CBON vs. ANGL
CBON (VanEck Vectors ChinaAMC China Bond ETF) and ANGL (VanEck Fallen Angel High Yield Bond ETF) are both exchange-traded funds - CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index, while ANGL is a High Yield Bonds fund tracking the ICE US Fallen Angel High Yield 10% Constrained Index. Both are passively managed. Over the past 10 years, CBON returned 2.94%/yr vs 5.85%/yr for ANGL. Their 0.18 correlation means their historical movements had little consistent relationship. CBON charges 0.50%/yr vs 0.25%/yr for ANGL.
Performance
CBON vs. ANGL - Performance Comparison
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Returns By Period
In the year-to-date period, CBON achieves a 5.60% return, which is significantly higher than ANGL's 1.76% return. Over the past 10 years, CBON has underperformed ANGL with an annualized return of 2.94%, while ANGL has yielded a comparatively higher 5.85% annualized return.
CBON
- 1D
- -0.01%
- 1M
- 0.21%
- 6M
- 4.91%
- YTD
- 5.60%
- 1Y
- 9.19%
- 3Y*
- 5.03%
- 5Y*
- 2.07%
- 10Y*
- 2.94%
- ALL TIME*
- 2.46%
ANGL
- 1D
- -0.03%
- 1M
- -0.82%
- 6M
- 0.99%
- YTD
- 1.76%
- 1Y
- 5.94%
- 3Y*
- 7.84%
- 5Y*
- 2.87%
- 10Y*
- 5.85%
- ALL TIME*
- 6.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.07M | $20.69M | $19.68M | |
| $134.57K | $162.86K | $181.24K |
CBON vs. ANGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.60% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
ANGL VanEck Fallen Angel High Yield Bond ETF | 1.76% | 9.04% | 6.06% | 12.52% | -14.26% | 6.84% | 13.20% | 18.06% | -5.84% | 9.71% |
Correlation
The correlation between CBON and ANGL is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.18 |
The correlation between CBON and ANGL shifts across timeframes, from 0.18 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBON vs. ANGL — Risk / Return Rank
CBON
ANGL
CBON vs. ANGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) and VanEck Fallen Angel High Yield Bond ETF (ANGL). 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.
| CBON | ANGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.26 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 7.18 | 1.44 | +5.73 |
| Martin ratioReturn relative to average drawdown | 27.79 | 5.94 | +21.85 |
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Drawdowns
CBON vs. ANGL - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum ANGL drawdown of -29.31%. Use the drawdown chart below to compare losses from any high point for CBON and ANGL.
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Drawdown Indicators
| CBON | ANGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -29.31% | +15.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -4.05% | +2.71% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -5.48% | +0.92% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -19.25% | +5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -29.31% | +15.18% |
Current DrawdownCurrent decline from peak | -0.04% | -0.89% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -3.27% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.98% | -0.63% |
Volatility
CBON vs. ANGL - Volatility Comparison
VanEck Vectors ChinaAMC China Bond ETF (CBON) has a higher volatility of 1.22% compared to VanEck Fallen Angel High Yield Bond ETF (ANGL) at 0.91%. This indicates that CBON's price experiences larger fluctuations and is considered to be riskier than ANGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBON | ANGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 0.91% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 3.61% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 4.34% | -0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 7.63% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 9.23% | -3.69% |
CBON vs. ANGL - Expense Ratio Comparison
CBON has a 0.50% expense ratio, which is higher than ANGL's 0.25% expense ratio.
Dividends
CBON vs. ANGL - Dividend Comparison
CBON's dividend yield for the trailing twelve months is around 1.51%, less than ANGL's 6.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ANGL VanEck Fallen Angel High Yield Bond ETF | 5.95% | 6.20% | 6.29% | 5.27% | 4.72% | 3.90% | 4.67% | 5.19% | 5.99% | 5.25% | 5.34% | 5.81% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.37% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
Frequently Asked Questions
CBON and ANGL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBON has higher volatility (1.22%) compared to ANGL (0.91%). In terms of maximum drawdown, CBON dropped -14.13% vs ANGL's -29.31%.
On 10-year performance, ANGL leads with 5.85% vs 2.94% for CBON. On fees, ANGL is cheaper at 0.25% per year. On volatility, ANGL has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ANGL has performed better with a 5.85% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ANGL is cheaper with a 0.25% expense ratio, compared with 0.50% for CBON.
ANGL has the higher dividend yield at 5.95%, compared with 1.37% for CBON.
CBON is categorized as Emerging Markets Bonds, while ANGL is High Yield Bonds. CBON tracks ChinaBond China High Quality Bond Index, while ANGL tracks ICE US Fallen Angel High Yield 10% Constrained Index. Their fees differ too: 0.50% for CBON and 0.25% for ANGL.
CBON currently has the higher Sharpe Ratio (2.68 vs 1.35), 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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