PCMM vs. DLLL

Last updated Jul 14, 2026

PCMM (BondBloxx Private Credit CLO ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both exchange-traded funds - PCMM is a CLO fund actively managed by BondBloxx, while DLLL is a Leveraged Equities fund tracking the Dell Technologies Inc. (DELL). PCMM is actively managed, while DLLL is passively managed. Over the past year, PCMM returned 4.90% vs 636.01% for DLLL. At a correlation of -0.04, they often move in opposite directions. PCMM charges 0.68%/yr vs 1.50%/yr for DLLL.

Performance

PCMM vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Private Credit CLO ETF (PCMM) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCMM achieves a 2.34% return, which is significantly lower than DLLL's 738.32% return.

PCMM

• 1D: 0.06%
• 1M: 0.51%
• 6M: 2.22%
• YTD: 2.34%
• 1Y: 4.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DLLL

• 1D: -3.72%
• 1M: 12.43%
• 6M: 819.94%
• YTD: 738.32%
• 1Y: 636.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PCMM vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
PCMM BondBloxx Private Credit CLO ETF	2.34%	5.07%
DLLL GraniteShares 2x Long DELL Daily ETF	738.32%	-3.72%

Correlation

The correlation between PCMM and DLLL 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 (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.04

Return for Risk

PCMM vs. DLLL — Risk / Return Rank

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

PCMM

PCMM Risk / Return Rank: 56
PCMM Sharpe Ratio Rank: 54
PCMM Sortino Ratio Rank: 54
PCMM Omega Ratio Rank: 55
PCMM Calmar Ratio Rank: 57
PCMM Martin Ratio Rank: 59

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 95
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

PCMM vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Private Credit CLO ETF (PCMM) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	PCMM	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	1.46	4.80	-3.33
Sortino ratio: Return per unit of downside risk	2.09	4.13	-2.05
Omega ratio: Gain probability vs. loss probability	1.27	1.50	-0.23
Calmar ratio: Return relative to maximum drawdown	2.28	11.22	-8.94
Martin ratio: Return relative to average drawdown	8.16	22.48	-14.32

PCMM vs. DLLL - Sharpe Ratio Comparison

The current PCMM Sharpe Ratio is 1.46, which is lower than the DLLL Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of PCMM and DLLL, 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

PCMM vs. DLLL - Drawdown Comparison

The maximum PCMM drawdown since its inception was -4.32%, smaller than the maximum DLLL drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for PCMM and DLLL.

Drawdown Indicators

	PCMM	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-4.32%	-68.58%	+64.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-57.19%	+55.03%
Current Drawdown Current decline from peak	-0.31%	-20.70%	+20.39%
Average Drawdown Average peak-to-trough decline	-0.41%	-25.71%	+25.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	28.50%	-27.90%

Volatility

PCMM vs. DLLL - Volatility Comparison

The current volatility for BondBloxx Private Credit CLO ETF (PCMM) is 0.81%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 35.23%. This indicates that PCMM experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCMM	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	35.23%	-34.42%
Volatility (6M) Calculated over the trailing 6-month period	2.71%	106.21%	-103.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	134.10%	-130.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	129.72%	-124.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.86%	129.72%	-124.86%

PCMM vs. DLLL - Expense Ratio Comparison

PCMM has a 0.68% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

PCMM vs. DLLL - Dividend Comparison

PCMM's dividend yield for the trailing twelve months is around 6.48%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%
PCMM BondBloxx Private Credit CLO ETF	6.48%	7.02%

Frequently Asked Questions

Can I hold both PCMM and DLLL in my portfolio?

PCMM and DLLL 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 is riskier, PCMM or DLLL?

DLLL has higher volatility (35.23%) compared to PCMM (0.81%). In terms of maximum drawdown, PCMM dropped -4.32% vs DLLL's -68.58%.

Which ETF is better, PCMM or DLLL?

On 1-year performance, DLLL leads with 636.01% vs 4.90% for PCMM. On fees, PCMM is cheaper at 0.68% per year. On volatility, PCMM has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCMM or DLLL?

Over the 1-year period, DLLL has performed better with a 636.01% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCMM or DLLL?

PCMM is cheaper with a 0.68% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, PCMM or DLLL?

PCMM has the higher dividend yield at 6.48%, compared with 0.00% for DLLL.

What is the main difference between PCMM and DLLL?

PCMM is categorized as CLO, while DLLL is Leveraged Equities. They also come from different issuers: BondBloxx and GraniteShares. Their fees differ too: 0.68% for PCMM and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.80 vs 1.46), 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.