	Difference
Max Drawdown Largest peak-to-trough decline	-1.96%	-13.04%	+11.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.28%	-0.08%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-1.96%	-0.78%	-1.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.28%	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.27%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.02%	+0.28%

Volatility

CARY vs. VRIG - Volatility Comparison

Angel Oak Income ETF (CARY) has a higher volatility of 0.61% compared to Invesco Variable Rate Investment Grade ETF (VRIG) at 0.11%. This indicates that CARY's price experiences larger fluctuations and is considered to be riskier than VRIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARY	VRIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.11%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	0.36%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	1.78%	0.50%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	1.29%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.73%	3.80%	-1.07%

CARY vs. VRIG - Expense Ratio Comparison

CARY has a 0.80% expense ratio, which is higher than VRIG's 0.30% expense ratio.

Dividends

CARY vs. VRIG - Dividend Comparison

CARY's dividend yield for the trailing twelve months is around 5.94%, more than VRIG's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CARY Angel Oak Income ETF	5.94%	6.13%	6.10%	6.38%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRIG Invesco Variable Rate Investment Grade ETF	4.79%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%

Frequently Asked Questions

Can I hold both CARY and VRIG in my portfolio?

CARY and VRIG have a correlation of 0.00, 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 VRIG?

CARY has higher volatility (0.61%) compared to VRIG (0.11%). In terms of maximum drawdown, CARY dropped -1.96% vs VRIG's -13.04%.

Which ETF is better, CARY or VRIG?

On 3-year performance, CARY leads with 7.26% vs 5.96% for VRIG. On fees, VRIG is cheaper at 0.30% per year. On volatility, VRIG has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARY or VRIG?

Over the 3-year period, CARY has performed better with a 7.26% return vs 5.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARY or VRIG?

VRIG is cheaper with a 0.30% expense ratio, compared with 0.80% for CARY.

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

CARY has the higher dividend yield at 5.94%, compared with 4.79% for VRIG.

What is the main difference between CARY and VRIG?

CARY is categorized as Multisector Bonds, while VRIG is Ultrashort Bond. They also come from different issuers: Angel Oak and Invesco. Their fees differ too: 0.80% for CARY and 0.30% for VRIG.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.08 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.