IRVH vs. CARY

Last updated Jun 23, 2026

IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and CARY (Angel Oak Income ETF) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while CARY is a Multisector Bonds fund actively managed by Angel Oak. Both are actively managed. Over the past 3 years, IRVH returned 0.01%/yr vs 7.33%/yr for CARY. At a 0.39 correlation, their price movements are largely independent. IRVH charges 0.50%/yr vs 0.80%/yr for CARY.

Performance

IRVH vs. CARY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) and Angel Oak Income ETF (CARY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IRVH achieves a -4.36% return, which is significantly lower than CARY's 2.01% return.

IRVH

• 1D: -0.36%
• 1M: -1.18%
• YTD: -4.36%
• 6M: -4.00%
• 1Y: -2.13%
• 3Y*: 0.01%
• 5Y*: —
• 10Y*: —

CARY

• 1D: -0.10%
• 1M: 0.49%
• YTD: 2.01%
• 6M: 2.08%
• 1Y: 6.45%
• 3Y*: 7.33%
• 5Y*: —
• 10Y*: —

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

IRVH vs. CARY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	-4.36%	7.71%	-5.49%	0.83%	2.57%
CARY Angel Oak Income ETF	2.01%	7.54%	6.93%	8.70%	0.58%

Correlation

The correlation between IRVH and CARY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 8, 2022	0.39

Return for Risk

IRVH vs. CARY — Risk / Return Rank

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

IRVH

IRVH Risk / Return Rank: 5
IRVH Sharpe Ratio Rank: 5
IRVH Sortino Ratio Rank: 5
IRVH Omega Ratio Rank: 5
IRVH Calmar Ratio Rank: 6
IRVH Martin Ratio Rank: 5

CARY

CARY Risk / Return Rank: 94
CARY Sharpe Ratio Rank: 95
CARY Sortino Ratio Rank: 96
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 89
CARY Martin Ratio Rank: 92

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.

IRVH vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) and Angel Oak Income ETF (CARY). 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.

	IRVH	CARY	Difference
Sharpe ratio: Return per unit of total volatility	-0.44	3.59	-4.03
Sortino ratio: Return per unit of downside risk	-0.59	5.60	-6.18
Omega ratio: Gain probability vs. loss probability	0.93	1.79	-0.85
Calmar ratio: Return relative to maximum drawdown	-0.36	5.07	-5.42
Martin ratio: Return relative to average drawdown	-0.82	21.83	-22.65

IRVH vs. CARY - Sharpe Ratio Comparison

The current IRVH Sharpe Ratio is -0.44, which is lower than the CARY Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of IRVH and CARY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IRVH vs. CARY - Drawdown Comparison

The maximum IRVH drawdown since its inception was -14.98%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for IRVH and CARY.

Drawdown Indicators

	IRVH	CARY	Difference
Max Drawdown Largest peak-to-trough decline	-14.98%	-1.96%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.96%	-1.28%	-4.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.03%	-1.96%	-6.07%
Current Drawdown Current decline from peak	-11.28%	-0.19%	-11.09%
Average Drawdown Average peak-to-trough decline	-9.72%	-0.32%	-9.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	0.30%	+2.30%

Volatility

IRVH vs. CARY - Volatility Comparison

Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) has a higher volatility of 1.09% compared to Angel Oak Income ETF (CARY) at 0.62%. This indicates that IRVH's price experiences larger fluctuations and is considered to be riskier than CARY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IRVH	CARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.62%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	3.35%	1.40%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	1.81%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.80%	2.73%	+6.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.80%	2.73%	+6.07%

IRVH vs. CARY - Expense Ratio Comparison

IRVH has a 0.50% expense ratio, which is lower than CARY's 0.80% expense ratio.

Dividends

IRVH vs. CARY - Dividend Comparison

IRVH's dividend yield for the trailing twelve months is around 5.62%, less than CARY's 5.92% yield.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.92%	6.13%	6.10%	6.38%	0.48%
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF	5.62%	4.89%	3.34%	3.69%	2.73%

Frequently Asked Questions

Can I hold both IRVH and CARY in my portfolio?

IRVH and CARY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IRVH or CARY?

IRVH has higher volatility (1.09%) compared to CARY (0.62%). In terms of maximum drawdown, IRVH dropped -14.98% vs CARY's -1.96%.

Which ETF is better, IRVH or CARY?

On 3-year performance, CARY leads with 7.33% vs 0.01% for IRVH. On fees, IRVH is cheaper at 0.50% per year. On volatility, CARY has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IRVH or CARY?

Over the 3-year period, CARY has performed better with a 7.33% return vs 0.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IRVH or CARY?

IRVH is cheaper with a 0.50% expense ratio, compared with 0.80% for CARY.

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

CARY has the higher dividend yield at 5.92%, compared with 5.62% for IRVH.

What is the main difference between IRVH and CARY?

IRVH is categorized as Inflation-Protected Bonds, while CARY is Multisector Bonds. They also come from different issuers: Global X and Angel Oak. Their fees differ too: 0.50% for IRVH and 0.80% for CARY.

Which has better risk-adjusted returns?

CARY currently has the higher Sharpe Ratio (3.59 vs -0.44), 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.