- Issuer
- Cliffwater
- Inception Date
- Mar 6, 2019
- Category
- High Yield Bonds
- Min. Investment
- $10,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
CCLFX Performance Chart
Cliffwater Corporate Lending Fund (CCLFX) is up 2.3% since the beginning of the year. CCLFX is currently trading at $10 per share. Investors who bought $1,000 worth of CCLFX shares 5 years ago would now be looking at an investment worth $1,520.
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Returns By Period
Cliffwater Corporate Lending Fund (CCLFX) has returned 2.33% so far this year and 7.27% over the past 12 months.
Cliffwater Corporate Lending Fund
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 2.33%
- 6M
- 2.84%
- 1Y
- 7.27%
- 3Y*
- 10.50%
- 5Y*
- 8.73%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 1.75%
- 1M
- -0.09%
- YTD
- 8.02%
- 6M
- 7.15%
- 1Y
- 22.78%
- 3Y*
- 19.45%
- 5Y*
- 11.73%
- 10Y*
- 13.53%
CCLFX Monthly Returns History
Based on dividend-adjusted daily data since Jun 5, 2019, CCLFX's average daily return is +0.03%, while the average monthly return is +0.68%. At this rate, an investment would double in approximately 8.5 years.
Historically, 93% of months were positive and 7% were negative. The best month was Nov 2020 with a return of +2.0%, while the worst month was Mar 2020 at -2.2%. The longest winning streak lasted 42 consecutive months, and the longest losing streak was 2 months.
On a daily basis, CCLFX closed higher 38% of trading days. The best single day was Apr 1, 2020 with a return of +1.1%, while the worst single day was Dec 29, 2022 at -2.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.38% | 0.29% | 0.29% | 0.78% | 0.48% | 0.10% | 2.33% | ||||||
| 2025 | 0.94% | 0.75% | 0.46% | 0.39% | 1.13% | 0.74% | 0.86% | 0.47% | 0.75% | 0.56% | 0.85% | 0.68% | 8.93% |
| 2024 | 1.04% | 0.85% | 1.01% | 1.33% | 1.31% | 1.02% | 0.94% | 0.93% | 0.83% | 0.93% | 0.93% | 0.83% | 12.62% |
| 2023 | 1.15% | 0.66% | 0.47% | 1.02% | 1.05% | 1.13% | 1.20% | 1.14% | 1.03% | 0.91% | 1.13% | 1.09% | 12.66% |
| 2022 | 0.66% | 0.47% | 0.37% | -0.65% | -0.19% | 0.09% | 0.76% | 1.14% | -0.09% | 0.60% | 0.86% | -1.70% | 2.32% |
| 2021 | 1.17% | 0.77% | 0.86% | 1.04% | 1.00% | 0.57% | 0.57% | 1.10% | 0.57% | 0.66% | 1.01% | 0.62% | 10.38% |
Benchmark Metrics
Cliffwater Corporate Lending Fund has an annualized alpha of 8.39%, beta of 0.01, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since June 05, 2019.
- This fund captured 16.96% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -12.89%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.01 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 8.39%
- Beta
- 0.01
- R²
- 0.01
- Upside Capture
- 16.96%
- Downside Capture
- -12.89%
Expense Ratio
CCLFX has a high expense ratio of 3.42%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CCLFX ranks 100 for risk / return — in the top 100% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Cliffwater Corporate Lending Fund (CCLFX) and compare them to S&P 500 Index.
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.
| CCLFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.65 | ||
| Sortino ratioReturn per unit of downside risk | +18.05 | ||
| Omega ratioGain probability vs. loss probability | 7.70 | 1.34 | +6.37 |
| Calmar ratioReturn relative to maximum drawdown | 38.69 | 2.52 | +36.18 |
| Martin ratioReturn relative to average drawdown | 215.83 | 11.31 | +204.51 |
Dividends
Dividend History
Cliffwater Corporate Lending Fund provided a 10.28% dividend yield over the last twelve months, with an annual payout of $1.07 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $1.07 | $1.09 | $1.20 | $1.16 | $0.41 | $0.74 | $0.71 | $0.06 |
Dividend yield | 10.28% | 10.47% | 11.27% | 10.96% | 3.96% | 7.03% | 6.90% | 0.61% |
Monthly Dividends
The table displays the monthly dividend distributions for Cliffwater Corporate Lending Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.28 | $1.09 |
| 2024 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $0.00 | $0.30 | $1.20 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.30 | $0.00 | $0.30 | $1.16 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.41 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.19 | $0.10 | $0.74 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Cliffwater Corporate Lending Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Cliffwater Corporate Lending Fund was 3.91%, occurring on Mar 25, 2020. Recovery took 44 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -3.91%Mar 2020 | 26d | 2mo 4d | 3moFeb 2020 - May 2020 |
Bear market2022 | -2.25%Dec 2022 | 0s | 3mo 2d | 3mo 2dDec 2022 - Mar 2023 |
Bear market2022 | -1.76%Apr 2022 | 0s | 4mo 3d | 4mo 3dApr 2022 - Aug 2022 |
2019 pullback2019 | -0.88%Dec 2019 | 0s | 1mo 12d | 1mo 12dDec 2019 - Feb 2020 |
2021 pullback2021 | -0.84%Dec 2021 | 0s | 1mo 8d | 1mo 8dDec 2021 - Feb 2022 |
Drawdown Indicators
| CCLFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.91% | -56.78% | +52.87% |
Max Drawdown (1Y)Largest decline over 1 year | -0.19% | -9.10% | +8.91% |
Max Drawdown (3Y)Largest decline over 3 years | -0.46% | -18.90% | +18.44% |
Max Drawdown (5Y)Largest decline over 5 years | -2.25% | -25.43% | +23.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -2.83% | +2.83% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -10.72% | +10.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 2.02% | -1.99% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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