TOTL vs. MBS
TOTL (State Street DoubleLine Total Return Tactical ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. Over the past year, TOTL returned 4.31% vs 6.50% for MBS. A 0.68 correlation means they provide meaningful diversification when combined. TOTL charges 0.55%/yr vs 0.49%/yr for MBS.
Performance
TOTL vs. MBS - Performance Comparison
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Returns By Period
In the year-to-date period, TOTL achieves a -0.26% return, which is significantly lower than MBS's 0.74% return.
TOTL
- 1D
- 0.10%
- 1M
- -0.02%
- YTD
- -0.26%
- 6M
- -0.05%
- 1Y
- 4.31%
- 3Y*
- 4.41%
- 5Y*
- 0.64%
- 10Y*
- 1.65%
MBS
- 1D
- 0.12%
- 1M
- 0.07%
- YTD
- 0.74%
- 6M
- 1.02%
- 1Y
- 6.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TOTL vs. MBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TOTL State Street DoubleLine Total Return Tactical ETF | -0.26% | 7.68% | 4.28% |
MBS Angel Oak Mortgage-Backed Securities ETF | 0.74% | 8.13% | 5.78% |
Correlation
The correlation between TOTL and MBS is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2024 | 0.68 |
The correlation between TOTL and MBS has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.
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Return for Risk
TOTL vs. MBS — Risk / Return Rank
TOTL
MBS
TOTL vs. MBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street DoubleLine Total Return Tactical ETF (TOTL) 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.
| TOTL | MBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.42 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.97 | -1.55 |
| Martin ratioReturn relative to average drawdown | 4.37 | 9.28 | -4.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TOTL | MBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 2.25 | -0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.11 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 1.61 | -1.23 |
Drawdowns
TOTL vs. MBS - Drawdown Comparison
The maximum TOTL drawdown since its inception was -16.48%, which is greater than MBS's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for TOTL and MBS.
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Drawdown Indicators
| TOTL | MBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.48% | -4.09% | -12.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -2.20% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -6.60% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.48% | — | — |
Current DrawdownCurrent decline from peak | -1.89% | -1.35% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -3.13% | -1.02% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 0.70% | +0.29% |
Volatility
TOTL vs. MBS - Volatility Comparison
State Street DoubleLine Total Return Tactical ETF (TOTL) has a higher volatility of 1.17% compared to Angel Oak Mortgage-Backed Securities ETF (MBS) at 0.89%. This indicates that TOTL's price experiences larger fluctuations and is considered to be riskier than MBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOTL | MBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.89% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.45% | 2.00% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 2.93% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.59% | 3.99% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.78% | 3.99% | +0.79% |
TOTL vs. MBS - Expense Ratio Comparison
TOTL has a 0.55% expense ratio, which is higher than MBS's 0.49% expense ratio.
Dividends
TOTL vs. MBS - Dividend Comparison
TOTL's dividend yield for the trailing twelve months is around 5.29%, less than MBS's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TOTL State Street DoubleLine Total Return Tactical ETF | 5.29% | 5.23% | 5.35% | 4.85% | 4.68% | 3.07% | 2.91% | 3.31% | 3.41% | 3.00% | 3.25% | 2.67% |
Frequently Asked Questions
TOTL and MBS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOTL has higher volatility (1.17%) compared to MBS (0.89%). In terms of maximum drawdown, TOTL dropped -16.48% vs MBS's -4.09%.
On 1-year performance, MBS leads with 6.50% vs 4.31% for TOTL. On fees, MBS is cheaper at 0.49% per year. On volatility, MBS has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MBS has performed better with a 6.50% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MBS is cheaper with a 0.49% expense ratio, compared with 0.55% for TOTL.
MBS has the higher dividend yield at 5.61%, compared with 5.29% for TOTL.
They also come from different issuers: State Street and Angel Oak. Their fees differ too: 0.55% for TOTL and 0.49% for MBS.
MBS currently has the higher Sharpe Ratio (2.25 vs 1.27), 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.
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