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. Over the past year, NCLO returned 5.75% vs 5.40% for RAAA. At a 0.14 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 2.48% return, which is significantly lower than RAAA's 2.91% return.
NCLO
- 1D
- 0.22%
- 1M
- 0.46%
- 6M
- 2.48%
- YTD
- 2.48%
- 1Y
- 5.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RAAA
- 1D
- 0.02%
- 1M
- 0.51%
- 6M
- 2.52%
- YTD
- 2.91%
- 1Y
- 5.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NCLO vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 2.48% | 3.12% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.91% | 2.52% |
Correlation
The correlation between NCLO and RAAA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025 | 0.14 |
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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.
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.
| NCLO | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.99 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 2.12 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 7.65 | -5.76 |
| Martin ratioReturn relative to average drawdown | 11.50 | 42.70 | -31.20 |
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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% | -0.71% | -2.34% |
Current DrawdownCurrent decline from peak | -0.76% | 0.00% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.06% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.13% | +0.37% |
Volatility
NCLO vs. RAAA - Volatility Comparison
Nuveen AA-BBB CLO ETF (NCLO) has a higher volatility of 1.57% compared to Reckoner Leveraged AAA CLO ETF (RAAA) at 0.15%. This indicates that NCLO's price experiences larger fluctuations and is considered to be riskier than RAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCLO | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 0.15% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 0.98% | +2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 1.33% | +2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 1.32% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 1.32% | +2.48% |
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 5.79%, more than RAAA's 5.21% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
NCLO Nuveen AA-BBB CLO ETF | 5.79% | 6.09% | 0.35% |
RAAA Reckoner Leveraged AAA CLO ETF | 5.21% | 2.70% | 0.00% |
Frequently Asked Questions
NCLO and RAAA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCLO has higher volatility (1.57%) compared to RAAA (0.15%). In terms of maximum drawdown, NCLO dropped -3.05% vs RAAA's -0.71%.
On 1-year performance, NCLO leads with 5.75% vs 5.40% for RAAA. On fees, NCLO is cheaper at 0.26% per year. On volatility, RAAA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NCLO has performed better with a 5.75% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NCLO is cheaper with a 0.26% expense ratio, compared with 0.30% for RAAA.
NCLO has the higher dividend yield at 5.79%, compared with 5.21% for RAAA.
They also come from different issuers: Nuveen and Reckoner. Their fees differ too: 0.26% for NCLO and 0.30% for RAAA.
RAAA currently has the higher Sharpe Ratio (4.08 vs 1.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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