GTO vs. MBS

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Total Return Bond ETF (GTO) and Angel Oak Mortgage-Backed Securities ETF (MBS).

GTO and MBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GTO is an actively managed fund by Invesco. It was launched on Feb 10, 2016. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021.

Performance

GTO vs. MBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Total Return Bond ETF (GTO) and Angel Oak Mortgage-Backed Securities ETF (MBS). The values are adjusted to include any dividend payments, if applicable.

GTO vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GTO Invesco Total Return Bond ETF	-0.10%	7.17%	3.84%
MBS Angel Oak Mortgage-Backed Securities ETF	0.29%	8.13%	5.78%

Returns By Period

In the year-to-date period, GTO achieves a -0.10% return, which is significantly lower than MBS's 0.29% return.

GTO

• 1D: 0.30%
• 1M: -1.96%
• YTD: -0.10%
• 6M: 0.92%
• 1Y: 4.65%
• 3Y*: 4.30%
• 5Y*: 0.16%
• 10Y*: 3.02%

MBS

• 1D: -0.09%
• 1M: -1.73%
• YTD: 0.29%
• 6M: 1.91%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GTO vs. MBS - Expense Ratio Comparison

GTO has a 0.35% expense ratio, which is lower than MBS's 0.49% expense ratio.

MBS

Angel Oak Mortgage-Backed Securities ETF

GTO

Invesco Total Return Bond ETF

Return for Risk

GTO vs. MBS — Risk / Return Rank

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

GTO

GTO Risk / Return Rank: 61
GTO Sharpe Ratio Rank: 66
GTO Sortino Ratio Rank: 63
GTO Omega Ratio Rank: 58
GTO Calmar Ratio Rank: 67
GTO Martin Ratio Rank: 53

MBS

MBS Risk / Return Rank: 77
MBS Sharpe Ratio Rank: 80
MBS Sortino Ratio Rank: 80
MBS Omega Ratio Rank: 76
MBS Calmar Ratio Rank: 82
MBS Martin Ratio Rank: 66

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.

GTO vs. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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.

	GTO	MBS	Difference
Sharpe ratio Return per unit of total volatility	1.16	1.51	-0.35
Sortino ratio Return per unit of downside risk	1.58	2.06	-0.48
Omega ratio Gain probability vs. loss probability	1.21	1.29	-0.07
Calmar ratio Return relative to maximum drawdown	1.68	2.36	-0.68
Martin ratio Return relative to average drawdown	5.09	6.59	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTO vs. MBS - Sharpe Ratio Comparison

The current GTO Sharpe Ratio is 1.16, which is comparable to the MBS Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of GTO and MBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GTO	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.51	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.66	-1.14

Correlation

The correlation between GTO and MBS is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GTO vs. MBS - Dividend Comparison

GTO's dividend yield for the trailing twelve months is around 4.78%, less than MBS's 5.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GTO Invesco Total Return Bond ETF	4.78%	4.70%	4.42%	4.05%	3.47%	1.93%	4.04%	2.97%	5.25%	2.81%	2.57%
MBS Angel Oak Mortgage-Backed Securities ETF	5.47%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GTO vs. MBS - Drawdown Comparison

The maximum GTO drawdown since its inception was -20.61%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for GTO and MBS.

Drawdown Indicators

	GTO	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-4.09%	-16.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-2.54%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-20.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.61%	—	—
Current Drawdown Current decline from peak	-2.39%	-1.79%	-0.60%
Average Drawdown Average peak-to-trough decline	-4.85%	-0.99%	-3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.91%	+0.06%

Volatility

GTO vs. MBS - Volatility Comparison

Invesco Total Return Bond ETF (GTO) has a higher volatility of 1.58% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 1.01%. This indicates that GTO's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTO	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.01%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	2.02%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	3.62%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	4.08%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.57%	4.08%	+1.49%