CLOZ vs. RAAA
CLOZ (Panagram BBB-B CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. At a correlation of -0.01, they often move in opposite directions. CLOZ charges 0.50%/yr vs 0.30%/yr for RAAA.
Performance
CLOZ vs. RAAA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CLOZ achieves a 2.09% return, which is significantly lower than RAAA's 2.63% return.
CLOZ
- 1D
- -0.17%
- 1M
- -0.35%
- YTD
- 2.09%
- 6M
- 2.33%
- 1Y
- 5.19%
- 3Y*
- 9.93%
- 5Y*
- —
- 10Y*
- —
RAAA
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 2.63%
- 6M
- 2.78%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CLOZ vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 2.09% | 2.93% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.63% | 2.52% |
Correlation
The correlation between CLOZ and RAAA is -0.01, 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 | -0.01 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CLOZ vs. RAAA — Risk / Return Rank
CLOZ
RAAA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CLOZ vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Panagram BBB-B CLO ETF (CLOZ) 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.
| CLOZ | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | — | — |
| Martin ratioReturn relative to average drawdown | 4.43 | — | — |
Loading charts...
Drawdowns
CLOZ vs. RAAA - Drawdown Comparison
The maximum CLOZ drawdown since its inception was -5.32%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for CLOZ and RAAA.
Loading charts...
Drawdown Indicators
| CLOZ | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.32% | -0.71% | -4.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.32% | — | — |
Current DrawdownCurrent decline from peak | -0.55% | 0.00% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.06% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | — | — |
Volatility
CLOZ vs. RAAA - Volatility Comparison
Loading charts...
Volatility by Period
| CLOZ | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 1.36% | +2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.79% | 1.36% | +2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 1.36% | +2.43% |
CLOZ vs. RAAA - Expense Ratio Comparison
CLOZ has a 0.50% expense ratio, which is higher than RAAA's 0.30% expense ratio.
Dividends
CLOZ vs. RAAA - Dividend Comparison
CLOZ's dividend yield for the trailing twelve months is around 7.42%, more than RAAA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CLOZ Panagram BBB-B CLO ETF | 7.42% | 7.63% | 9.09% | 8.81% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.77% | 2.70% | 0.00% | 0.00% |
Frequently Asked Questions
CLOZ and RAAA have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RAAA is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RAAA is cheaper with a 0.30% expense ratio, compared with 0.50% for CLOZ.
CLOZ has the higher dividend yield at 7.42%, compared with 4.77% for RAAA.
They also come from different issuers: Panagram and Reckoner. Their fees differ too: 0.50% for CLOZ and 0.30% for RAAA.
Find the right allocation for CLOZ and RAAA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer