MBS vs. DCMT

Last updated Jul 14, 2026

MBS (Angel Oak Mortgage-Backed Securities ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - MBS is a Intermediate Core-Plus Bond fund actively managed by Angel Oak, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, MBS returned 5.63% vs 28.33% for DCMT. At a correlation of -0.11, they often move in opposite directions. MBS charges 0.49%/yr vs 0.66%/yr for DCMT.

Performance

MBS vs. DCMT - Performance Comparison

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

Returns By Period

In the year-to-date period, MBS achieves a 0.91% return, which is significantly lower than DCMT's 25.74% return.

MBS

• 1D: -0.06%
• 1M: 0.05%
• 6M: 0.54%
• YTD: 0.91%
• 1Y: 5.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCMT

• 1D: 2.59%
• 1M: -0.52%
• 6M: 21.60%
• YTD: 25.74%
• 1Y: 28.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBS vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	0.91%	8.13%	5.84%
DCMT DoubleLine Commodity Strategy ETF	25.74%	6.04%	4.53%

Correlation

The correlation between MBS and DCMT is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 20, 2024	-0.11

Return for Risk

MBS vs. DCMT — 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: 87
MBS Omega Ratio Rank: 82
MBS Calmar Ratio Rank: 65
MBS Martin Ratio Rank: 54

DCMT

DCMT Risk / Return Rank: 51
DCMT Sharpe Ratio Rank: 57
DCMT Sortino Ratio Rank: 55
DCMT Omega Ratio Rank: 53
DCMT Calmar Ratio Rank: 44
DCMT Martin Ratio Rank: 49

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. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and DoubleLine Commodity Strategy ETF (DCMT). 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.

	MBS	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.52	+0.53
Sortino ratio: Return per unit of downside risk	3.11	2.11	+1.00
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	2.57	1.78	+0.79
Martin ratio: Return relative to average drawdown	7.30	6.45	+0.85

MBS vs. DCMT - Sharpe Ratio Comparison

The current MBS Sharpe Ratio is 2.05, which is higher than the DCMT Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of MBS and DCMT, 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

MBS vs. DCMT - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, smaller than the maximum DCMT drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for MBS and DCMT.

Drawdown Indicators

	MBS	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-15.96%	+11.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-15.96%	+13.76%
Current Drawdown Current decline from peak	-1.18%	-9.74%	+8.56%
Average Drawdown Average peak-to-trough decline	-1.02%	-3.51%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	4.40%	-3.63%

Volatility

MBS vs. DCMT - Volatility Comparison

The current volatility for Angel Oak Mortgage-Backed Securities ETF (MBS) is 0.79%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.10%. This indicates that MBS experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBS	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	6.10%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	16.86%	-14.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	18.80%	-16.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.94%	16.03%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.94%	16.03%	-12.09%

MBS vs. DCMT - Expense Ratio Comparison

MBS has a 0.49% expense ratio, which is lower than DCMT's 0.66% expense ratio.

Dividends

MBS vs. DCMT - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.67%, more than DCMT's 2.92% yield.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.92%	3.67%	1.59%
MBS Angel Oak Mortgage-Backed Securities ETF	5.67%	5.28%	4.52%

Frequently Asked Questions

Can I hold both MBS and DCMT in my portfolio?

MBS and DCMT have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBS or DCMT?

DCMT has higher volatility (6.10%) compared to MBS (0.79%). In terms of maximum drawdown, MBS dropped -4.09% vs DCMT's -15.96%.

Which ETF is better, MBS or DCMT?

On 1-year performance, DCMT leads with 28.33% vs 5.63% for MBS. On fees, MBS is cheaper at 0.49% per year. On volatility, MBS has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBS or DCMT?

Over the 1-year period, DCMT has performed better with a 28.33% return vs 5.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBS or DCMT?

MBS is cheaper with a 0.49% expense ratio, compared with 0.66% for DCMT.

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

MBS has the higher dividend yield at 5.67%, compared with 2.92% for DCMT.

What is the main difference between MBS and DCMT?

MBS is categorized as Intermediate Core-Plus Bond, while DCMT is Commodities. They also come from different issuers: Angel Oak and DoubleLine. Their fees differ too: 0.49% for MBS and 0.66% for DCMT.

Which has better risk-adjusted returns?

MBS currently has the higher Sharpe Ratio (2.05 vs 1.52), 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.