MBS vs. BNDP

Last updated Jun 4, 2026

MBS (Angel Oak Mortgage-Backed Securities ETF) and BNDP (Vanguard Core-Plus Bond Index ETF) are both Intermediate Core-Plus Bond funds. MBS is actively managed, while BNDP is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. MBS charges 0.49%/yr vs 0.05%/yr for BNDP.

Performance

MBS vs. BNDP - Performance Comparison

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

Returns By Period

In the year-to-date period, MBS achieves a 0.62% return, which is significantly higher than BNDP's 0.34% return.

MBS

• 1D: -0.29%
• 1M: -0.22%
• YTD: 0.62%
• 6M: 0.84%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BNDP

• 1D: -0.08%
• 1M: 0.41%
• YTD: 0.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBS vs. BNDP - Yearly Performance Comparison

	2026 (YTD)	2025
MBS Angel Oak Mortgage-Backed Securities ETF	0.62%	0.28%
BNDP Vanguard Core-Plus Bond Index ETF	0.34%	0.10%

Correlation

The correlation between MBS and BNDP is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 5, 2025	0.69

Return for Risk

MBS vs. BNDP — Risk / Return Rank

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

MBS

MBS Risk / Return Rank: 69
MBS Sharpe Ratio Rank: 72
MBS Sortino Ratio Rank: 79
MBS Omega Ratio Rank: 75
MBS Calmar Ratio Rank: 64
MBS Martin Ratio Rank: 57

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. BNDP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and Vanguard Core-Plus Bond Index ETF (BNDP). 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	BNDP	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	3.54	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.14	—	—
Martin ratio: Return relative to average drawdown	9.89	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MBS	BNDP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.25	+1.35

Drawdowns

MBS vs. BNDP - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, which is greater than BNDP's maximum drawdown of -2.60%. Use the drawdown chart below to compare losses from any high point for MBS and BNDP.

Drawdown Indicators

	MBS	BNDP	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-2.60%	-1.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	—	—
Current Drawdown Current decline from peak	-1.46%	-1.31%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.86%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	—	—

Volatility

Volatility by Period

	MBS	BNDP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	3.63%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	3.63%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	3.63%	+0.36%

MBS vs. BNDP - Expense Ratio Comparison

MBS has a 0.49% expense ratio, which is higher than BNDP's 0.05% expense ratio.

Dividends

MBS vs. BNDP - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.61%, more than BNDP's 2.08% yield.

Position	TTM	2025	2024
BNDP Vanguard Core-Plus Bond Index ETF	2.08%	0.24%	0.00%
MBS Angel Oak Mortgage-Backed Securities ETF	5.61%	5.28%	4.52%

Frequently Asked Questions

Can I hold both MBS and BNDP in my portfolio?

MBS and BNDP have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBS or BNDP?

On fees, BNDP is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MBS or BNDP?

BNDP is cheaper with a 0.05% expense ratio, compared with 0.49% for MBS.

Which ETF pays a higher dividend yield, MBS or BNDP?

MBS has the higher dividend yield at 5.61%, compared with 2.08% for BNDP.

What is the main difference between MBS and BNDP?

They also come from different issuers: Angel Oak and Vanguard. Their fees differ too: 0.49% for MBS and 0.05% for BNDP.