RAAY vs. TCV

Last updated Jul 10, 2026

RAAY (Reckoner Yield Enhanced AAA CLO Annual ETF) and TCV (Towle Value ETF) are both exchange-traded funds - RAAY is a Actively Managed fund actively managed by Reckoner, while TCV is a Small Cap Value Equities fund actively managed by Towle. Both are actively managed. At a 0.02 correlation, their price movements are largely independent. RAAY charges 0.35%/yr vs 0.85%/yr for TCV.

Performance

RAAY vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) and Towle Value ETF (TCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RAAY

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

TCV

• 1D: 0.94%
• 1M: 2.06%
• 6M: 16.12%
• YTD: 24.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RAAY vs. TCV - Yearly Performance Comparison

	2026 (YTD)
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	1.99%
TCV Towle Value ETF	6.44%

Correlation

The correlation between RAAY and TCV is 0.02, 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	0.02

Return for Risk

RAAY vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) and Towle Value ETF (TCV). 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.

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

Drawdowns

RAAY vs. TCV - Drawdown Comparison

The maximum RAAY drawdown since its inception was -0.62%, smaller than the maximum TCV drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for RAAY and TCV.

Drawdown Indicators

	RAAY	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-0.62%	-12.23%	+11.61%
Current Drawdown Current decline from peak	0.00%	-0.69%	+0.69%
Average Drawdown Average peak-to-trough decline	-0.08%	-3.35%	+3.27%

Volatility

Volatility by Period

	RAAY	TCV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	21.26%	-19.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.37%	21.26%	-19.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.37%	21.26%	-19.89%

RAAY vs. TCV - Expense Ratio Comparison

RAAY has a 0.35% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

RAAY vs. TCV - Dividend Comparison

RAAY has not paid dividends to shareholders, while TCV's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	0.00%	0.00%
TCV Towle Value ETF	0.58%	0.31%

Frequently Asked Questions

Can I hold both RAAY and TCV in my portfolio?

RAAY and TCV have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RAAY or TCV?

On fees, RAAY is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAAY or TCV?

RAAY is cheaper with a 0.35% expense ratio, compared with 0.85% for TCV.

Which ETF pays a higher dividend yield, RAAY or TCV?

TCV has the higher dividend yield at 0.58%, compared with 0.00% for RAAY.

What is the main difference between RAAY and TCV?

RAAY is categorized as Actively Managed, while TCV is Small Cap Value Equities. They also come from different issuers: Reckoner and Towle. Their fees differ too: 0.35% for RAAY and 0.85% for TCV.