RAAA vs SPY
RAAA vs SPY
Reckoner Yield Enhanced AAA CLO ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | RAAA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $35M | $789.1B | |
| Dividend Yield | 4.78% | 1.01% | |
| Holdings | 46 | 505 | |
| YTD Return | +2.54% | +13.79% | |
| 1Y Return | +4.82% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 1.2% | 15.3% | |
| Max Drawdown | -0.7% | -56.5% | |
| Fund Family | Reckoner Capital Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 9, 2025 | Jan 22, 1993 |
RAAA vs SPY Performance
Reckoner Yield Enhanced AAA CLO ETF (RAAA) is a ETF from Reckoner Capital Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RAAA returned +4.82% while SPY returned +23.66%. Year to date, RAAA is up 2.54% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.2% for RAAA. 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 RAAA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RAAA charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, RAAA currently yields 4.78% against 1.01% for SPY.
Holdings Overlap
RAAA and SPY share 0 holdings out of 509 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RAAA or SPY?
RAAA has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $21 per year of difference.
Which performed better, RAAA or SPY?
Over the past year RAAA returned +4.82% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), RAAA annualized +4.81% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, RAAA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.2% for RAAA. Worst drawdown: RAAA -0.7% vs SPY -56.5%.
Should I hold both RAAA and SPY?
RAAA and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RAAA and SPY?
RAAA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, RAAA or SPY?
RAAA yields 4.78% while SPY yields 1.01%, so RAAA currently pays the higher dividend yield.
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