RCLY vs. SAPH

Last updated Jul 31, 2026

RCLY (Reckoner BBB-B CLO Annual ETF) and SAPH (ADRhedged SAP ETF) are both Actively Managed funds. Both are actively managed. Their 0.14 correlation means their historical movements had little consistent relationship. RCLY charges 0.55%/yr vs 0.19%/yr for SAPH.

Performance

RCLY vs. SAPH - Performance Comparison

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

Returns By Period

RCLY

• 1D: 0.04%
• 1M: 0.37%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SAPH

• 1D: -3.22%
• 1M: 15.89%
• 6M: -3.53%
• YTD: -21.87%
• 1Y: -35.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.33%

*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)
RCLY Reckoner BBB-B CLO Annual ETF	$608.63	$622.41	$3.08K
SAPH ADRhedged SAP ETF	$30.78K	$28.87K	$22.76K

RCLY vs. SAPH - Yearly Performance Comparison

	2026 (YTD)
RCLY Reckoner BBB-B CLO Annual ETF	1.44%
SAPH ADRhedged SAP ETF	-9.65%

Correlation

The correlation between RCLY and SAPH is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 11, 2026	0.14

Return for Risk

RCLY vs. SAPH — Risk / Return Rank

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

RCLY

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

SAPH

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

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.

RCLY vs. SAPH - Risk-Adjusted Trends Comparison

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

	RCLY	SAPH	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.96	—
Sortino ratio: Return per unit of downside risk	—	-1.33	—
Omega ratio: Gain probability vs. loss probability	—	0.83	—
Calmar ratio: Return relative to maximum drawdown	—	-0.77	—
Martin ratio: Return relative to average drawdown	—	-1.24	—

Drawdowns

RCLY vs. SAPH - Drawdown Comparison

The maximum RCLY drawdown since its inception was -3.69%, smaller than the maximum SAPH drawdown of -51.72%. Use the drawdown chart below to compare losses from any high point for RCLY and SAPH.

Drawdown Indicators

	RCLY	SAPH	Difference
Max Drawdown Largest peak-to-trough decline	-3.69%	-51.72%	+48.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.02%	—
Current Drawdown Current decline from peak	0.00%	-41.42%	+41.42%
Average Drawdown Average peak-to-trough decline	-0.67%	-23.15%	+22.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.13%	—

Volatility

Volatility by Period

	RCLY	SAPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	37.42%	-33.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	35.53%	-32.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	35.53%	-32.08%

RCLY vs. SAPH - Expense Ratio Comparison

RCLY has a 0.55% expense ratio, which is higher than SAPH's 0.19% expense ratio.

Dividends

RCLY vs. SAPH - Dividend Comparison

RCLY has not paid dividends to shareholders, while SAPH's dividend yield for the trailing twelve months is around 3.57%.

Position	TTM
RCLY Reckoner BBB-B CLO Annual ETF	0.00%
SAPH ADRhedged SAP ETF	3.57%

Frequently Asked Questions

Can I hold both RCLY and SAPH in my portfolio?

RCLY and SAPH have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCLY 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, RCLY or SAPH?

SAPH is cheaper with a 0.19% expense ratio, compared with 0.55% for RCLY.

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

SAPH has the higher dividend yield at 3.57%, compared with 0.00% for RCLY.

What is the main difference between RCLY and SAPH?

They also come from different issuers: Reckoner and ADRhedged. Their fees differ too: 0.55% for RCLY and 0.19% for SAPH.