MBSF vs. GKAT

Last updated Jun 4, 2026

MBSF (Regan Floating Rate MBS ETF) and GKAT (Scharf Global Opportunity ETF) are both exchange-traded funds - MBSF is a Bank Loan fund actively managed by Regan, while GKAT is a Global Equities fund managed by Scharf Investments. At a 0.08 correlation, their price movements are largely independent. MBSF charges 0.49%/yr vs 0.59%/yr for GKAT.

Performance

MBSF vs. GKAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Regan Floating Rate MBS ETF (MBSF) and Scharf Global Opportunity ETF (GKAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBSF achieves a 1.48% return, which is significantly lower than GKAT's 10.47% return.

MBSF

• 1D: 0.12%
• 1M: -0.03%
• YTD: 1.48%
• 6M: 2.16%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GKAT

• 1D: -0.28%
• 1M: 4.93%
• YTD: 10.47%
• 6M: 13.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBSF vs. GKAT - Yearly Performance Comparison

	2026 (YTD)	2025
MBSF Regan Floating Rate MBS ETF	1.48%	2.41%
GKAT Scharf Global Opportunity ETF	10.47%	6.04%

Correlation

The correlation between MBSF and GKAT is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 26, 2025	0.08

Return for Risk

MBSF vs. GKAT — Risk / Return Rank

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

MBSF

MBSF Risk / Return Rank: 70
MBSF Sharpe Ratio Rank: 53
MBSF Sortino Ratio Rank: 59
MBSF Omega Ratio Rank: 55
MBSF Calmar Ratio Rank: 93
MBSF Martin Ratio Rank: 88

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.

MBSF vs. GKAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Regan Floating Rate MBS ETF (MBSF) and Scharf Global Opportunity ETF (GKAT). 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.

	MBSF	GKAT	Difference
Sharpe ratio Return per unit of total volatility	1.79	—	—
Sortino ratio Return per unit of downside risk	2.77	—	—
Omega ratio Gain probability vs. loss probability	1.34	—	—
Calmar ratio Return relative to maximum drawdown	6.77	—	—
Martin ratio Return relative to average drawdown	19.20	—	—
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

	MBSF	GKAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.92	-0.18

Drawdowns

MBSF vs. GKAT - Drawdown Comparison

The maximum MBSF drawdown since its inception was -0.97%, smaller than the maximum GKAT drawdown of -10.41%. Use the drawdown chart below to compare losses from any high point for MBSF and GKAT.

Drawdown Indicators

	MBSF	GKAT	Difference
Max Drawdown Largest peak-to-trough decline	-0.97%	-10.41%	+9.44%
Max Drawdown (1Y) Largest decline over 1 year	-0.79%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.28%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.23%	-2.08%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	—	—

Volatility

Volatility by Period

	MBSF	GKAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	11.97%	-8.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	11.97%	-8.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	11.97%	-8.63%

MBSF vs. GKAT - Expense Ratio Comparison

MBSF has a 0.49% expense ratio, which is lower than GKAT's 0.59% expense ratio.

Dividends

MBSF vs. GKAT - Dividend Comparison

MBSF's dividend yield for the trailing twelve months is around 4.49%, more than GKAT's 0.44% yield.

Position	TTM	2025	2024
GKAT Scharf Global Opportunity ETF	0.44%	0.24%	0.00%
MBSF Regan Floating Rate MBS ETF	4.49%	4.71%	4.14%

Frequently Asked Questions

Can I hold both MBSF and GKAT in my portfolio?

MBSF and GKAT have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBSF or GKAT?

On fees, MBSF is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MBSF or GKAT?

MBSF is cheaper with a 0.49% expense ratio, compared with 0.59% for GKAT.

Which ETF pays a higher dividend yield, MBSF or GKAT?

MBSF has the higher dividend yield at 4.49%, compared with 0.44% for GKAT.

What is the main difference between MBSF and GKAT?

MBSF is categorized as Bank Loan, while GKAT is Global Equities. They also come from different issuers: Regan and Scharf Investments. Their fees differ too: 0.49% for MBSF and 0.59% for GKAT.