AAA vs. RAAA

Last updated Jul 17, 2026

AAA (Alternative Access First Priority CLO Bond ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, AAA returned 4.98% vs 5.39% for RAAA. At a correlation of -0.08, they often move in opposite directions. AAA charges 0.25%/yr vs 0.30%/yr for RAAA.

Performance

AAA vs. RAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alternative Access First Priority CLO Bond ETF (AAA) and Reckoner Leveraged AAA CLO ETF (RAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAA achieves a 2.17% return, which is significantly lower than RAAA's 2.90% return.

AAA

• 1D: -0.06%
• 1M: 0.49%
• 6M: 2.01%
• YTD: 2.17%
• 1Y: 4.98%
• 3Y*: 6.19%
• 5Y*: 4.67%
• 10Y*: —

RAAA

• 1D: -0.00%
• 1M: 0.49%
• 6M: 2.51%
• YTD: 2.90%
• 1Y: 5.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAA vs. RAAA - Yearly Performance Comparison

	2026 (YTD)	2025
AAA Alternative Access First Priority CLO Bond ETF	2.17%	2.63%
RAAA Reckoner Leveraged AAA CLO ETF	2.90%	2.52%

Correlation

The correlation between AAA and RAAA is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	-0.08

Return for Risk

AAA vs. RAAA — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 91
AAA Sharpe Ratio Rank: 84
AAA Sortino Ratio Rank: 92
AAA Omega Ratio Rank: 87
AAA Calmar Ratio Rank: 97
AAA Martin Ratio Rank: 96

RAAA

RAAA Risk / Return Rank: 97
RAAA Sharpe Ratio Rank: 98
RAAA Sortino Ratio Rank: 97
RAAA Omega Ratio Rank: 98
RAAA Calmar Ratio Rank: 96
RAAA Martin Ratio Rank: 98

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.

AAA vs. RAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Reckoner Leveraged AAA CLO ETF (RAAA). 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.

	AAA	RAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.16	4.08	-1.92
Sortino ratio: Return per unit of downside risk	3.68	5.89	-2.22
Omega ratio: Gain probability vs. loss probability	1.42	2.12	-0.69
Calmar ratio: Return relative to maximum drawdown	8.29	7.65	+0.65
Martin ratio: Return relative to average drawdown	27.84	42.67	-14.84

AAA vs. RAAA - Sharpe Ratio Comparison

The current AAA Sharpe Ratio is 2.16, which is lower than the RAAA Sharpe Ratio of 4.08. The chart below compares the historical Sharpe Ratios of AAA and RAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAA vs. RAAA - Drawdown Comparison

The maximum AAA drawdown since its inception was -2.63%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for AAA and RAAA.

Drawdown Indicators

	AAA	RAAA	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-0.71%	-1.92%
Max Drawdown (1Y) Largest decline over 1 year	-0.60%	-0.71%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-2.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.06%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.13%	+0.05%

Volatility

AAA vs. RAAA - Volatility Comparison

Alternative Access First Priority CLO Bond ETF (AAA) has a higher volatility of 0.72% compared to Reckoner Leveraged AAA CLO ETF (RAAA) at 0.15%. This indicates that AAA's price experiences larger fluctuations and is considered to be riskier than RAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAA	RAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.15%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	1.72%	0.96%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.32%	1.33%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.31%	1.32%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	1.32%	+0.83%

AAA vs. RAAA - Expense Ratio Comparison

AAA has a 0.25% expense ratio, which is lower than RAAA's 0.30% expense ratio.

Dividends

AAA vs. RAAA - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 4.82%, less than RAAA's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA Alternative Access First Priority CLO Bond ETF	4.82%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
RAAA Reckoner Leveraged AAA CLO ETF	5.21%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAA and RAAA in my portfolio?

AAA and RAAA have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAA or RAAA?

AAA has higher volatility (0.72%) compared to RAAA (0.15%). In terms of maximum drawdown, AAA dropped -2.63% vs RAAA's -0.71%.

Which ETF is better, AAA or RAAA?

On 1-year performance, RAAA leads with 5.39% vs 4.98% for AAA. On fees, AAA is cheaper at 0.25% per year. On volatility, RAAA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAA or RAAA?

Over the 1-year period, RAAA has performed better with a 5.39% return vs 4.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAA or RAAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.30% for RAAA.

Which ETF pays a higher dividend yield, AAA or RAAA?

RAAA has the higher dividend yield at 5.21%, compared with 4.82% for AAA.

What is the main difference between AAA and RAAA?

They also come from different issuers: Alternative Access Funds LLC and Reckoner. Their fees differ too: 0.25% for AAA and 0.30% for RAAA.

Which has better risk-adjusted returns?

RAAA currently has the higher Sharpe Ratio (4.08 vs 2.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.