RAAA vs. SPY

Last updated Jul 14, 2026

RAAA (Reckoner Leveraged AAA CLO ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - RAAA is a CLO fund actively managed by Reckoner, while SPY is a S&P 500 fund tracking the S&P 500 Index. RAAA is actively managed, while SPY is passively managed. Over the past year, RAAA returned 5.48% vs 21.46% for SPY. At a 0.11 correlation, their price movements are largely independent. RAAA charges 0.30%/yr vs 0.09%/yr for SPY.

Performance

RAAA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Leveraged AAA CLO ETF (RAAA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAAA achieves a 2.90% return, which is significantly lower than SPY's 10.45% return.

RAAA

• 1D: -0.00%
• 1M: 0.51%
• 6M: 2.43%
• YTD: 2.90%
• 1Y: 5.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

RAAA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
RAAA Reckoner Leveraged AAA CLO ETF	2.90%	2.52%
SPY State Street SPDR S&P 500 ETF	10.45%	10.56%

Correlation

The correlation between RAAA and SPY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.11

Return for Risk

RAAA vs. SPY — Risk / Return Rank

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

RAAA

RAAA Risk / Return Rank: 98
RAAA Sharpe Ratio Rank: 98
RAAA Sortino Ratio Rank: 98
RAAA Omega Ratio Rank: 98
RAAA Calmar Ratio Rank: 97
RAAA Martin Ratio Rank: 98

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Leveraged AAA CLO ETF (RAAA) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	4.14	1.71	+2.42
Sortino ratio: Return per unit of downside risk	5.98	2.37	+3.62
Omega ratio: Gain probability vs. loss probability	2.14	1.31	+0.83
Calmar ratio: Return relative to maximum drawdown	7.76	2.43	+5.34
Martin ratio: Return relative to average drawdown	43.34	10.57	+32.77

RAAA vs. SPY - Sharpe Ratio Comparison

The current RAAA Sharpe Ratio is 4.14, which is higher than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of RAAA and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RAAA vs. SPY - Drawdown Comparison

The maximum RAAA drawdown since its inception was -0.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RAAA and SPY.

Drawdown Indicators

	RAAA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-0.71%	-55.19%	+54.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.71%	-8.88%	+8.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-0.06%	-9.02%	+8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	2.03%	-1.90%

Volatility

RAAA vs. SPY - Volatility Comparison

The current volatility for Reckoner Leveraged AAA CLO ETF (RAAA) is 0.14%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.26%. This indicates that RAAA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.14%	4.26%	-4.12%
Volatility (6M) Calculated over the trailing 6-month period	0.99%	10.01%	-9.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	12.60%	-11.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.33%	17.17%	-15.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	17.93%	-16.60%

RAAA vs. SPY - Expense Ratio Comparison

RAAA has a 0.30% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

RAAA vs. SPY - Dividend Comparison

RAAA's dividend yield for the trailing twelve months is around 5.21%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAAA Reckoner Leveraged AAA CLO ETF	5.21%	2.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both RAAA and SPY in my portfolio?

RAAA and SPY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RAAA or SPY?

SPY has higher volatility (4.26%) compared to RAAA (0.14%). In terms of maximum drawdown, RAAA dropped -0.71% vs SPY's -55.19%.

Which ETF is better, RAAA or SPY?

On 1-year performance, SPY leads with 21.46% vs 5.48% for RAAA. On fees, SPY is cheaper at 0.09% per year. On volatility, RAAA has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RAAA or SPY?

Over the 1-year period, SPY has performed better with a 21.46% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RAAA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.30% for RAAA.

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

RAAA has the higher dividend yield at 5.21%, compared with 1.00% for SPY.

What is the main difference between RAAA and SPY?

RAAA is categorized as CLO, while SPY is S&P 500. They also come from different issuers: Reckoner and State Street. Their fees differ too: 0.30% for RAAA and 0.09% for SPY.

Which has better risk-adjusted returns?

RAAA currently has the higher Sharpe Ratio (4.14 vs 1.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.