MBS vs. TBLL

Last updated Jun 4, 2026

MBS (Angel Oak Mortgage-Backed Securities ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - MBS is a Intermediate Core-Plus Bond fund actively managed by Angel Oak, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. MBS is actively managed, while TBLL is passively managed. Over the past year, MBS returned 6.88% vs 3.93% for TBLL. At a 0.18 correlation, their price movements are largely independent. MBS charges 0.49%/yr vs 0.08%/yr for TBLL.

Performance

MBS vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Mortgage-Backed Securities ETF (MBS) and Invesco Short Term Treasury ETF (TBLL). 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 lower than TBLL's 1.43% return.

MBS

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

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

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

MBS vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	0.62%	8.13%	5.78%
TBLL Invesco Short Term Treasury ETF	1.43%	4.21%	4.46%

Correlation

The correlation between MBS and TBLL is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 21, 2024	0.18

Return for Risk

MBS vs. TBLL — 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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Mortgage-Backed Securities ETF (MBS) and Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	2.36	20.94	-18.58
Sortino ratio: Return per unit of downside risk	3.54	218.31	-214.77
Omega ratio: Gain probability vs. loss probability	1.45	102.92	-101.47
Calmar ratio: Return relative to maximum drawdown	3.14	416.84	-413.70
Martin ratio: Return relative to average drawdown	9.89	3,533.11	-3,523.22
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. TBLL - Sharpe Ratio Comparison

The current MBS Sharpe Ratio is 2.36, which is lower than the TBLL Sharpe Ratio of 20.94. The chart below compares the historical Sharpe Ratios of MBS and TBLL, 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	TBLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	20.94	-18.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	7.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	4.26	-2.66

Drawdowns

MBS vs. TBLL - Drawdown Comparison

The maximum MBS drawdown since its inception was -4.09%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for MBS and TBLL.

Drawdown Indicators

	MBS	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-0.63%	-3.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-0.01%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	-1.46%	0.00%	-1.46%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.14%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.00%	+0.70%

Volatility

MBS vs. TBLL - Volatility Comparison

Angel Oak Mortgage-Backed Securities ETF (MBS) has a higher volatility of 0.90% compared to Invesco Short Term Treasury ETF (TBLL) at 0.05%. This indicates that MBS's price experiences larger fluctuations and is considered to be riskier than TBLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBS	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.05%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	0.12%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	0.19%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	0.45%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	0.56%	+3.43%

MBS vs. TBLL - Expense Ratio Comparison

MBS has a 0.49% expense ratio, which is higher than TBLL's 0.08% expense ratio.

Dividends

MBS vs. TBLL - Dividend Comparison

MBS's dividend yield for the trailing twelve months is around 5.61%, more than TBLL's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBS Angel Oak Mortgage-Backed Securities ETF	5.61%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both MBS and TBLL in my portfolio?

MBS and TBLL 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 TBLL?

MBS has higher volatility (0.90%) compared to TBLL (0.05%). In terms of maximum drawdown, MBS dropped -4.09% vs TBLL's -0.63%.

Which ETF is better, MBS or TBLL?

On 1-year performance, MBS leads with 6.88% vs 3.93% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBS or TBLL?

Over the 1-year period, MBS has performed better with a 6.88% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBS or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.49% for MBS.

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

MBS has the higher dividend yield at 5.61%, compared with 3.81% for TBLL.

What is the main difference between MBS and TBLL?

MBS is categorized as Intermediate Core-Plus Bond, while TBLL is Ultrashort Bond. They also come from different issuers: Angel Oak and Invesco. Their fees differ too: 0.49% for MBS and 0.08% for TBLL.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 2.36), 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.