RAAA vs. CSHI

Last updated Apr 1, 2026

Compare and contrast key facts about Reckoner Leveraged AAA CLO ETF (RAAA) and Neos Enhanced Income Cash Alternative ETF (CSHI).

RAAA and CSHI 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. CSHI is a passively managed fund by Neos that tracks the performance of the NONE. It was launched on Aug 29, 2022.

Performance

RAAA vs. CSHI - Performance Comparison

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

RAAA vs. CSHI - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	0.86%	2.46%
CSHI Neos Enhanced Income Cash Alternative ETF	1.30%	2.36%

Returns By Period

In the year-to-date period, RAAA achieves a 0.86% return, which is significantly lower than CSHI's 1.30% return.

RAAA

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

CSHI

• 1D: 0.18%
• 1M: 0.57%
• YTD: 1.30%
• 6M: 2.57%
• 1Y: 5.43%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —

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

RAAA vs. CSHI - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is lower than CSHI's 0.38% expense ratio.

CSHI

Neos Enhanced Income Cash Alternative ETF

RAAA

Reckoner Leveraged AAA CLO ETF

Return for Risk

RAAA vs. CSHI — Risk / Return Rank

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

CSHI

CSHI Risk / Return Rank: 97
CSHI Sharpe Ratio Rank: 97
CSHI Sortino Ratio Rank: 98
CSHI Omega Ratio Rank: 98
CSHI Calmar Ratio Rank: 92
CSHI 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. CSHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and Neos Enhanced Income Cash Alternative ETF (CSHI). 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	CSHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.11	4.10	-0.98

Correlation

The correlation between RAAA and CSHI is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

RAAA vs. CSHI - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 3.55%, less than CSHI's 4.98% yield.

	TTM	2025	2024	2023	2022
RAAA Reckoner Leveraged AAA CLO ETF	3.55%	2.70%	0.00%	0.00%	0.00%
CSHI Neos Enhanced Income Cash Alternative ETF	4.98%	5.11%	5.72%	6.15%	1.52%

Drawdowns

RAAA vs. CSHI - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum CSHI drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for RAAA and CSHI.

Drawdown Indicators

	RAAA	CSHI	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-1.69%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.69%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.03%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.19%	—

Volatility

Volatility by Period

	RAAA	CSHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.49%	2.01%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.49%	1.35%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.49%	1.35%	+0.14%