PCMM vs. RAAA
PCMM (BondBloxx Private Credit 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. PCMM charges 0.68%/yr vs 0.30%/yr for RAAA.
Performance
PCMM vs. RAAA - Performance Comparison
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Returns By Period
In the year-to-date period, PCMM achieves a 1.15% return, which is significantly lower than RAAA's 2.18% return.
PCMM
- 1D
- 0.06%
- 1M
- 0.49%
- YTD
- 1.15%
- 6M
- 1.71%
- 1Y
- 4.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PCMM vs. RAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PCMM BondBloxx Private Credit CLO ETF | 1.15% | 2.18% |
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
Correlation
The correlation between PCMM 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 Jul 10, 2025 | 0.08 |
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Return for Risk
PCMM vs. RAAA — Risk / Return Rank
PCMM
RAAA
PCMM vs. RAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Private Credit CLO ETF (PCMM) 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.
| PCMM | RAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.21 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | — | — |
| Martin ratioReturn relative to average drawdown | 7.21 | — | — |
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
| PCMM | RAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 3.76 | -2.68 |
Drawdowns
PCMM vs. RAAA - Drawdown Comparison
The maximum PCMM drawdown since its inception was -4.32%, which is greater than RAAA's maximum drawdown of -0.71%. Use the drawdown chart below to compare losses from any high point for PCMM and RAAA.
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Drawdown Indicators
| PCMM | RAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.32% | -0.71% | -3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.16% | — | — |
Current DrawdownCurrent decline from peak | -0.41% | -0.23% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -0.06% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | — | — |
Volatility
PCMM vs. RAAA - Volatility Comparison
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Volatility by Period
| PCMM | RAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 1.39% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.97% | 1.39% | +3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.97% | 1.39% | +3.58% |
PCMM vs. RAAA - Expense Ratio Comparison
PCMM has a 0.68% expense ratio, which is higher than RAAA's 0.30% expense ratio.
Dividends
PCMM vs. RAAA - Dividend Comparison
PCMM's dividend yield for the trailing twelve months is around 6.62%, more than RAAA's 4.79% yield.
| Position | TTM | 2025 |
|---|---|---|
PCMM BondBloxx Private Credit CLO ETF | 6.62% | 7.02% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% |
Frequently Asked Questions
PCMM 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.
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.
RAAA is cheaper with a 0.30% expense ratio, compared with 0.68% for PCMM.
PCMM has the higher dividend yield at 6.62%, compared with 4.79% for RAAA.
They also come from different issuers: BondBloxx and Reckoner. Their fees differ too: 0.68% for PCMM and 0.30% for RAAA.
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