MBS vs. CAAA

Last updated Apr 1, 2026

Compare and contrast key facts about Angel Oak Mortgage-Backed Securities ETF (MBS) and First Trust Commercial Mortgage Opportunities ETF (CAAA).

MBS and CAAA 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. CAAA is an actively managed fund by First Trust. It was launched on Feb 26, 2024.

Performance

MBS vs. CAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Mortgage-Backed Securities ETF (MBS) and First Trust Commercial Mortgage Opportunities ETF (CAAA). The values are adjusted to include any dividend payments, if applicable.

MBS vs. CAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	0.29%	8.13%	5.72%
CAAA First Trust Commercial Mortgage Opportunities ETF	0.17%	8.03%	4.65%

Returns By Period

In the year-to-date period, MBS achieves a 0.29% return, which is significantly higher than CAAA's 0.17% return.

MBS

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

CAAA

• 1D: 0.22%
• 1M: -1.28%
• YTD: 0.17%
• 6M: 1.67%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBS vs. CAAA - Expense Ratio Comparison

MBS has a 0.49% expense ratio, which is lower than CAAA's 0.55% expense ratio.

CAAA

First Trust Commercial Mortgage Opportunities ETF

MBS

Angel Oak Mortgage-Backed Securities ETF

Return for Risk

MBS vs. CAAA — Risk / Return Rank

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

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

CAAA

CAAA Risk / Return Rank: 85
CAAA Sharpe Ratio Rank: 84
CAAA Sortino Ratio Rank: 88
CAAA Omega Ratio Rank: 80
CAAA Calmar Ratio Rank: 87
CAAA Martin Ratio Rank: 84

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. CAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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	CAAA	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.68	-0.17
Sortino ratio Return per unit of downside risk	2.06	2.43	-0.37
Omega ratio Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio Return relative to maximum drawdown	2.36	2.75	-0.39
Martin ratio Return relative to average drawdown	6.59	9.74	-3.15
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. CAAA - Sharpe Ratio Comparison

The current MBS Sharpe Ratio is 1.51, which is comparable to the CAAA Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of MBS and CAAA, 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	CAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.68	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.91	-0.25

Correlation

The correlation between MBS and CAAA is 0.62, 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. CAAA - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.47%, less than CAAA's 5.68% yield.

	TTM	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	5.47%	5.28%	4.52%
CAAA First Trust Commercial Mortgage Opportunities ETF	5.68%	6.09%	4.01%

Drawdowns

MBS vs. CAAA - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for MBS and CAAA.

Drawdown Indicators

	MBS	CAAA	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-2.24%	-1.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.54%	-2.08%	-0.46%
Current Drawdown Current decline from peak	-1.79%	-1.42%	-0.37%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.52%	-0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.59%	+0.32%

Volatility

MBS vs. CAAA - Volatility Comparison

The current volatility for Angel Oak Mortgage-Backed Securities ETF (MBS) is 1.01%, while First Trust Commercial Mortgage Opportunities ETF (CAAA) has a volatility of 1.20%. This indicates that MBS experiences smaller price fluctuations and is considered to be less risky than CAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBS	CAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.20%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.02%	2.20%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	3.34%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.08%	3.23%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.08%	3.23%	+0.85%