- Issuer
- Cliffwater
- Inception Date
- Jul 1, 2021
- Region
- North America (United States)
- Category
- Nontraditional Bonds
- Leveraged
- 1x (No leverage)
- Min. Investment
- $10,000,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
CELFX Performance Chart
Cliffwater Enhanced Lending Fund (CELFX) is up 4.1% since the beginning of the year. CELFX is currently trading at $11 per share. Investors who bought $1,000 worth of CELFX shares 5 years ago would now be looking at an investment worth $1,760.
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Returns By Period
Cliffwater Enhanced Lending Fund (CELFX) has returned 4.08% so far this year and 9.09% over the past 12 months.
Cliffwater Enhanced Lending Fund
- 1D
- 0.00%
- 1M
- 0.74%
- 6M
- 3.79%
- YTD
- 4.08%
- 1Y
- 9.09%
- 3Y*
- 11.66%
- 5Y*
- 11.97%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 1.51%
- 6M
- 8.33%
- YTD
- 10.20%
- 1Y
- 20.34%
- 3Y*
- 18.74%
- 5Y*
- 11.59%
- 10Y*
- 13.31%
CELFX Monthly Returns History
Based on dividend-adjusted daily data since Jun 30, 2021, CELFX's average daily return is +0.05%, while the average monthly return is +0.92%. At this rate, an investment would double in approximately 6.3 years.
Historically, 98% of months were positive and 2% were negative. The best month was Apr 2024 with a return of +1.9%, while the worst month was Jun 2021 at 0.0%. The longest winning streak lasted 61 consecutive months, and the longest losing streak was 0 months.
On a daily basis, CELFX closed higher 41% of trading days. The best single day was Dec 27, 2024 with a return of +2.8%, while the worst single day was Dec 30, 2024 at -2.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.65% | 0.46% | 0.73% | 0.88% | 0.46% | 0.55% | 0.28% | 4.08% | |||||
| 2025 | 0.65% | 0.73% | 1.46% | 0.61% | 1.47% | 0.81% | 0.61% | 0.82% | 0.91% | 0.97% | 1.01% | 0.74% | 11.33% |
| 2024 | 0.93% | 0.74% | 0.84% | 1.87% | 1.38% | 1.27% | 0.80% | 1.28% | 0.63% | 0.78% | 0.91% | 0.78% | 12.91% |
| 2023 | 0.85% | 0.84% | 0.84% | 0.75% | 1.03% | 1.21% | 1.06% | 1.02% | 1.20% | 0.76% | 1.12% | 1.40% | 12.77% |
| 2022 | 0.86% | 0.95% | 1.70% | 0.87% | 1.32% | 0.84% | 0.69% | 0.65% | 0.37% | 0.59% | 0.94% | 1.22% | 11.57% |
| 2021 | 0.00% | 0.90% | 1.49% | 1.56% | 0.67% | 1.52% | 1.00% | 7.35% |
Benchmark Metrics
Cliffwater Enhanced Lending Fund has an annualized alpha of 11.97%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since June 30, 2021.
- This fund captured 20.86% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -32.09%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.01 may look defensive, but with R2 of 0.00 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 0.00 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
- 11.97%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 20.86%
- Downside Capture
- -32.09%
Expense Ratio
CELFX has a high expense ratio of 2.68%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
CELFX 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 Enhanced Lending Fund (CELFX) 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.
| CELFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.10 | ||
| Sortino ratioReturn per unit of downside risk | +33.31 | ||
| Omega ratioGain probability vs. loss probability | 18.54 | 1.30 | +17.25 |
| Calmar ratioReturn relative to maximum drawdown | 49.79 | 2.25 | +47.54 |
| Martin ratioReturn relative to average drawdown | 516.24 | 9.74 | +506.50 |
Dividends
Dividend History
Cliffwater Enhanced Lending Fund provided a 10.56% dividend yield over the last twelve months, with an annual payout of $1.13 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $1.13 | $1.21 | $1.22 | $1.14 | $1.00 | $0.32 |
Dividend yield | 10.56% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% |
Monthly Dividends
The table displays the monthly dividend distributions for Cliffwater Enhanced 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 | $0.27 | $0.00 | $0.00 | $0.26 | $0.53 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.31 | $0.00 | $0.29 | $1.21 |
| 2024 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.31 | $0.00 | $0.31 | $1.22 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.30 | $0.00 | $0.30 | $1.14 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.24 | $0.00 | $0.27 | $1.00 |
| 2021 | $0.24 | $0.08 | $0.32 |
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 Enhanced 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 Enhanced Lending Fund was 2.61%, occurring on Dec 30, 2024. Recovery took 61 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 pullback2024 | -2.61%Dec 2024 | 0s | 3mo 1d | 3mo 1dDec 2024 - Mar 2025 |
Bear market2022 | -0.19%Aug 2022 | 0s | 8d | 8dAug 2022 - Aug 2022 |
Bear market2022 | -0.19%Aug 2022 | 0s | 4d | 4dAug 2022 - Aug 2022 |
2026 pullback2026 | -0.18%Jun 2026 | 0s | 5d | 5dJun 2026 - Jun 2026 |
2025 selloff2025 | -0.13%Apr 2025 | 2d | 7d | 9dApr 2025 - Apr 2025 |
Drawdown Indicators
| CELFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.61% | -56.78% | +54.17% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -9.10% | +8.92% |
Max Drawdown (3Y)Largest decline over 3 years | -2.61% | -18.90% | +16.29% |
Max Drawdown (5Y)Largest decline over 5 years | -2.61% | -25.43% | +22.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.87% | +0.87% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -10.71% | +10.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 2.09% | -2.07% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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