MBS vs. BNDI

Last updated Apr 2, 2026

Compare and contrast key facts about Angel Oak Mortgage-Backed Securities ETF (MBS) and Neos Enhanced Income Aggregate Bond ETF (BNDI).

MBS and BNDI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021. BNDI is an actively managed fund by Neos. It was launched on Aug 29, 2022.

Performance

MBS vs. BNDI - Performance Comparison

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

MBS vs. BNDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	0.52%	8.13%	5.78%
BNDI Neos Enhanced Income Aggregate Bond ETF	0.61%	7.95%	3.53%

Returns By Period

In the year-to-date period, MBS achieves a 0.52% return, which is significantly lower than BNDI's 0.61% return.

MBS

• 1D: 0.23%
• 1M: -1.56%
• YTD: 0.52%
• 6M: 1.97%
• 1Y: 5.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDI

• 1D: -0.07%
• 1M: -1.16%
• YTD: 0.61%
• 6M: 1.70%
• 1Y: 5.79%
• 3Y*: 4.37%
• 5Y*: —
• 10Y*: —

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

MBS vs. BNDI - Expense Ratio Comparison

MBS has a 0.49% expense ratio, which is lower than BNDI's 0.58% expense ratio.

BNDI

Neos Enhanced Income Aggregate Bond ETF

MBS

Angel Oak Mortgage-Backed Securities ETF

Return for Risk

MBS vs. BNDI — Risk / Return Rank

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

MBS

MBS Risk / Return Rank: 74
MBS Sharpe Ratio Rank: 81
MBS Sortino Ratio Rank: 81
MBS Omega Ratio Rank: 77
MBS Calmar Ratio Rank: 76
MBS Martin Ratio Rank: 58

BNDI

BNDI Risk / Return Rank: 63
BNDI Sharpe Ratio Rank: 65
BNDI Sortino Ratio Rank: 63
BNDI Omega Ratio Rank: 57
BNDI Calmar Ratio Rank: 66
BNDI Martin Ratio Rank: 64

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.

MBS vs. BNDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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.

	MBS	BNDI	Difference
Sharpe ratio Return per unit of total volatility	1.61	1.19	+0.42
Sortino ratio Return per unit of downside risk	2.19	1.67	+0.53
Omega ratio Gain probability vs. loss probability	1.31	1.22	+0.09
Calmar ratio Return relative to maximum drawdown	2.21	1.78	+0.43
Martin ratio Return relative to average drawdown	6.13	6.74	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBS vs. BNDI - Sharpe Ratio Comparison

The current MBS Sharpe Ratio is 1.61, which is higher than the BNDI Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of MBS and BNDI, 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

	MBS	BNDI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.19	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.64	+1.04

Correlation

The correlation between MBS and BNDI is 0.64, 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

MBS vs. BNDI - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.46%, less than BNDI's 5.74% yield.

	TTM	2025	2024	2023	2022
MBS Angel Oak Mortgage-Backed Securities ETF	5.46%	5.28%	4.52%	0.00%	0.00%
BNDI Neos Enhanced Income Aggregate Bond ETF	5.74%	5.69%	5.54%	5.17%	1.68%

Drawdowns

MBS vs. BNDI - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, smaller than the maximum BNDI drawdown of -6.98%. Use the drawdown chart below to compare losses from any high point for MBS and BNDI.

Drawdown Indicators

	MBS	BNDI	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-6.98%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-3.37%	+0.83%
Current Drawdown Current decline from peak	-1.56%	-1.51%	-0.05%
Average Drawdown Average peak-to-trough decline	-1.00%	-1.75%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.89%	+0.02%

Volatility

MBS vs. BNDI - Volatility Comparison

The current volatility for Angel Oak Mortgage-Backed Securities ETF (MBS) is 1.03%, while Neos Enhanced Income Aggregate Bond ETF (BNDI) has a volatility of 2.06%. This indicates that MBS experiences smaller price fluctuations and is considered to be less risky than BNDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBS	BNDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	2.06%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	2.85%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.58%	4.89%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.08%	6.27%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.08%	6.27%	-2.19%