As Barron’s reports, Citigroup endorses the idea of buying fallen angels soon after the bonds attain that status because the bonds have already endured the bulk of the selling pressure they will see in the weeks leading up to the downgrade.

ANGL’s recent performance underscores the sturdiness of fallen angels. Over the past 90 days, the ETF is up 2.6%, or better than triple the gain offered by the iShares iBoxx $ High Yield Corporate Bond ETF (NYSEArca: HYG) over the same period.

Market Vectors Fallen Angel High Yield Bond ETF

Tom Lydon’s clients own shares of HYG.