TRBF vs. CAAA
TRBF (Angel Oak Total Return ETF) and CAAA (First Trust Commercial Mortgage Opportunities ETF) are both Intermediate Core-Plus Bond funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. TRBF charges 0.44%/yr vs 0.55%/yr for CAAA.
Performance
TRBF vs. CAAA - Performance Comparison
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Returns By Period
In the year-to-date period, TRBF achieves a 0.72% return, which is significantly lower than CAAA's 1.04% return.
TRBF
- 1D
- -0.06%
- 1M
- -0.18%
- 6M
- 0.70%
- YTD
- 0.72%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAAA
- 1D
- -0.07%
- 1M
- 0.30%
- 6M
- 0.83%
- YTD
- 1.04%
- 1Y
- 4.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TRBF vs. CAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TRBF Angel Oak Total Return ETF | 0.72% | 0.94% |
CAAA First Trust Commercial Mortgage Opportunities ETF | 1.04% | 1.29% |
Correlation
The correlation between TRBF and CAAA is 0.53, 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 Oct 7, 2025 | 0.53 |
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Return for Risk
TRBF vs. CAAA — Risk / Return Rank
TRBF
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CAAA
TRBF vs. CAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Angel Oak Total Return ETF (TRBF) and First Trust Commercial Mortgage Opportunities ETF (CAAA). 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.
| TRBF | CAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.19 | — |
| Martin ratioReturn relative to average drawdown | — | 6.54 | — |
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Drawdowns
TRBF vs. CAAA - Drawdown Comparison
The maximum TRBF drawdown since its inception was -2.59%, which is greater than CAAA's maximum drawdown of -2.24%. Use the drawdown chart below to compare losses from any high point for TRBF and CAAA.
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Drawdown Indicators
| TRBF | CAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.59% | -2.24% | -0.35% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.08% | — |
Current DrawdownCurrent decline from peak | -1.29% | -0.57% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -0.83% | -0.56% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.69% | — |
Volatility
TRBF vs. CAAA - Volatility Comparison
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Volatility by Period
| TRBF | CAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.78% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.31% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.75% | 3.08% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.75% | 3.20% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.75% | 3.20% | +0.55% |
TRBF vs. CAAA - Expense Ratio Comparison
TRBF has a 0.44% expense ratio, which is lower than CAAA's 0.55% expense ratio.
Dividends
TRBF vs. CAAA - Dividend Comparison
TRBF's dividend yield for the trailing twelve months is around 3.59%, less than CAAA's 5.15% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CAAA First Trust Commercial Mortgage Opportunities ETF | 5.15% | 6.09% | 4.01% |
TRBF Angel Oak Total Return ETF | 3.59% | 1.16% | 0.00% |
Frequently Asked Questions
TRBF and CAAA have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRBF is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRBF is cheaper with a 0.44% expense ratio, compared with 0.55% for CAAA.
CAAA has the higher dividend yield at 5.15%, compared with 3.59% for TRBF.
They also come from different issuers: Angel Oak and First Trust. Their fees differ too: 0.44% for TRBF and 0.55% for CAAA.
Find the right allocation for TRBF and CAAA
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