TRBF vs. CARY

Last updated Jun 4, 2026

TRBF (Angel Oak Total Return ETF) and CARY (Angel Oak Income ETF) are both exchange-traded funds - TRBF is a Intermediate Core-Plus Bond fund actively managed by Angel Oak, while CARY is a Multisector Bonds fund actively managed by Angel Oak. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. TRBF charges 0.44%/yr vs 0.80%/yr for CARY.

Performance

TRBF vs. CARY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Angel Oak Total Return ETF (TRBF) 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, TRBF achieves a 0.39% return, which is significantly lower than CARY's 1.84% return.

TRBF

• 1D: -0.16%
• 1M: 0.17%
• YTD: 0.39%
• 6M: 0.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CARY

• 1D: 0.10%
• 1M: 0.28%
• YTD: 1.84%
• 6M: 2.20%
• 1Y: 6.99%
• 3Y*: 7.40%
• 5Y*: —
• 10Y*: —

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

TRBF vs. CARY - Yearly Performance Comparison

	2026 (YTD)	2025
TRBF Angel Oak Total Return ETF	0.39%	0.96%
CARY Angel Oak Income ETF	1.84%	1.38%

Correlation

The correlation between TRBF and CARY is 0.63, 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 8, 2025	0.63

Return for Risk

TRBF vs. CARY — Risk / Return Rank

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

CARY

CARY Risk / Return Rank: 94
CARY Sharpe Ratio Rank: 95
CARY Sortino Ratio Rank: 97
CARY Omega Ratio Rank: 97
CARY Calmar Ratio Rank: 90
CARY Martin Ratio Rank: 93

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.

TRBF vs. CARY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Angel Oak Total Return ETF (TRBF) 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.

Sharpe Ratios by Period

	TRBF	CARY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	2.65	-2.10

Drawdowns

TRBF vs. CARY - Drawdown Comparison

The maximum TRBF drawdown since its inception was -2.59%, which is greater than CARY's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for TRBF and CARY.

Drawdown Indicators

	TRBF	CARY	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-1.96%	-0.63%
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	-1.61%	-0.05%	-1.56%
Average Drawdown Average peak-to-trough decline	-0.80%	-0.32%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.29%	—

Volatility

Volatility by Period

	TRBF	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	3.76%	1.76%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	2.73%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	2.73%	+1.03%

TRBF vs. CARY - Expense Ratio Comparison

TRBF has a 0.44% expense ratio, which is lower than CARY's 0.80% expense ratio.

Dividends

TRBF vs. CARY - Dividend Comparison

TRBF's dividend yield for the trailing twelve months is around 3.15%, 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%
TRBF Angel Oak Total Return ETF	3.15%	1.16%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRBF and CARY in my portfolio?

TRBF and CARY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TRBF or CARY?

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.

Which ETF is cheaper, TRBF or CARY?

TRBF is cheaper with a 0.44% expense ratio, compared with 0.80% for CARY.

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

CARY has the higher dividend yield at 5.93%, compared with 3.15% for TRBF.

What is the main difference between TRBF and CARY?

TRBF is categorized as Intermediate Core-Plus Bond, while CARY is Multisector Bonds. Their fees differ too: 0.44% for TRBF and 0.80% for CARY.