TRBF vs. MBS

Last updated Jun 25, 2026

TRBF (Angel Oak Total Return ETF) and MBS (Angel Oak Mortgage-Backed Securities ETF) are both Intermediate Core-Plus Bond funds from Angel Oak. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. TRBF charges 0.44%/yr vs 0.49%/yr for MBS.

Performance

TRBF vs. MBS - Performance Comparison

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

Returns By Period

In the year-to-date period, TRBF achieves a 1.35% return, which is significantly higher than MBS's 1.15% return.

TRBF

• 1D: 0.53%
• 1M: 1.34%
• YTD: 1.35%
• 6M: 1.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBS

• 1D: 0.41%
• 1M: 0.94%
• YTD: 1.15%
• 6M: 1.20%
• 1Y: 6.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRBF vs. MBS - Yearly Performance Comparison

	2026 (YTD)	2025
TRBF Angel Oak Total Return ETF	1.35%	0.94%
MBS Angel Oak Mortgage-Backed Securities ETF	1.15%	1.39%

Correlation

The correlation between TRBF and MBS is 0.52, 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	0.52

Return for Risk

TRBF vs. MBS — Risk / Return Rank

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

TRBF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MBS

MBS Risk / Return Rank: 71
MBS Sharpe Ratio Rank: 78
MBS Sortino Ratio Rank: 83
MBS Omega Ratio Rank: 78
MBS Calmar Ratio Rank: 63
MBS Martin Ratio Rank: 52

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. MBS - Risk-Adjusted Trends Comparison

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

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	MBS	Difference
Sharpe ratio: Return per unit of total volatility	—	2.17	—
Sortino ratio: Return per unit of downside risk	—	3.28	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	2.74	—
Martin ratio: Return relative to average drawdown	—	7.92	—

Drawdowns

TRBF vs. MBS - Drawdown Comparison

The maximum TRBF drawdown since its inception was -2.59%, smaller than the maximum MBS drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for TRBF and MBS.

Drawdown Indicators

	TRBF	MBS	Difference
Max Drawdown Largest peak-to-trough decline	-2.59%	-4.09%	+1.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.20%	—
Current Drawdown Current decline from peak	-0.67%	-0.95%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.83%	-1.02%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.76%	—

Volatility

Volatility by Period

	TRBF	MBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.77%	2.78%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.77%	3.97%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.77%	3.97%	-0.20%

TRBF vs. MBS - Expense Ratio Comparison

TRBF has a 0.44% expense ratio, which is lower than MBS's 0.49% expense ratio.

Dividends

TRBF vs. MBS - Dividend Comparison

TRBF's dividend yield for the trailing twelve months is around 3.12%, less than MBS's 5.58% yield.

Position	TTM	2025	2024
MBS Angel Oak Mortgage-Backed Securities ETF	5.58%	5.28%	4.52%
TRBF Angel Oak Total Return ETF	3.12%	1.16%	0.00%

Frequently Asked Questions

Can I hold both TRBF and MBS in my portfolio?

TRBF and MBS have a correlation of 0.52, 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 MBS?

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 MBS?

TRBF is cheaper with a 0.44% expense ratio, compared with 0.49% for MBS.

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

MBS has the higher dividend yield at 5.58%, compared with 3.12% for TRBF.

What is the main difference between TRBF and MBS?

Their fees differ too: 0.44% for TRBF and 0.49% for MBS.