AAA vs. RAAA
AAA (AAF First Priority CLO Bond ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. At a correlation of -0.05, they often move in opposite directions. AAA charges 0.25%/yr vs 0.30%/yr for RAAA.
Performance
AAA vs. RAAA - Performance Comparison
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Returns By Period
In the year-to-date period, AAA achieves a 1.86% return, which is significantly lower than RAAA's 2.18% return.
AAA
- 1D
- -0.22%
- 1M
- 0.67%
- YTD
- 1.86%
- 6M
- 2.19%
- 1Y
- 5.39%
- 3Y*
- 6.50%
- 5Y*
- 4.64%
- 10Y*
- —
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AAA vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AAA AAF First Priority CLO Bond ETF | 1.86% | 2.70% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
Correlation
The correlation between AAA and RAAA is -0.05, 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 (All Time) Calculated using the full available price history since Jul 10, 2025 | -0.05 |
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Return for Risk
AAA vs. RAAA — Risk / Return Rank
AAA
RAAA
AAA vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AAF 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.
| AAA | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 8.98 | — | — |
| Martin ratioReturn relative to average drawdown | 27.78 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAA | RAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.93 | 3.76 | -1.83 |
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.
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Drawdown Indicators
| AAA | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -0.71% | -1.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -0.23% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -0.06% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.19% | — | — |
Volatility
AAA vs. RAAA - Volatility Comparison
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Volatility by Period
| AAA | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 1.39% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.28% | 1.39% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 1.39% | +0.76% |
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 4.90%, more than RAAA's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AAA AAF First Priority CLO Bond ETF | 4.90% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and RAAA have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AAA is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AAA is cheaper with a 0.25% expense ratio, compared with 0.30% for RAAA.
AAA has the higher dividend yield at 4.90%, compared with 4.79% for 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.
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