CLOX vs RAAA
Eldridge AAA CLO ETF vs Reckoner Yield Enhanced AAA CLO ETF
Which is better, CLOX or RAAA?
Each has led over a different period.
CLOX has a lower expense ratio. CLOX led over the full window, RAAA over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CLOX | RAAA |
|---|---|---|
| Expense Ratio | 0.20%Best | 0.30% |
| AUM | $339M | $45M |
| Dividend Yield | 4.82% | 5.17% |
| Holdings | 159 | 120 |
| YTD Return | +3.39% | +3.45%Best |
| 1Y Return | +4.51% | +4.61%Best |
| 3Y Return (annualized) | +5.83% | - |
| Volatility (annualized) | 0.8%Best | 0.9% |
| Max Drawdown | -0.7%Tie | -0.7%Tie |
| $10,000 over 1.3 years | $10,640Best | $10,630 |
| Fund Family | Panagram Structured Asset Management | Reckoner Capital Management |
| Category | Fixed Income | Fixed Income |
| Style | Bank Loan | Bank Loan |
| Inception | Jul 18, 2023 | Jul 9, 2025 |
Not shown on this pair: 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: Jul 9, 2025 to Oct 14, 2026 (1.3 years).
CLOX vs RAAA growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.3 years both funds cover.
CLOX vs RAAA Performance
Eldridge AAA CLO ETF (CLOX) is an ETF from Panagram Structured Asset Management and Reckoner Yield Enhanced AAA CLO ETF (RAAA) is an ETF from Reckoner Capital Management. Over the past year CLOX returned +4.51% while RAAA returned +4.61%. Year to date, CLOX is up 3.39% versus a gain of 3.45% for RAAA.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RAAA has been the more volatile fund, with annualized monthly volatility of 0.9% compared with 0.8% for CLOX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -0.7% for CLOX and -0.7% for RAAA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CLOX charges 0.20% per year while RAAA charges 0.30%. On a $10,000 position that is $20 vs $30 annually, a gap of $10 per year that compounds over a long holding period. On income, CLOX currently yields 4.82% against 5.17% for RAAA.
Holdings Overlap
We hold position weights for 5 holdings in CLOX and 6 in RAAA, totalling 4.6% and 29.8% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
1 positions in common, counted across the 5 positions we hold weights for in CLOX and 6 in RAAA, against full books of 159 and 120.
Top Shared Holdings
| Stock | Weight in CLOX | Weight in RAAA | Difference |
|---|---|---|---|
| BSP 2015-6BR A1RBsp_15-6Br A1R 144A 5.49 04/20/2038 | 0.45% | 5.70% | 5.25% |
You are not choosing between two funds in isolation.
Whichever of CLOX and RAAA you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CLOX or RAAA?
CLOX has an expense ratio of 0.20% while RAAA charges 0.30%. CLOX is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, CLOX or RAAA?
Over the past year CLOX returned +4.51% vs +4.61% for RAAA, so RAAA leads on 1-year performance. Over the longest common window we track (1 years), CLOX annualized +4.89% vs +4.81% for RAAA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CLOX or RAAA?
RAAA has been the more volatile fund at 0.9% annualized versus 0.8% for CLOX. Worst drawdown: CLOX -0.7% vs RAAA -0.7%.
Should I hold both CLOX and RAAA?
CLOX and RAAA have a monthly-return correlation of 0.48, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, CLOX or RAAA?
CLOX yields 4.82% while RAAA yields 5.17%, so RAAA currently pays the higher dividend yield.
Is RAAA better than CLOX?
CLOX has a lower expense ratio. CLOX led over the full window, RAAA over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.