ATCSX vs. CELFX

Last updated Jul 17, 2026

ATCSX (Anchor Risk Managed Credit Strategies Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, ATCSX returned -0.29%/yr vs 11.99%/yr for CELFX. At a 0.01 correlation, their price movements are largely independent. ATCSX charges 4.58%/yr vs 2.68%/yr for CELFX.

Performance

ATCSX vs. CELFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anchor Risk Managed Credit Strategies Fund (ATCSX) and Cliffwater Enhanced Lending Fund (CELFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ATCSX achieves a 1.29% return, which is significantly lower than CELFX's 4.17% return.

ATCSX

• 1D: 0.07%
• 1M: -1.61%
• 6M: -0.02%
• YTD: 1.29%
• 1Y: 6.04%
• 3Y*: 3.58%
• 5Y*: -0.29%
• 10Y*: 1.33%

CELFX

• 1D: 0.09%
• 1M: 0.74%
• 6M: 3.79%
• YTD: 4.17%
• 1Y: 9.19%
• 3Y*: 11.66%
• 5Y*: 11.99%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ATCSX vs. CELFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ATCSX Anchor Risk Managed Credit Strategies Fund	1.29%	3.71%	4.25%	-2.23%	-6.60%	-1.15%
CELFX Cliffwater Enhanced Lending Fund	4.17%	11.33%	12.91%	12.77%	11.57%	7.35%

Correlation

The correlation between ATCSX and CELFX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.01

The correlation between ATCSX and CELFX shifts across timeframes, from 0.01 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ATCSX vs. CELFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ATCSX

ATCSX Risk / Return Rank: 20
ATCSX Sharpe Ratio Rank: 14
ATCSX Sortino Ratio Rank: 12
ATCSX Omega Ratio Rank: 15
ATCSX Calmar Ratio Rank: 33
ATCSX Martin Ratio Rank: 24

CELFX

CELFX Risk / Return Rank: 100
CELFX Sharpe Ratio Rank: 100
CELFX Sortino Ratio Rank: 100
CELFX Omega Ratio Rank: 100
CELFX Calmar Ratio Rank: 100
CELFX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ATCSX vs. CELFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anchor Risk Managed Credit Strategies Fund (ATCSX) and Cliffwater Enhanced Lending Fund (CELFX). 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.

	ATCSX	CELFX	Difference
Sharpe ratio: Return per unit of total volatility	0.84	10.84	-10.00
Sortino ratio: Return per unit of downside risk	1.14	35.94	-34.81
Omega ratio: Gain probability vs. loss probability	1.16	18.73	-17.57
Calmar ratio: Return relative to maximum drawdown	1.82	50.34	-48.52
Martin ratio: Return relative to average drawdown	4.60	522.03	-517.43

ATCSX vs. CELFX - Sharpe Ratio Comparison

The current ATCSX Sharpe Ratio is 0.84, which is lower than the CELFX Sharpe Ratio of 10.84. The chart below compares the historical Sharpe Ratios of ATCSX and CELFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ATCSX vs. CELFX - Drawdown Comparison

The maximum ATCSX drawdown since its inception was -53.70%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for ATCSX and CELFX.

Drawdown Indicators

	ATCSX	CELFX	Difference
Max Drawdown Largest peak-to-trough decline	-53.70%	-2.61%	-51.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-0.18%	-3.22%
Max Drawdown (3Y) Largest decline over 3 years	-53.70%	-2.61%	-51.09%
Max Drawdown (5Y) Largest decline over 5 years	-53.70%	-2.61%	-51.09%
Max Drawdown (10Y) Largest decline over 10 years	-53.70%	—	—
Current Drawdown Current decline from peak	-47.81%	0.00%	-47.81%
Average Drawdown Average peak-to-trough decline	-10.52%	-0.08%	-10.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.02%	+1.32%

Volatility

ATCSX vs. CELFX - Volatility Comparison

Anchor Risk Managed Credit Strategies Fund (ATCSX) has a higher volatility of 3.43% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.21%. This indicates that ATCSX's price experiences larger fluctuations and is considered to be riskier than CELFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ATCSX	CELFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	0.21%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	0.61%	+5.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.39%	0.85%	+6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.65%	2.17%	+48.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.96%	2.16%	+33.80%

ATCSX vs. CELFX - Expense Ratio Comparison

ATCSX has a 4.58% expense ratio, which is higher than CELFX's 2.68% expense ratio.

Dividends

ATCSX vs. CELFX - Dividend Comparison

ATCSX's dividend yield for the trailing twelve months is around 10.26%, less than CELFX's 10.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ATCSX Anchor Risk Managed Credit Strategies Fund	10.26%	9.26%	12.69%	3.16%	0.00%	2.48%	1.46%	3.04%	0.27%	2.76%	2.91%
CELFX Cliffwater Enhanced Lending Fund	10.55%	11.19%	11.26%	10.67%	9.42%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ATCSX and CELFX in my portfolio?

ATCSX and CELFX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ATCSX or CELFX?

ATCSX has higher volatility (3.43%) compared to CELFX (0.21%). In terms of maximum drawdown, ATCSX dropped -53.70% vs CELFX's -2.61%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.84 vs 0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.