RAAA vs. IBTF

Last updated Jun 4, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and IBTF (iShares iBonds Dec 2025 Term Treasury ETF) are both exchange-traded funds - RAAA is a CLO fund actively managed by Reckoner, while IBTF is a Government Bonds fund tracking the ICE 2025 Maturity US Treasury Index. RAAA is actively managed, while IBTF is passively managed. At a correlation of -0.06, they often move in opposite directions. RAAA charges 0.30%/yr vs 0.07%/yr for IBTF.

Performance

RAAA vs. IBTF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Leveraged AAA CLO ETF (RAAA) and iShares iBonds Dec 2025 Term Treasury ETF (IBTF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAAA

• 1D: -0.02%
• 1M: 0.23%
• YTD: 2.18%
• 6M: 2.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBTF

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.09%
• 1Y: 2.14%
• 3Y*: 3.66%
• 5Y*: 0.90%
• 10Y*: —

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

RAAA vs. IBTF - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	2.18%	2.46%
IBTF iShares iBonds Dec 2025 Term Treasury ETF	0.00%	1.69%

Correlation

The correlation between RAAA and IBTF is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	-0.06

Return for Risk

RAAA vs. IBTF — Risk / Return Rank

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

IBTF

IBTF Risk / Return Rank: 99
IBTF Sharpe Ratio Rank: 99
IBTF Sortino Ratio Rank: 99
IBTF Omega Ratio Rank: 100
IBTF Calmar Ratio Rank: 100
IBTF Martin Ratio Rank: 99

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. IBTF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and iShares iBonds Dec 2025 Term Treasury ETF (IBTF). 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	IBTF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	7.08	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.76	0.44	+3.31

Drawdowns

RAAA vs. IBTF - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum IBTF drawdown of -10.45%. Use the drawdown chart below to compare losses from any high point for RAAA and IBTF.

Drawdown Indicators

	RAAA	IBTF	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-10.45%	+9.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.04%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.53%	—
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.06%	-3.33%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	RAAA	IBTF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	0.36%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	2.38%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	2.56%	-1.17%

RAAA vs. IBTF - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is higher than IBTF's 0.07% expense ratio.

Dividends

RAAA vs. IBTF - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 4.79%, more than IBTF's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
IBTF iShares iBonds Dec 2025 Term Treasury ETF	2.08%	3.83%	4.32%	4.03%	1.93%	0.57%	0.59%
RAAA Reckoner Leveraged AAA CLO ETF	4.79%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAAA and IBTF in my portfolio?

RAAA and IBTF have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RAAA or IBTF?

On fees, IBTF is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAAA or IBTF?

IBTF is cheaper with a 0.07% expense ratio, compared with 0.30% for RAAA.

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

RAAA has the higher dividend yield at 4.79%, compared with 2.08% for IBTF.

What is the main difference between RAAA and IBTF?

RAAA is categorized as CLO, while IBTF is Government Bonds. They also come from different issuers: Reckoner and iShares. Their fees differ too: 0.30% for RAAA and 0.07% for IBTF.