RCLO vs. RAAY

Last updated Jul 10, 2026

RCLO (Reckoner BBB-B CLO ETF) and RAAY (Reckoner Yield Enhanced AAA CLO Annual ETF) are both Actively Managed funds from Reckoner. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. RCLO charges 0.50%/yr vs 0.35%/yr for RAAY.

Performance

RCLO vs. RAAY - Performance Comparison

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

Returns By Period

RCLO

• 1D: -0.07%
• 1M: 0.22%
• 6M: 2.02%
• YTD: 2.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RAAY

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

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

RCLO vs. RAAY - Yearly Performance Comparison

	2026 (YTD)
RCLO Reckoner BBB-B CLO ETF	1.18%
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	1.99%

Correlation

The correlation between RCLO and RAAY is 0.33, 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	0.33

Return for Risk

RCLO vs. RAAY - Risk-Adjusted Trends Comparison

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

RCLO vs. RAAY - Drawdown Comparison

The maximum RCLO drawdown since its inception was -3.70%, which is greater than RAAY's maximum drawdown of -0.62%. Use the drawdown chart below to compare losses from any high point for RCLO and RAAY.

Drawdown Indicators

	RCLO	RAAY	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-0.62%	-3.08%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.08%	-0.37%

Volatility

Volatility by Period

	RCLO	RAAY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	1.37%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	1.37%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	1.37%	+1.60%

RCLO vs. RAAY - Expense Ratio Comparison

RCLO has a 0.50% expense ratio, which is higher than RAAY's 0.35% expense ratio.

Dividends

RCLO vs. RAAY - Dividend Comparison

RCLO's dividend yield for the trailing twelve months is around 4.74%, while RAAY has not paid dividends to shareholders.

Position	TTM	2025
RAAY Reckoner Yield Enhanced AAA CLO Annual ETF	0.00%	0.00%
RCLO Reckoner BBB-B CLO ETF	4.74%	1.32%

Frequently Asked Questions

Can I hold both RCLO and RAAY in my portfolio?

RCLO and RAAY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCLO or RAAY?

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, RCLO or RAAY?

RAAY is cheaper with a 0.35% expense ratio, compared with 0.50% for RCLO.

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

RCLO has the higher dividend yield at 4.74%, compared with 0.00% for RAAY.

What is the main difference between RCLO and RAAY?

Their fees differ too: 0.50% for RCLO and 0.35% for RAAY.