CLOA vs. RAAA
CLOA (BlackRock AAA CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.30%/yr for RAAA.
Performance
CLOA vs. RAAA - Performance Comparison
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Returns By Period
In the year-to-date period, CLOA achieves a 2.06% return, which is significantly lower than RAAA's 2.18% return.
CLOA
- 1D
- 0.02%
- 1M
- 0.44%
- YTD
- 2.06%
- 6M
- 2.51%
- 1Y
- 5.28%
- 3Y*
- 6.74%
- 5Y*
- —
- 10Y*
- —
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOA vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CLOA BlackRock AAA CLO ETF | 2.06% | 2.59% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
Correlation
The correlation between CLOA 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 (All Time) Calculated using the full available price history since Jul 10, 2025 | 0.07 |
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Return for Risk
CLOA vs. RAAA — Risk / Return Rank
CLOA
RAAA
CLOA vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) 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.
| CLOA | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 3.34 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 30.02 | — | — |
| Martin ratioReturn relative to average drawdown | 150.47 | — | — |
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
| CLOA | RAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 7.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.22 | 3.76 | +1.46 |
Drawdowns
CLOA vs. RAAA - Drawdown Comparison
The maximum CLOA drawdown since its inception was -1.34%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for CLOA and RAAA.
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Drawdown Indicators
| CLOA | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.34% | -0.71% | -0.63% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.23% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -0.05% | -0.06% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | — | — |
Volatility
CLOA vs. RAAA - Volatility Comparison
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Volatility by Period
| CLOA | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.15% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.71% | 1.39% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.32% | 1.39% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.32% | 1.39% | -0.07% |
CLOA vs. RAAA - Expense Ratio Comparison
CLOA has a 0.20% expense ratio, which is lower than RAAA's 0.30% expense ratio.
Dividends
CLOA vs. RAAA - Dividend Comparison
CLOA's dividend yield for the trailing twelve months is around 4.96%, more than RAAA's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOA BlackRock AAA CLO ETF | 4.96% | 5.35% | 6.01% | 5.88% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% | 0.00% | 0.00% |
Frequently Asked Questions
CLOA 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.
On fees, CLOA is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLOA is cheaper with a 0.20% expense ratio, compared with 0.30% for RAAA.
CLOA has the higher dividend yield at 4.96%, compared with 4.79% for RAAA.
They also come from different issuers: BlackRock and Reckoner. Their fees differ too: 0.20% for CLOA and 0.30% for RAAA.
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