RAAA vs. BCLO

Last updated Aug 2, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and BCLO (iShares BBB-B CLO Active ETF) are both CLO funds. RAAA is actively managed, while BCLO is passively managed. Over the past year, RAAA returned 5.42% vs 5.97% for BCLO. Their 0.03 correlation means their historical movements had little consistent relationship. RAAA charges 0.30%/yr vs 0.45%/yr for BCLO.

Performance

RAAA vs. BCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Leveraged AAA CLO ETF (RAAA) and iShares BBB-B CLO Active ETF (BCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RAAA having a 3.11% return and BCLO slightly lower at 3.10%.

RAAA

• 1D: 0.02%
• 1M: 0.34%
• 6M: 2.41%
• YTD: 3.11%
• 1Y: 5.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.38%

BCLO

• 1D: 0.09%
• 1M: 0.06%
• 6M: 2.26%
• YTD: 3.10%
• 1Y: 5.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCLO iShares BBB-B CLO Active ETF	$627.81K	$426.45K	$315.81K
RAAA Reckoner Leveraged AAA CLO ETF	$59.56K	$103.51K	$107.23K

RAAA vs. BCLO - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	3.11%	2.52%
BCLO iShares BBB-B CLO Active ETF	3.10%	3.15%

Correlation

The correlation between RAAA and BCLO is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.03

Return for Risk

RAAA vs. BCLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RAAA

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

BCLO

BCLO Risk / Return Rank: 91
BCLO Sharpe Ratio Rank: 96
BCLO Sortino Ratio Rank: 96
BCLO Omega Ratio Rank: 97
BCLO Calmar Ratio Rank: 83
BCLO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RAAA vs. BCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and iShares BBB-B CLO Active ETF (BCLO). 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.

	RAAA	BCLO	Difference
Sharpe ratio: Return per unit of total volatility	4.10	2.89	+1.21
Sortino ratio: Return per unit of downside risk	5.92	4.56	+1.36
Omega ratio: Gain probability vs. loss probability	2.13	1.72	+0.41
Calmar ratio: Return relative to maximum drawdown	7.68	3.06	+4.62
Martin ratio: Return relative to average drawdown	42.90	11.27	+31.63

RAAA vs. BCLO - Sharpe Ratio Comparison

The current RAAA Sharpe Ratio is 4.10, which is higher than the BCLO Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of RAAA and BCLO, 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

RAAA vs. BCLO - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum BCLO drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for RAAA and BCLO.

Drawdown Indicators

	RAAA	BCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-4.45%	+3.74%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	-1.92%	+1.21%
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.37%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.52%	-0.39%

Volatility

RAAA vs. BCLO - Volatility Comparison

The current volatility for Reckoner Leveraged AAA CLO ETF (RAAA) is 0.14%, while iShares BBB-B CLO Active ETF (BCLO) has a volatility of 0.31%. This indicates that RAAA experiences smaller price fluctuations and is considered to be less risky than BCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAA	BCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	0.31%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.95%	1.63%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	2.03%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	4.16%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.29%	4.16%	-2.87%

RAAA vs. BCLO - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is lower than BCLO's 0.45% expense ratio.

Dividends

RAAA vs. BCLO - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 5.20%, less than BCLO's 6.57% yield.

Position	TTM	2025
BCLO iShares BBB-B CLO Active ETF	5.97%	6.45%
RAAA Reckoner Leveraged AAA CLO ETF	4.91%	2.70%

Frequently Asked Questions

Can I hold both RAAA and BCLO in my portfolio?

RAAA and BCLO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAAA or BCLO?

BCLO has higher volatility (0.31%) compared to RAAA (0.14%). In terms of maximum drawdown, RAAA dropped -0.71% vs BCLO's -4.45%.

Which ETF is better, RAAA or BCLO?

On 1-year performance, BCLO leads with 5.97% vs 5.42% for RAAA. On fees, RAAA is cheaper at 0.30% per year. On volatility, RAAA has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAAA or BCLO?

Over the 1-year period, BCLO has performed better with a 5.97% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAAA or BCLO?

RAAA is cheaper with a 0.30% expense ratio, compared with 0.45% for BCLO.

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

BCLO has the higher dividend yield at 5.97%, compared with 4.91% for RAAA.

What is the main difference between RAAA and BCLO?

They also come from different issuers: Reckoner and iShares. Their fees differ too: 0.30% for RAAA and 0.45% for BCLO.

Which has better risk-adjusted returns?

RAAA currently has the higher Sharpe Ratio (4.10 vs 2.89), 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.