ACLO vs. RAAA

Last updated Jun 25, 2026

ACLO (TCW AAA CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.05 correlation, their price movements are largely independent. ACLO charges 0.20%/yr vs 0.30%/yr for RAAA.

Performance

ACLO vs. RAAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW AAA CLO ETF (ACLO) 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, ACLO achieves a 2.46% return, which is significantly lower than RAAA's 2.63% return.

ACLO

• 1D: 0.02%
• 1M: 0.46%
• YTD: 2.46%
• 6M: 2.51%
• 1Y: 5.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAAA

• 1D: 0.00%
• 1M: 0.33%
• YTD: 2.63%
• 6M: 2.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ACLO vs. RAAA - Yearly Performance Comparison

	2026 (YTD)	2025
ACLO TCW AAA CLO ETF	2.46%	2.54%
RAAA Reckoner Leveraged AAA CLO ETF	2.63%	2.52%

Correlation

The correlation between ACLO 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 9, 2025	0.05

Return for Risk

ACLO vs. RAAA — Risk / Return Rank

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

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

RAAA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ACLO vs. RAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW AAA CLO ETF (ACLO) 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.

	ACLO	RAAA	Difference
Sharpe ratio: Return per unit of total volatility	7.32	—	—
Sortino ratio: Return per unit of downside risk	15.12	—	—
Omega ratio: Gain probability vs. loss probability	3.44	—	—
Calmar ratio: Return relative to maximum drawdown	19.85	—	—
Martin ratio: Return relative to average drawdown	165.43	—	—

Drawdowns

ACLO vs. RAAA - Drawdown Comparison

The maximum ACLO drawdown since its inception was -1.01%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for ACLO and RAAA.

Drawdown Indicators

	ACLO	RAAA	Difference
Max Drawdown Largest peak-to-trough decline	-1.01%	-0.71%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.27%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.04%	-0.06%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	—	—

Volatility

Volatility by Period

	ACLO	RAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.58%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.73%	1.35%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	1.35%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	1.35%	-0.28%

ACLO vs. RAAA - Expense Ratio Comparison

ACLO has a 0.20% expense ratio, which is lower than RAAA's 0.30% expense ratio.

Dividends

ACLO vs. RAAA - Dividend Comparison

ACLO's dividend yield for the trailing twelve months is around 4.90%, more than RAAA's 4.77% yield.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%
RAAA Reckoner Leveraged AAA CLO ETF	4.77%	2.70%	0.00%

Frequently Asked Questions

Can I hold both ACLO and RAAA in my portfolio?

ACLO 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.

Which ETF is better, ACLO or RAAA?

On fees, ACLO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACLO or RAAA?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.30% for RAAA.

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

ACLO has the higher dividend yield at 4.90%, compared with 4.77% for RAAA.

What is the main difference between ACLO and RAAA?

They also come from different issuers: TCW and Reckoner. Their fees differ too: 0.20% for ACLO and 0.30% for RAAA.