RAAA vs. PCMM
RAAA (Reckoner Leveraged AAA CLO ETF) and PCMM (BondBloxx Private Credit CLO ETF) are both CLO funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. RAAA charges 0.30%/yr vs 0.68%/yr for PCMM.
Performance
RAAA vs. PCMM - Performance Comparison
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Returns By Period
In the year-to-date period, RAAA achieves a 2.18% return, which is significantly higher than PCMM's 1.15% return.
RAAA
- 1D
- -0.02%
- 1M
- 0.23%
- YTD
- 2.18%
- 6M
- 2.50%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PCMM
- 1D
- 0.06%
- 1M
- 0.49%
- YTD
- 1.15%
- 6M
- 1.71%
- 1Y
- 4.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RAAA vs. PCMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RAAA Reckoner Leveraged AAA CLO ETF | 2.18% | 2.46% |
PCMM BondBloxx Private Credit CLO ETF | 1.15% | 2.18% |
Correlation
The correlation between RAAA and PCMM is 0.08, 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 | 0.08 |
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Return for Risk
RAAA vs. PCMM — Risk / Return Rank
RAAA
PCMM
RAAA vs. PCMM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and BondBloxx Private Credit CLO ETF (PCMM). 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.
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Sharpe Ratios by Period
| RAAA | PCMM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.76 | 1.08 | +2.68 |
Drawdowns
RAAA vs. PCMM - Drawdown Comparison
The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum PCMM drawdown of -4.32%. Use the drawdown chart below to compare losses from any high point for RAAA and PCMM.
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Drawdown Indicators
| RAAA | PCMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.71% | -4.32% | +3.61% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.16% | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.41% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.43% | +0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.62% | — |
Volatility
RAAA vs. PCMM - Volatility Comparison
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Volatility by Period
| RAAA | PCMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.64% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.39% | 3.94% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 4.97% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 4.97% | -3.58% |
RAAA vs. PCMM - Expense Ratio Comparison
RAAA has a 0.30% expense ratio, which is lower than PCMM's 0.68% expense ratio.
Dividends
RAAA vs. PCMM - Dividend Comparison
RAAA's dividend yield for the trailing twelve months is around 4.79%, less than PCMM's 6.62% yield.
| Position | TTM | 2025 |
|---|---|---|
PCMM BondBloxx Private Credit CLO ETF | 6.62% | 7.02% |
RAAA Reckoner Leveraged AAA CLO ETF | 4.79% | 2.70% |
Frequently Asked Questions
RAAA and PCMM have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RAAA is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RAAA is cheaper with a 0.30% expense ratio, compared with 0.68% for PCMM.
PCMM has the higher dividend yield at 6.62%, compared with 4.79% for RAAA.
They also come from different issuers: Reckoner and BondBloxx. Their fees differ too: 0.30% for RAAA and 0.68% for PCMM.
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