PGRI vs. RAAY

Last updated Jul 10, 2026

PGRI (Putnam International Stock ETF) and RAAY (Reckoner Yield Enhanced AAA CLO Annual ETF) are both Actively Managed funds. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. PGRI charges 0.55%/yr vs 0.35%/yr for RAAY.

Performance

PGRI vs. RAAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam International Stock ETF (PGRI) and Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PGRI

• 1D: 0.26%
• 1M: 0.82%
• 6M: 6.03%
• YTD: 8.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAAY

• 1D: 0.00%
• 1M: 0.49%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PGRI vs. RAAY - Yearly Performance Comparison

	2026 (YTD)
PGRI Putnam International Stock ETF	2.14%
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	1.99%

Correlation

The correlation between PGRI and RAAY is 0.11, 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 Feb 11, 2026	0.11

Return for Risk

PGRI vs. RAAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam International Stock ETF (PGRI) and Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

PGRI vs. RAAY - Drawdown Comparison

The maximum PGRI drawdown since its inception was -12.87%, which is greater than RAAY's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for PGRI and RAAY.

Drawdown Indicators

	PGRI	RAAY	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-0.62%	-12.25%
Current Drawdown Current decline from peak	-3.58%	0.00%	-3.58%
Average Drawdown Average peak-to-trough decline	-3.04%	-0.08%	-2.96%

Volatility

Volatility by Period

	PGRI	RAAY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.77%	1.37%	+19.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	1.37%	+19.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.77%	1.37%	+19.40%

PGRI vs. RAAY - Expense Ratio Comparison

PGRI has a 0.55% expense ratio, which is higher than RAAY's 0.35% expense ratio.

Dividends

PGRI vs. RAAY - Dividend Comparison

PGRI's dividend yield for the trailing twelve months is around 0.11%, while RAAY has not paid dividends to shareholders.

Position	TTM	2025
PGRI Putnam International Stock ETF	0.11%	0.12%
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both PGRI and RAAY in my portfolio?

PGRI and RAAY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PGRI or RAAY?

On fees, RAAY is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PGRI or RAAY?

RAAY is cheaper with a 0.35% expense ratio, compared with 0.55% for PGRI.

Which ETF pays a higher dividend yield, PGRI or RAAY?

PGRI has the higher dividend yield at 0.11%, compared with 0.00% for RAAY.

What is the main difference between PGRI and RAAY?

They also come from different issuers: Putnam and Reckoner. Their fees differ too: 0.55% for PGRI and 0.35% for RAAY.