MBS vs. ETV

Last updated Jun 10, 2026

MBS (Angel Oak Mortgage-Backed Securities ETF) is Intermediate Core-Plus Bond fund actively managed by Angel Oak, while ETV (Eaton Vance Tax-Managed Buy-Write Opportunities Fund) is a stock. Over the past year, MBS returned 6.88% vs 18.45% for ETV. At a 0.10 correlation, their price movements are largely independent.

Performance

MBS vs. ETV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Mortgage-Backed Securities ETF (MBS) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBS achieves a 0.51% return, which is significantly lower than ETV's 5.73% return.

MBS

• 1D: 0.00%
• 1M: -0.62%
• YTD: 0.51%
• 6M: 1.07%
• 1Y: 6.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETV

• 1D: -0.20%
• 1M: 0.68%
• YTD: 5.73%
• 6M: 6.55%
• 1Y: 18.45%
• 3Y*: 15.06%
• 5Y*: 6.79%
• 10Y*: 9.14%

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

MBS vs. ETV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	0.51%	8.13%	5.84%
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	5.73%	8.63%	21.76%

Correlation

The correlation between MBS and ETV is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 20, 2024	0.10

Return for Risk

MBS vs. ETV — Risk / Return Rank

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

MBS

MBS Risk / Return Rank: 79
MBS Sharpe Ratio Rank: 86
MBS Sortino Ratio Rank: 90
MBS Omega Ratio Rank: 86
MBS Calmar Ratio Rank: 71
MBS Martin Ratio Rank: 60

ETV

ETV Risk / Return Rank: 81
ETV Sharpe Ratio Rank: 83
ETV Sortino Ratio Rank: 80
ETV Omega Ratio Rank: 78
ETV Calmar Ratio Rank: 74
ETV Martin Ratio Rank: 87

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. ETV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV). 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	ETV	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.51	+0.93
Sortino ratio: Return per unit of downside risk	3.71	2.16	+1.55
Omega ratio: Gain probability vs. loss probability	1.46	1.27	+0.19
Calmar ratio: Return relative to maximum drawdown	3.14	1.79	+1.35
Martin ratio: Return relative to average drawdown	9.57	9.16	+0.41
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. ETV - Sharpe Ratio Comparison

The current MBS Sharpe Ratio is 2.44, which is higher than the ETV Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of MBS and ETV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MBS	ETV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	1.51	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.40	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	0.42	+1.16

Drawdowns

MBS vs. ETV - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, smaller than the maximum ETV drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for MBS and ETV.

Drawdown Indicators

	MBS	ETV	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-52.11%	+48.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-10.34%	+8.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.39%	—
Current Drawdown Current decline from peak	-1.58%	-1.87%	+0.29%
Average Drawdown Average peak-to-trough decline	-1.02%	-5.57%	+4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	2.02%	-1.30%

Volatility

MBS vs. ETV - Volatility Comparison

The current volatility for Angel Oak Mortgage-Backed Securities ETF (MBS) is 0.88%, while Eaton Vance Tax-Managed Buy-Write Opportunities Fund (ETV) has a volatility of 3.56%. This indicates that MBS experiences smaller price fluctuations and is considered to be less risky than ETV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBS	ETV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	3.56%	-2.68%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	10.10%	-8.09%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	12.28%	-9.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	16.88%	-12.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.98%	19.34%	-15.36%

Dividends

MBS vs. ETV - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.62%, less than ETV's 8.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETV Eaton Vance Tax-Managed Buy-Write Opportunities Fund	8.12%	8.30%	8.18%	9.24%	10.57%	7.94%	8.66%	8.89%	9.86%	8.65%	8.96%	8.69%
MBS Angel Oak Mortgage-Backed Securities ETF	5.62%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBS and ETV in my portfolio?

MBS and ETV have a correlation of 0.13, 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 ETV?

ETV has higher volatility (3.56%) compared to MBS (0.88%). In terms of maximum drawdown, MBS dropped -4.09% vs ETV's -52.11%.

Which has better risk-adjusted returns?

MBS currently has the higher Sharpe Ratio (2.44 vs 1.51), 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.