RCLO vs. TCV

Last updated Jul 10, 2026

RCLO (Reckoner BBB-B CLO ETF) and TCV (Towle Value ETF) are both exchange-traded funds - RCLO 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 0.20 correlation, their price movements are largely independent. RCLO charges 0.50%/yr vs 0.85%/yr for TCV.

Performance

RCLO vs. TCV - Performance Comparison

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

Returns By Period

In the year-to-date period, RCLO achieves a 2.22% return, which is significantly lower than TCV's 24.97% return.

RCLO

• 1D: -0.07%
• 1M: 0.22%
• 6M: 2.02%
• YTD: 2.22%
• 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)

RCLO vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
RCLO Reckoner BBB-B CLO ETF	2.22%	1.39%
TCV Towle Value ETF	24.97%	-0.35%

Correlation

The correlation between RCLO and TCV is 0.20, 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 Oct 22, 2025	0.20

Return for Risk

RCLO vs. TCV - Risk-Adjusted Trends Comparison

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

RCLO vs. TCV - Drawdown Comparison

The maximum RCLO drawdown since its inception was -3.70%, smaller than the maximum TCV drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for RCLO and TCV.

Drawdown Indicators

	RCLO	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-12.23%	+8.53%
Current Drawdown Current decline from peak	-0.07%	-0.69%	+0.62%
Average Drawdown Average peak-to-trough decline	-0.45%	-3.35%	+2.90%

Volatility

Volatility by Period

	RCLO	TCV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	21.26%	-18.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	21.26%	-18.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	21.26%	-18.29%

RCLO vs. TCV - Expense Ratio Comparison

RCLO has a 0.50% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

RCLO vs. TCV - Dividend Comparison

RCLO's dividend yield for the trailing twelve months is around 4.74%, more than TCV's 0.58% yield.

Position	TTM	2025
RCLO Reckoner BBB-B CLO ETF	4.74%	1.32%
TCV Towle Value ETF	0.58%	0.31%

Frequently Asked Questions

Can I hold both RCLO and TCV in my portfolio?

RCLO and TCV have a correlation of 0.20, 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 TCV?

On fees, RCLO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCLO or TCV?

RCLO is cheaper with a 0.50% expense ratio, compared with 0.85% for TCV.

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

RCLO has the higher dividend yield at 4.74%, compared with 0.58% for TCV.

What is the main difference between RCLO and TCV?

RCLO 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: 0.50% for RCLO and 0.85% for TCV.