FCLO vs. RAAA

Last updated Jun 23, 2026

FCLO (Fidelity CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. FCLO charges 0.45%/yr vs 0.30%/yr for RAAA.

Performance

FCLO vs. RAAA - Performance Comparison

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

Returns By Period

FCLO

• 1D: -0.02%
• 1M: 0.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAAA

• 1D: 0.04%
• 1M: 0.29%
• YTD: 2.59%
• 6M: 2.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLO vs. RAAA - Yearly Performance Comparison

	2026 (YTD)
FCLO Fidelity CLO ETF	1.91%
RAAA Reckoner Leveraged AAA CLO ETF	1.93%

Correlation

The correlation between FCLO and RAAA is 0.08, 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 Feb 12, 2026	0.08

Return for Risk

FCLO vs. RAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity CLO ETF (FCLO) 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.

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

Drawdowns

FCLO vs. RAAA - Drawdown Comparison

The maximum FCLO drawdown since its inception was -0.58%, smaller than the maximum RAAA drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for FCLO and RAAA.

Drawdown Indicators

	FCLO	RAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.58%	-0.71%	+0.13%
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.06%	-0.02%

Volatility

Volatility by Period

	FCLO	RAAA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	1.36%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.36%	1.36%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.36%	1.36%	0.00%

FCLO vs. RAAA - Expense Ratio Comparison

FCLO has a 0.45% expense ratio, which is higher than RAAA's 0.30% expense ratio.

Dividends

FCLO vs. RAAA - Dividend Comparison

FCLO's dividend yield for the trailing twelve months is around 1.55%, less than RAAA's 4.77% yield.

Position	TTM	2025
FCLO Fidelity CLO ETF	1.55%	0.00%
RAAA Reckoner Leveraged AAA CLO ETF	4.77%	2.70%

Frequently Asked Questions

Can I hold both FCLO and RAAA in my portfolio?

FCLO and RAAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCLO or RAAA?

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.

Which ETF is cheaper, FCLO or RAAA?

RAAA is cheaper with a 0.30% expense ratio, compared with 0.45% for FCLO.

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

RAAA has the higher dividend yield at 4.77%, compared with 1.55% for FCLO.

What is the main difference between FCLO and RAAA?

They also come from different issuers: Fidelity and Reckoner. Their fees differ too: 0.45% for FCLO and 0.30% for RAAA.