TMSF vs. CARY
TMSF (T. Rowe Price Multi-Sector Income ETF) and CARY (Angel Oak Income ETF) are both Multisector Bonds funds. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. TMSF charges 0.37%/yr vs 0.80%/yr for CARY.
Performance
TMSF vs. CARY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TMSF having a 1.71% return and CARY slightly higher at 1.74%.
TMSF
- 1D
- -0.20%
- 1M
- 0.53%
- YTD
- 1.71%
- 6M
- 2.23%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CARY
- 1D
- -0.05%
- 1M
- 0.23%
- YTD
- 1.74%
- 6M
- 2.13%
- 1Y
- 6.94%
- 3Y*
- 7.35%
- 5Y*
- —
- 10Y*
- —
TMSF vs. CARY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TMSF T. Rowe Price Multi-Sector Income ETF | 1.71% | 1.29% |
CARY Angel Oak Income ETF | 1.74% | 0.74% |
Correlation
The correlation between TMSF and CARY is 0.55, 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 Nov 21, 2025 | 0.55 |
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Return for Risk
TMSF vs. CARY — Risk / Return Rank
TMSF
CARY
TMSF vs. CARY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Multi-Sector Income ETF (TMSF) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| TMSF | CARY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.96 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.99 | 2.65 | -0.65 |
Drawdowns
TMSF vs. CARY - Drawdown Comparison
The maximum TMSF drawdown since its inception was -2.28%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for TMSF and CARY.
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Drawdown Indicators
| TMSF | CARY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.28% | -1.96% | -0.32% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.28% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.96% | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.14% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.33% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.29% | — |
Volatility
TMSF vs. CARY - Volatility Comparison
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Volatility by Period
| TMSF | CARY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.56% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.94% | 1.76% | +1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.94% | 2.74% | +0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.94% | 2.74% | +0.20% |
TMSF vs. CARY - Expense Ratio Comparison
TMSF has a 0.37% expense ratio, which is lower than CARY's 0.80% expense ratio.
Dividends
TMSF vs. CARY - Dividend Comparison
TMSF's dividend yield for the trailing twelve months is around 3.06%, less than CARY's 5.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CARY Angel Oak Income ETF | 5.93% | 6.13% | 6.10% | 6.38% | 0.48% |
TMSF T. Rowe Price Multi-Sector Income ETF | 3.06% | 0.75% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMSF and CARY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TMSF is cheaper at 0.37% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TMSF is cheaper with a 0.37% expense ratio, compared with 0.80% for CARY.
CARY has the higher dividend yield at 5.93%, compared with 3.06% for TMSF.
They also come from different issuers: T. Rowe Price and Angel Oak. Their fees differ too: 0.37% for TMSF and 0.80% for CARY.
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