PCLO vs. RAAA

Last updated Jul 11, 2026

PCLO (Virtus SEIX AAA Private Credit CLO ETF) and RAAA (Reckoner Leveraged AAA CLO ETF) are both CLO funds. Both are actively managed. Over the past year, PCLO returned 5.18% vs 5.48% for RAAA. At a 0.11 correlation, their price movements are largely independent. PCLO charges 0.29%/yr vs 0.30%/yr for RAAA.

Performance

PCLO vs. RAAA - Performance Comparison

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

Returns By Period

In the year-to-date period, PCLO achieves a 2.44% return, which is significantly lower than RAAA's 2.91% return.

PCLO

• 1D: 0.06%
• 1M: 0.44%
• 6M: 2.29%
• YTD: 2.44%
• 1Y: 5.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAAA

• 1D: 0.10%
• 1M: 0.51%
• 6M: 2.52%
• YTD: 2.91%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCLO vs. RAAA - Yearly Performance Comparison

	2026 (YTD)	2025
PCLO Virtus SEIX AAA Private Credit CLO ETF	2.44%	2.80%
RAAA Reckoner Leveraged AAA CLO ETF	2.91%	2.52%

Correlation

The correlation between PCLO and RAAA is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.11

Return for Risk

PCLO vs. RAAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PCLO

PCLO Risk / Return Rank: 99
PCLO Sharpe Ratio Rank: 99
PCLO Sortino Ratio Rank: 99
PCLO Omega Ratio Rank: 99
PCLO Calmar Ratio Rank: 99
PCLO Martin Ratio Rank: 99

RAAA

RAAA Risk / Return Rank: 97
RAAA Sharpe Ratio Rank: 98
RAAA Sortino Ratio Rank: 98
RAAA Omega Ratio Rank: 98
RAAA Calmar Ratio Rank: 96
RAAA Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PCLO vs. RAAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus SEIX AAA Private Credit CLO ETF (PCLO) 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.

	PCLO	RAAA	Difference
Sharpe ratio: Return per unit of total volatility	6.33	4.11	+2.22
Sortino ratio: Return per unit of downside risk	11.65	5.94	+5.71
Omega ratio: Gain probability vs. loss probability	2.79	2.12	+0.67
Calmar ratio: Return relative to maximum drawdown	19.96	7.71	+12.25
Martin ratio: Return relative to average drawdown	124.58	43.04	+81.55

PCLO vs. RAAA - Sharpe Ratio Comparison

The current PCLO Sharpe Ratio is 6.33, which is higher than the RAAA Sharpe Ratio of 4.11. The chart below compares the historical Sharpe Ratios of PCLO and RAAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PCLO vs. RAAA - Drawdown Comparison

The maximum PCLO drawdown since its inception was -0.76%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for PCLO and RAAA.

Drawdown Indicators

	PCLO	RAAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.76%	-0.71%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.26%	-0.71%	+0.45%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.03%	-0.06%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.13%	-0.09%

Volatility

PCLO vs. RAAA - Volatility Comparison

Virtus SEIX AAA Private Credit CLO ETF (PCLO) has a higher volatility of 0.20% compared to Reckoner Leveraged AAA CLO ETF (RAAA) at 0.14%. This indicates that PCLO'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.

Volatility by Period

	PCLO	RAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	0.14%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.68%	1.00%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	0.83%	1.33%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.13%	1.33%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.13%	1.33%	-0.20%

PCLO vs. RAAA - Expense Ratio Comparison

PCLO has a 0.29% expense ratio, which is lower than RAAA's 0.30% expense ratio.

Dividends

PCLO vs. RAAA - Dividend Comparison

PCLO's dividend yield for the trailing twelve months is around 5.23%, which matches RAAA's 5.21% yield.

Position	TTM	2025	2024
PCLO Virtus SEIX AAA Private Credit CLO ETF	5.23%	5.53%	0.44%
RAAA Reckoner Leveraged AAA CLO ETF	5.21%	2.70%	0.00%

Frequently Asked Questions

Can I hold both PCLO and RAAA in my portfolio?

PCLO and RAAA have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCLO or RAAA?

PCLO has higher volatility (0.20%) compared to RAAA (0.14%). In terms of maximum drawdown, PCLO dropped -0.76% vs RAAA's -0.71%.

Which ETF is better, PCLO or RAAA?

On 1-year performance, RAAA leads with 5.48% vs 5.18% for PCLO. On fees, PCLO is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCLO or RAAA?

Over the 1-year period, RAAA has performed better with a 5.48% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCLO or RAAA?

PCLO is cheaper with a 0.29% expense ratio, compared with 0.30% for RAAA.

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

PCLO has the higher dividend yield at 5.23%, compared with 5.21% for RAAA.

What is the main difference between PCLO and RAAA?

They also come from different issuers: Virtus and Reckoner. Their fees differ too: 0.29% for PCLO and 0.30% for RAAA.

Which has better risk-adjusted returns?

PCLO currently has the higher Sharpe Ratio (6.33 vs 4.11), 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.