AAA vs. RAAA

Last updated Apr 1, 2026

Compare and contrast key facts about AAF First Priority CLO Bond ETF (AAA) and Reckoner Leveraged AAA CLO ETF (RAAA).

AAA and RAAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020. RAAA is an actively managed fund by Reckoner. It was launched on Jul 9, 2025.

Performance

AAA vs. RAAA - Performance Comparison

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

AAA vs. RAAA - Yearly Performance Comparison

	2026 (YTD)	2025
AAA AAF First Priority CLO Bond ETF	0.88%	2.70%
RAAA Reckoner Leveraged AAA CLO ETF	0.86%	2.46%

Returns By Period

The year-to-date returns for both stocks are quite close, with AAA having a 0.88% return and RAAA slightly lower at 0.86%.

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

RAAA

• 1D: 0.00%
• 1M: -0.01%
• YTD: 0.86%
• 6M: 2.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAA vs. RAAA - Expense Ratio Comparison

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

RAAA

Reckoner Leveraged AAA CLO ETF

AAA

AAF First Priority CLO Bond ETF

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: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
AAA Martin Ratio Rank: 96

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 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 ratio Return per unit of total volatility	1.59	—	—
Sortino ratio Return per unit of downside risk	2.30	—	—
Omega ratio Gain probability vs. loss probability	1.40	—	—
Calmar ratio Return relative to maximum drawdown	2.36	—	—
Martin ratio Return relative to average drawdown	17.19	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AAA	RAAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	3.11	-1.19

Correlation

The correlation between AAA and RAAA is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

AAA vs. RAAA - Dividend Comparison

AAA's dividend yield for the trailing twelve months is around 5.00%, more than RAAA's 3.55% yield.

	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
RAAA Reckoner Leveraged AAA CLO ETF	3.55%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-2.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.63%	—	—
Current Drawdown Current decline from peak	-0.07%	-0.11%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.07%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	—	—

Volatility

Volatility by Period

	AAA	RAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	1.49%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.22%	1.49%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.13%	1.49%	+0.64%