RAAA vs. CLOI

Last updated Jul 10, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and CLOI (VanEck CLO ETF) are both CLO funds. Both are actively managed. Over the past year, RAAA returned 5.33% vs 5.37% for CLOI. At a 0.14 correlation, their price movements are largely independent. RAAA charges 0.30%/yr vs 0.36%/yr for CLOI.

Performance

RAAA vs. CLOI - Performance Comparison

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

Returns By Period

In the year-to-date period, RAAA achieves a 2.80% return, which is significantly higher than CLOI's 2.48% return.

RAAA

• 1D: 0.00%
• 1M: 0.49%
• 6M: 2.51%
• YTD: 2.80%
• 1Y: 5.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CLOI

• 1D: -0.02%
• 1M: 0.33%
• 6M: 2.54%
• YTD: 2.48%
• 1Y: 5.37%
• 3Y*: 6.91%
• 5Y*: —
• 10Y*: —

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

RAAA vs. CLOI - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	2.80%	2.52%
CLOI VanEck CLO ETF	2.48%	2.61%

Correlation

The correlation between RAAA and CLOI is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.14

Return for Risk

RAAA vs. CLOI — Risk / Return Rank

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

RAAA

RAAA Risk / Return Rank: 97
RAAA Sharpe Ratio Rank: 97
RAAA Sortino Ratio Rank: 97
RAAA Omega Ratio Rank: 98
RAAA Calmar Ratio Rank: 96
RAAA Martin Ratio Rank: 98

CLOI

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

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. CLOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and VanEck CLO ETF (CLOI). 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	CLOI	Difference
Sharpe ratio: Return per unit of total volatility	4.03	4.95	-0.92
Sortino ratio: Return per unit of downside risk	5.82	7.92	-2.09
Omega ratio: Gain probability vs. loss probability	2.10	2.25	-0.15
Calmar ratio: Return relative to maximum drawdown	7.56	8.63	-1.08
Martin ratio: Return relative to average drawdown	42.18	41.75	+0.43

RAAA vs. CLOI - Sharpe Ratio Comparison

The current RAAA Sharpe Ratio is 4.03, which is comparable to the CLOI Sharpe Ratio of 4.95. The chart below compares the historical Sharpe Ratios of RAAA and CLOI, 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. CLOI - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum CLOI drawdown of -3.25%. Use the drawdown chart below to compare losses from any high point for RAAA and CLOI.

Drawdown Indicators

	RAAA	CLOI	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-3.25%	+2.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	-0.62%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.25%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.18%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.13%	0.00%

Volatility

RAAA vs. CLOI - Volatility Comparison

The current volatility for Reckoner Leveraged AAA CLO ETF (RAAA) is 0.12%, while VanEck CLO ETF (CLOI) has a volatility of 0.24%. This indicates that RAAA experiences smaller price fluctuations and is considered to be less risky than CLOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAA	CLOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	0.24%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	0.66%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	1.11%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	2.53%	-1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	2.53%	-1.20%

RAAA vs. CLOI - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is lower than CLOI's 0.36% expense ratio.

Dividends

RAAA vs. CLOI - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 5.21%, less than CLOI's 5.27% yield.

Position	TTM	2025	2024	2023	2022
CLOI VanEck CLO ETF	5.27%	5.61%	6.71%	5.61%	2.23%
RAAA Reckoner Leveraged AAA CLO ETF	5.21%	2.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAAA and CLOI in my portfolio?

RAAA and CLOI have a correlation of 0.14, 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 CLOI?

CLOI has higher volatility (0.24%) compared to RAAA (0.12%). In terms of maximum drawdown, RAAA dropped -0.71% vs CLOI's -3.25%.

Which ETF is better, RAAA or CLOI?

On 1-year performance, CLOI leads with 5.37% vs 5.33% for RAAA. On fees, RAAA is cheaper at 0.30% per year. On volatility, RAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAAA or CLOI?

Over the 1-year period, CLOI has performed better with a 5.37% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAAA or CLOI?

RAAA is cheaper with a 0.30% expense ratio, compared with 0.36% for CLOI.

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

CLOI has the higher dividend yield at 5.27%, compared with 5.21% for RAAA.

What is the main difference between RAAA and CLOI?

They also come from different issuers: Reckoner and VanEck. Their fees differ too: 0.30% for RAAA and 0.36% for CLOI.

Which has better risk-adjusted returns?

CLOI currently has the higher Sharpe Ratio (4.95 vs 4.03), 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.