RAAA vs. NCLO

Last updated Jun 4, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both CLO funds. RAAA is actively managed, while NCLO is passively managed. At a 0.15 correlation, their price movements are largely independent. RAAA charges 0.30%/yr vs 0.26%/yr for NCLO.

Performance

RAAA vs. NCLO - Performance Comparison

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

Returns By Period

In the year-to-date period, RAAA achieves a 2.18% return, which is significantly higher than NCLO's 1.96% return.

RAAA

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

NCLO

• 1D: -0.16%
• 1M: 0.61%
• YTD: 1.96%
• 6M: 2.57%
• 1Y: 5.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAA vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	2.18%	2.46%
NCLO Nuveen AA-BBB CLO ETF	1.96%	3.18%

Correlation

The correlation between RAAA and NCLO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.15

Return for Risk

RAAA vs. NCLO — Risk / Return Rank

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

NCLO

NCLO Risk / Return Rank: 54
NCLO Sharpe Ratio Rank: 46
NCLO Sortino Ratio Rank: 41
NCLO Omega Ratio Rank: 77
NCLO Calmar Ratio Rank: 39
NCLO Martin Ratio Rank: 69

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. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and Nuveen AA-BBB CLO ETF (NCLO). 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	NCLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.76	1.59	+2.17

Drawdowns

RAAA vs. NCLO - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum NCLO drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for RAAA and NCLO.

Drawdown Indicators

	RAAA	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-3.05%	+2.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.05%	—
Current Drawdown Current decline from peak	-0.23%	-0.35%	+0.12%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.20%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.46%	—

Volatility

Volatility by Period

	RAAA	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	3.64%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	3.72%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	3.72%	-2.33%

RAAA vs. NCLO - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

RAAA vs. NCLO - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 4.79%, less than NCLO's 5.78% yield.

Position	TTM	2025	2024
NCLO Nuveen AA-BBB CLO ETF	5.78%	6.09%	0.35%
RAAA Reckoner Leveraged AAA CLO ETF	4.79%	2.70%	0.00%

Frequently Asked Questions

Can I hold both RAAA and NCLO in my portfolio?

RAAA and NCLO have a correlation of 0.15, 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 NCLO?

On fees, NCLO is cheaper at 0.26% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAAA or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.30% for RAAA.

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

NCLO has the higher dividend yield at 5.78%, compared with 4.79% for RAAA.

What is the main difference between RAAA and NCLO?

They also come from different issuers: Reckoner and Nuveen. Their fees differ too: 0.30% for RAAA and 0.26% for NCLO.