NCLO vs. RAAA
NCLO (Nuveen AA-BBB CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. NCLO is passively managed, while RAAA is actively managed. At a 0.15 correlation, their price movements are largely independent. NCLO charges 0.26%/yr vs 0.30%/yr for RAAA.
Performance
NCLO vs. RAAA - Performance Comparison
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Returns By Period
In the year-to-date period, NCLO achieves a 1.96% return, which is significantly lower than RAAA's 2.18% return.
NCLO
- 1D
- -0.16%
- 1M
- 0.61%
- YTD
- 1.96%
- 6M
- 2.57%
- 1Y
- 5.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NCLO vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 1.96% | 3.18% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
Correlation
The correlation between NCLO and RAAA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025 | 0.15 |
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Return for Risk
NCLO vs. RAAA — Risk / Return Rank
NCLO
RAAA
NCLO vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AA-BBB CLO ETF (NCLO) 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.
| NCLO | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.46 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | — | — |
| Martin ratioReturn relative to average drawdown | 12.85 | — | — |
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
| NCLO | RAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.59 | 3.76 | -2.17 |
Drawdowns
NCLO vs. RAAA - Drawdown Comparison
The maximum NCLO drawdown since its inception was -3.05%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for NCLO and RAAA.
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Drawdown Indicators
| NCLO | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.05% | -0.71% | -2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | — | — |
Current DrawdownCurrent decline from peak | -0.35% | -0.23% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -0.20% | -0.06% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | — | — |
Volatility
NCLO vs. RAAA - Volatility Comparison
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Volatility by Period
| NCLO | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 1.39% | +2.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.72% | 1.39% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.72% | 1.39% | +2.33% |
NCLO vs. RAAA - Expense Ratio Comparison
NCLO has a 0.26% expense ratio, which is lower than RAAA's 0.30% expense ratio.
Dividends
NCLO vs. RAAA - Dividend Comparison
NCLO's dividend yield for the trailing twelve months is around 5.78%, more than RAAA's 4.79% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 5.78% | 6.09% | 0.35% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% | 0.00% |
Frequently Asked Questions
NCLO and RAAA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NCLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NCLO is cheaper with a 0.26% expense ratio, compared with 0.30% for RAAA.
NCLO has the higher dividend yield at 5.78%, compared with 4.79% for RAAA.
They also come from different issuers: Nuveen and Reckoner. Their fees differ too: 0.26% for NCLO and 0.30% for RAAA.
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