RCLO vs. SAPH

Last updated Jul 30, 2026

RCLO (Reckoner BBB-B CLO ETF) and SAPH (ADRhedged SAP ETF) are both Actively Managed funds. Both are actively managed. Their 0.05 correlation means their historical movements had little consistent relationship. RCLO charges 0.50%/yr vs 0.19%/yr for SAPH.

Performance

RCLO vs. SAPH - Performance Comparison

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

Returns By Period

In the year-to-date period, RCLO achieves a 2.56% return, which is significantly higher than SAPH's -19.27% return.

RCLO

• 1D: 0.08%
• 1M: 0.35%
• 6M: 1.75%
• YTD: 2.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SAPH

• 1D: 3.32%
• 1M: 19.22%
• 6M: -15.81%
• YTD: -19.27%
• 1Y: -32.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RCLO Reckoner BBB-B CLO ETF	$21.96K	$31.03K	$123.31K
SAPH ADRhedged SAP ETF	$30.61K	$28.06K	$22.54K

RCLO vs. SAPH - Yearly Performance Comparison

	2026 (YTD)	2025
RCLO Reckoner BBB-B CLO ETF	2.56%	1.39%
SAPH ADRhedged SAP ETF	-19.27%	-14.03%

Correlation

The correlation between RCLO and SAPH is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 22, 2025	0.05

Return for Risk

RCLO vs. SAPH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RCLO

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

SAPH

SAPH Risk / Return Rank: 3
SAPH Sharpe Ratio Rank: 2
SAPH Sortino Ratio Rank: 3
SAPH Omega Ratio Rank: 2
SAPH Calmar Ratio Rank: 4
SAPH Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RCLO vs. SAPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reckoner BBB-B CLO ETF (RCLO) 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.

	RCLO	SAPH	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.87	—
Sortino ratio: Return per unit of downside risk	—	-1.15	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.69	—
Martin ratio: Return relative to average drawdown	—	-1.11	—

Drawdowns

RCLO vs. SAPH - Drawdown Comparison

The maximum RCLO drawdown since its inception was -3.70%, smaller than the maximum SAPH drawdown of -51.72%. Use the drawdown chart below to compare losses from any high point for RCLO and SAPH.

Drawdown Indicators

	RCLO	SAPH	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-51.72%	+48.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.17%	—
Current Drawdown Current decline from peak	0.00%	-39.47%	+39.47%
Average Drawdown Average peak-to-trough decline	-0.42%	-23.11%	+22.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.05%	—

Volatility

Volatility by Period

	RCLO	SAPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	37.36%	-34.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	35.48%	-32.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.87%	35.48%	-32.61%

RCLO vs. SAPH - Expense Ratio Comparison

RCLO has a 0.50% expense ratio, which is higher than SAPH's 0.19% expense ratio.

Dividends

RCLO vs. SAPH - Dividend Comparison

RCLO's dividend yield for the trailing twelve months is around 4.72%, more than SAPH's 3.46% yield.

Position	TTM	2025
RCLO Reckoner BBB-B CLO ETF	4.72%	1.32%
SAPH ADRhedged SAP ETF	3.46%	0.00%

Frequently Asked Questions

Can I hold both RCLO and SAPH in my portfolio?

RCLO and SAPH have a correlation of 0.05, 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 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, RCLO or SAPH?

SAPH is cheaper with a 0.19% expense ratio, compared with 0.50% for RCLO.

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

RCLO has the higher dividend yield at 4.72%, compared with 3.46% for SAPH.

What is the main difference between RCLO and SAPH?

They also come from different issuers: Reckoner and ADRhedged. Their fees differ too: 0.50% for RCLO and 0.19% for SAPH.