RAAA vs. RCLR

Last updated Jul 10, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and RCLR (Reckoner BBB-B CLO Reinvesting ETF) are both exchange-traded funds - RAAA is a CLO fund actively managed by Reckoner, while RCLR is a Actively Managed fund actively managed by Reckoner. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. RAAA charges 0.30%/yr vs 0.60%/yr for RCLR.

Performance

RAAA vs. RCLR - Performance Comparison

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

Returns By Period

RAAA

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

RCLR

• 1D: -0.06%
• 1M: 0.30%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAA vs. RCLR - Yearly Performance Comparison

	2026 (YTD)
RAAA Reckoner Leveraged AAA CLO ETF	2.04%
RCLR Reckoner BBB-B CLO Reinvesting ETF	1.03%

Correlation

The correlation between RAAA and RCLR is 0.44, 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 Feb 11, 2026	0.44

Return for Risk

RAAA vs. RCLR — 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

RCLR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. RCLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and Reckoner BBB-B CLO Reinvesting ETF (RCLR). 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	RCLR	Difference
Sharpe ratio: Return per unit of total volatility	4.03	—	—
Sortino ratio: Return per unit of downside risk	5.82	—	—
Omega ratio: Gain probability vs. loss probability	2.10	—	—
Calmar ratio: Return relative to maximum drawdown	7.56	—	—
Martin ratio: Return relative to average drawdown	42.18	—	—

Drawdowns

RAAA vs. RCLR - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum RCLR drawdown of -3.77%. Use the drawdown chart below to compare losses from any high point for RAAA and RCLR.

Drawdown Indicators

	RAAA	RCLR	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-3.77%	+3.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	—	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.82%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	RAAA	RCLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	3.89%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	3.89%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	3.89%	-2.56%

RAAA vs. RCLR - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is lower than RCLR's 0.60% expense ratio.

Dividends

RAAA vs. RCLR - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 5.21%, while RCLR has not paid dividends to shareholders.

Position	TTM	2025
RAAA Reckoner Leveraged AAA CLO ETF	5.21%	2.70%
RCLR Reckoner BBB-B CLO Reinvesting ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAAA and RCLR in my portfolio?

RAAA and RCLR have a correlation of 0.44, 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 RCLR?

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.

Which ETF is cheaper, RAAA or RCLR?

RAAA is cheaper with a 0.30% expense ratio, compared with 0.60% for RCLR.

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

RAAA has the higher dividend yield at 5.21%, compared with 0.00% for RCLR.

What is the main difference between RAAA and RCLR?

RAAA is categorized as CLO, while RCLR is Actively Managed. Their fees differ too: 0.30% for RAAA and 0.60% for RCLR.