RAAA vs. AAA

Last updated Apr 1, 2026

Compare and contrast key facts about Reckoner Leveraged AAA CLO ETF (RAAA) and AAF First Priority CLO Bond ETF (AAA).

RAAA and AAA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RAAA is an actively managed fund by Reckoner. It was launched on Jul 9, 2025. AAA is an actively managed fund by Alternative Access Funds LLC. It was launched on Sep 9, 2020.

Performance

RAAA vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Leveraged AAA CLO ETF (RAAA) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

RAAA vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	0.86%	2.46%
AAA AAF First Priority CLO Bond ETF	0.88%	2.70%

Returns By Period

The year-to-date returns for both investments are quite close, with RAAA having a 0.86% return and AAA slightly higher at 0.88%.

RAAA

• 1D: 0.00%
• 1M: -0.01%
• YTD: 0.86%
• 6M: 2.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: 0.37%
• 1M: -0.03%
• YTD: 0.88%
• 6M: 2.11%
• 1Y: 5.36%
• 3Y*: 6.56%
• 5Y*: 4.44%
• 10Y*: —

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

RAAA vs. AAA - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is higher than AAA's 0.25% expense ratio.

RAAA

Reckoner Leveraged AAA CLO ETF

AAA

AAF First Priority CLO Bond ETF

Return for Risk

RAAA vs. AAA — Risk / Return Rank

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

AAA

AAA Risk / Return Rank: 88
AAA Sharpe Ratio Rank: 83
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 92
AAA Calmar Ratio Rank: 84
AAA Martin Ratio Rank: 96

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.

RAAA vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and AAF First Priority CLO Bond ETF (AAA). 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.

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

Sharpe Ratios by Period

	RAAA	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.59	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.11	1.92	+1.19

Correlation

The correlation between RAAA and AAA is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

RAAA vs. AAA - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 3.55%, less than AAA's 5.00% yield.

	TTM	2025	2024	2023	2022	2021	2020
RAAA Reckoner Leveraged AAA CLO ETF	3.55%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%
AAA AAF First Priority CLO Bond ETF	5.00%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%

Drawdowns

RAAA vs. AAA - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum AAA drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for RAAA and AAA.

Drawdown Indicators

	RAAA	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-2.63%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.11%	-0.07%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.31%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.31%	—

Volatility

Volatility by Period

	RAAA	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.49%	3.40%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	2.22%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.49%	2.13%	-0.64%