TBLL vs. MBS

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Short Term Treasury ETF (TBLL) and Angel Oak Mortgage-Backed Securities ETF (MBS).

TBLL and MBS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBLL is a passively managed fund by Invesco that tracks the performance of the ICE U.S. Treasury Short Bond Index. It was launched on Jan 10, 2017. MBS is an actively managed fund by Angel Oak. It was launched on Jun 4, 2021.

Performance

TBLL vs. MBS - Performance Comparison

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

TBLL vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBLL Invesco Short Term Treasury ETF	0.81%	4.21%	4.46%
MBS Angel Oak Mortgage-Backed Securities ETF	0.29%	8.13%	5.78%

Returns By Period

In the year-to-date period, TBLL achieves a 0.81% return, which is significantly higher than MBS's 0.29% return.

TBLL

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.81%
• 6M: 1.81%
• 1Y: 3.99%
• 3Y*: 4.66%
• 5Y*: 3.22%
• 10Y*: —

MBS

• 1D: -0.09%
• 1M: -1.73%
• YTD: 0.29%
• 6M: 1.91%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBLL vs. MBS - Expense Ratio Comparison

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

MBS

Angel Oak Mortgage-Backed Securities ETF

TBLL

Invesco Short Term Treasury ETF

Return for Risk

TBLL vs. MBS — Risk / Return Rank

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

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

MBS

MBS Risk / Return Rank: 77
MBS Sharpe Ratio Rank: 80
MBS Sortino Ratio Rank: 80
MBS Omega Ratio Rank: 76
MBS Calmar Ratio Rank: 82
MBS Martin Ratio Rank: 66

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.

TBLL vs. MBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) and Angel Oak Mortgage-Backed Securities ETF (MBS). 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.

	TBLL	MBS	Difference
Sharpe ratio Return per unit of total volatility	19.99	1.51	+18.49
Sortino ratio Return per unit of downside risk	122.32	2.06	+120.26
Omega ratio Gain probability vs. loss probability	52.75	1.29	+51.47
Calmar ratio Return relative to maximum drawdown	105.93	2.36	+103.57
Martin ratio Return relative to average drawdown	1,282.71	6.59	+1,276.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLL vs. MBS - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 19.99, which is higher than the MBS Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of TBLL and MBS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBLL	MBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	19.99	1.51	+18.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.18	1.66	+2.52

Correlation

The correlation between TBLL and MBS is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TBLL vs. MBS - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 3.91%, less than MBS's 5.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBLL Invesco Short Term Treasury ETF	3.91%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%
MBS Angel Oak Mortgage-Backed Securities ETF	5.47%	5.28%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TBLL vs. MBS - Drawdown Comparison

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

Drawdown Indicators

	TBLL	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-4.09%	+3.46%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-2.54%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	—	—
Current Drawdown Current decline from peak	0.00%	-1.79%	+1.79%
Average Drawdown Average peak-to-trough decline	-0.14%	-0.99%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.91%	-0.91%

Volatility

TBLL vs. MBS - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while Angel Oak Mortgage-Backed Securities ETF (MBS) has a volatility of 1.01%. This indicates that TBLL experiences smaller price fluctuations and is considered to be less risky than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLL	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	1.01%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	2.02%	-1.90%
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	3.62%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	4.08%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	4.08%	-3.52%