The VanEck Fallen Angel High Yield Bond ETF (ANGL), a fund investing in bonds downgraded from investment grade to junk, has outperformed the iShares iBoxx $ High Yield Corporate Bond ETF (HYG), the largest junk bond fund, over the past decade. ANGL delivered a total return of 75.04% compared to HYG's 57.35% over ten years. ANGL also offers a higher trailing 12-month yield of 6.50% versus HYG's approximately 5.93%, and charges a lower expense ratio of 0.25% compared to HYG's 0.49%. ANGL's strategy benefits from buying downgraded bonds at a discount due to forced institutional selling. However, ANGL's longer duration made it more sensitive to rising interest rates, leading to HYG outperforming ANGL over the last five years (18.85% vs. 14.90%).