The bond market's fallen angels are flying high thanks to the comeback in commodity prices. The VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) is up 13 percent year-to-date. By comparison, the SPDR Barclays High Yield Bond ETF (JNK) has risen 4.3 percent so far in 2016. The ANGL seeks to track the price and yield performance of the BofA Merrill Lynch U.S. Fallen Angel High Yield Index. The index, which has been around for 12 years, is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Fran Rodilosso, fixed income portfolio manager for VanEck, said a number of investment grade bond fund managers were forced to sell their energy bonds in the wake of the collapse in oil prices. Those bonds fell into fallen angel status and were bid up once crude prices stabilized. 'Year-to-date energy and mining are the two sectors that are driving returns and they are certainly driving the outperformance versus the broader high yield market,' said Rodilosso.

More from Video

It's Still Netflix and Chill on Wall Street

It's Still Netflix and Chill on Wall Street

Video: Here's How Goldman Sachs May Change Under David Solomon

Video: Here's How Goldman Sachs May Change Under David Solomon

3 Reasons Why Netflix Bulls Are Getting Their Face Ripped Off After Earnings

3 Reasons Why Netflix Bulls Are Getting Their Face Ripped Off After Earnings

Shark Tank Star Kevin O'Leary Reveals Why Stocks Haven't Corrected Recently

Shark Tank Star Kevin O'Leary Reveals Why Stocks Haven't Corrected Recently

Podcast: How Exchange Traded Funds Can Obliterate a Stock Sector

Podcast: How Exchange Traded Funds Can Obliterate a Stock Sector