RCLY vs. TCV

Last updated Jul 10, 2026

RCLY (Reckoner BBB-B CLO Annual ETF) and TCV (Towle Value ETF) are both exchange-traded funds - RCLY 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 0.15 correlation, their price movements are largely independent. RCLY charges 0.55%/yr vs 0.85%/yr for TCV.

Performance

RCLY vs. TCV - Performance Comparison

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

Returns By Period

RCLY

• 1D: -0.07%
• 1M: 0.21%
• 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)

RCLY vs. TCV - Yearly Performance Comparison

	2026 (YTD)
RCLY Reckoner BBB-B CLO Annual ETF	1.09%
TCV Towle Value ETF	6.44%

Correlation

The correlation between RCLY and TCV is 0.15, 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	0.15

Return for Risk

RCLY vs. TCV - Risk-Adjusted Trends Comparison

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

RCLY vs. TCV - Drawdown Comparison

The maximum RCLY drawdown since its inception was -3.69%, smaller than the maximum TCV drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for RCLY and TCV.

Drawdown Indicators

	RCLY	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-3.69%	-12.23%	+8.54%
Current Drawdown Current decline from peak	-0.07%	-0.69%	+0.62%
Average Drawdown Average peak-to-trough decline	-0.77%	-3.35%	+2.58%

Volatility

Volatility by Period

	RCLY	TCV	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	21.26%	-17.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.69%	21.26%	-17.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.69%	21.26%	-17.57%

RCLY vs. TCV - Expense Ratio Comparison

RCLY has a 0.55% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

RCLY vs. TCV - Dividend Comparison

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

Position	TTM	2025
RCLY Reckoner BBB-B CLO Annual ETF	0.00%	0.00%
TCV Towle Value ETF	0.58%	0.31%

Frequently Asked Questions

Can I hold both RCLY and TCV in my portfolio?

RCLY and TCV have a correlation of 0.15, 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 TCV?

On fees, RCLY is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCLY or TCV?

RCLY is cheaper with a 0.55% expense ratio, compared with 0.85% for TCV.

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

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

What is the main difference between RCLY and TCV?

RCLY 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: 0.55% for RCLY and 0.85% for TCV.