RAAR vs. SAPH

Last updated Jul 10, 2026

RAAR (Reckoner Yield Enhanced AAA CLO Reinvesting ETF) and SAPH (ADRhedged SAP ETF) are both Actively Managed funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. RAAR charges 0.40%/yr vs 0.19%/yr for SAPH.

Performance

RAAR vs. SAPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Yield Enhanced AAA CLO Reinvesting ETF (RAAR) and ADRhedged SAP ETF (SAPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAAR

• 1D: -0.07%
• 1M: 0.48%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SAPH

• 1D: 0.63%
• 1M: -10.17%
• 6M: -31.03%
• YTD: -30.91%
• 1Y: -45.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAR vs. SAPH - Yearly Performance Comparison

	2026 (YTD)
RAAR Reckoner Yield Enhanced AAA CLO Reinvesting ETF	2.03%
SAPH ADRhedged SAP ETF	-20.10%

Correlation

The correlation between RAAR and SAPH is 0.09, 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 Feb 11, 2026	0.09

Return for Risk

RAAR vs. SAPH — Risk / Return Rank

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

RAAR

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

SAPH

SAPH Risk / Return Rank: 1
SAPH Sharpe Ratio Rank: 0
SAPH Sortino Ratio Rank: 1
SAPH Omega Ratio Rank: 0
SAPH Calmar Ratio Rank: 1
SAPH Martin Ratio Rank: 1

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.

RAAR vs. SAPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Yield Enhanced AAA CLO Reinvesting ETF (RAAR) and ADRhedged SAP ETF (SAPH). 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.

	RAAR	SAPH	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.32	—
Sortino ratio: Return per unit of downside risk	—	-1.97	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.94	—
Martin ratio: Return relative to average drawdown	—	-1.54	—

Drawdowns

RAAR vs. SAPH - Drawdown Comparison

The maximum RAAR drawdown since its inception was -0.65%, smaller than the maximum SAPH drawdown of -51.14%. Use the drawdown chart below to compare losses from any high point for RAAR and SAPH.

Drawdown Indicators

	RAAR	SAPH	Difference
Max Drawdown Largest peak-to-trough decline	-0.65%	-51.14%	+50.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-48.85%	—
Current Drawdown Current decline from peak	-0.07%	-48.20%	+48.13%
Average Drawdown Average peak-to-trough decline	-0.09%	-22.21%	+22.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.92%	—

Volatility

Volatility by Period

	RAAR	SAPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.95%	34.95%	-33.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.95%	34.14%	-32.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.95%	34.14%	-32.19%

RAAR vs. SAPH - Expense Ratio Comparison

RAAR has a 0.40% expense ratio, which is higher than SAPH's 0.19% expense ratio.

Dividends

RAAR vs. SAPH - Dividend Comparison

RAAR has not paid dividends to shareholders, while SAPH's dividend yield for the trailing twelve months is around 4.04%.

Position	TTM
RAAR Reckoner Yield Enhanced AAA CLO Reinvesting ETF	0.00%
SAPH ADRhedged SAP ETF	4.04%

Frequently Asked Questions

Can I hold both RAAR and SAPH in my portfolio?

RAAR and SAPH have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RAAR or SAPH?

On fees, SAPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAAR or SAPH?

SAPH is cheaper with a 0.19% expense ratio, compared with 0.40% for RAAR.

Which ETF pays a higher dividend yield, RAAR or SAPH?

SAPH has the higher dividend yield at 4.04%, compared with 0.00% for RAAR.

What is the main difference between RAAR and SAPH?

They also come from different issuers: Reckoner and ADRhedged. Their fees differ too: 0.40% for RAAR and 0.19% for SAPH.