MULT vs. CARY

Last updated Jul 12, 2026

MULT (Franklin Multisector Income ETF) and CARY (Angel Oak Income ETF) are both Multisector Bonds funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. MULT charges 0.39%/yr vs 0.80%/yr for CARY.

Performance

MULT vs. CARY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Multisector Income ETF (MULT) and Angel Oak Income ETF (CARY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULT achieves a 1.14% return, which is significantly lower than CARY's 2.26% return.

MULT

• 1D: -0.04%
• 1M: 0.15%
• 6M: 0.87%
• YTD: 1.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARY

• 1D: 0.00%
• 1M: 0.24%
• 6M: 1.97%
• YTD: 2.26%
• 1Y: 6.09%
• 3Y*: 7.37%
• 5Y*: —
• 10Y*: —

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

MULT vs. CARY - Yearly Performance Comparison

	2026 (YTD)	2025
MULT Franklin Multisector Income ETF	1.14%	2.14%
CARY Angel Oak Income ETF	2.26%	2.14%

Correlation

The correlation between MULT and CARY is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 28, 2025	0.64

Return for Risk

MULT vs. CARY — Risk / Return Rank

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

MULT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CARY

CARY Risk / Return Rank: 95
CARY Sharpe Ratio Rank: 96
CARY Sortino Ratio Rank: 97
CARY Omega Ratio Rank: 96
CARY Calmar Ratio Rank: 91
CARY Martin Ratio Rank: 94

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.

MULT vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Multisector Income ETF (MULT) and Angel Oak Income ETF (CARY). 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.

	MULT	CARY	Difference
Sharpe ratio: Return per unit of total volatility	—	3.33	—
Sortino ratio: Return per unit of downside risk	—	5.08	—
Omega ratio: Gain probability vs. loss probability	—	1.71	—
Calmar ratio: Return relative to maximum drawdown	—	4.66	—
Martin ratio: Return relative to average drawdown	—	20.06	—

Drawdowns

MULT vs. CARY - Drawdown Comparison

The maximum MULT drawdown since its inception was -1.70%, smaller than the maximum CARY drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for MULT and CARY.

Drawdown Indicators

	MULT	CARY	Difference
Max Drawdown Largest peak-to-trough decline	-1.70%	-1.96%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.28%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.96%	—
Current Drawdown Current decline from peak	-0.25%	-0.24%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.32%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	MULT	CARY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	1.79%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.92%	2.72%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.92%	2.72%	+0.20%

MULT vs. CARY - Expense Ratio Comparison

MULT has a 0.39% expense ratio, which is lower than CARY's 0.80% expense ratio.

Dividends

MULT vs. CARY - Dividend Comparison

MULT's dividend yield for the trailing twelve months is around 3.80%, less than CARY's 5.95% yield.

Position	TTM	2025	2024	2023	2022
CARY Angel Oak Income ETF	5.95%	6.13%	6.10%	6.38%	0.48%
MULT Franklin Multisector Income ETF	3.80%	1.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULT and CARY in my portfolio?

MULT and CARY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MULT or CARY?

On fees, MULT is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MULT or CARY?

MULT is cheaper with a 0.39% expense ratio, compared with 0.80% for CARY.

Which ETF pays a higher dividend yield, MULT or CARY?

CARY has the higher dividend yield at 5.95%, compared with 3.80% for MULT.

What is the main difference between MULT and CARY?

They also come from different issuers: Franklin and Angel Oak. Their fees differ too: 0.39% for MULT and 0.80% for CARY.