BRMSX vs. CELFX

Last updated Jul 18, 2026

BRMSX (Bramshill Income Performance Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, BRMSX returned 1.65%/yr vs 11.99%/yr for CELFX. At a 0.03 correlation, their price movements are largely independent. BRMSX charges 1.03%/yr vs 2.68%/yr for CELFX.

Performance

BRMSX vs. CELFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bramshill Income Performance Fund (BRMSX) 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, BRMSX achieves a -0.26% return, which is significantly lower than CELFX's 4.17% return.

BRMSX

• 1D: -0.11%
• 1M: -1.38%
• 6M: -0.67%
• YTD: -0.26%
• 1Y: 3.17%
• 3Y*: 4.22%
• 5Y*: 1.65%
• 10Y*: —

CELFX

• 1D: 0.00%
• 1M: 0.64%
• 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)

BRMSX vs. CELFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BRMSX Bramshill Income Performance Fund	-0.26%	4.78%	3.10%	7.12%	-6.11%	0.29%
CELFX Cliffwater Enhanced Lending Fund	4.17%	11.33%	12.91%	12.77%	11.57%	7.35%

Correlation

The correlation between BRMSX and CELFX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.03

Return for Risk

BRMSX vs. CELFX — Risk / Return Rank

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

BRMSX

BRMSX Risk / Return Rank: 13
BRMSX Sharpe Ratio Rank: 14
BRMSX Sortino Ratio Rank: 13
BRMSX Omega Ratio Rank: 12
BRMSX Calmar Ratio Rank: 15
BRMSX Martin Ratio Rank: 12

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.

BRMSX vs. CELFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bramshill Income Performance Fund (BRMSX) 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.

	BRMSX	CELFX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	10.84	-10.06
Sortino ratio: Return per unit of downside risk	1.13	35.94	-34.81
Omega ratio: Gain probability vs. loss probability	1.13	18.73	-17.60
Calmar ratio: Return relative to maximum drawdown	1.01	50.34	-49.33
Martin ratio: Return relative to average drawdown	2.53	522.03	-519.50

BRMSX vs. CELFX - Sharpe Ratio Comparison

The current BRMSX Sharpe Ratio is 0.78, which is lower than the CELFX Sharpe Ratio of 10.84. The chart below compares the historical Sharpe Ratios of BRMSX 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

BRMSX vs. CELFX - Drawdown Comparison

The maximum BRMSX drawdown since its inception was -17.06%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for BRMSX and CELFX.

Drawdown Indicators

	BRMSX	CELFX	Difference
Max Drawdown Largest peak-to-trough decline	-17.06%	-2.61%	-14.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.25%	-0.18%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-4.52%	-2.61%	-1.91%
Max Drawdown (5Y) Largest decline over 5 years	-9.49%	-2.61%	-6.88%
Current Drawdown Current decline from peak	-2.20%	0.00%	-2.20%
Average Drawdown Average peak-to-trough decline	-1.90%	-0.08%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.02%	+1.28%

Volatility

BRMSX vs. CELFX - Volatility Comparison

Bramshill Income Performance Fund (BRMSX) has a higher volatility of 0.97% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.21%. This indicates that BRMSX'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

	BRMSX	CELFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	0.21%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	3.26%	0.61%	+2.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	0.85%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	2.17%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.24%	2.16%	+3.08%

BRMSX vs. CELFX - Expense Ratio Comparison

BRMSX has a 1.03% expense ratio, which is lower than CELFX's 2.68% expense ratio.

Dividends

BRMSX vs. CELFX - Dividend Comparison

BRMSX's dividend yield for the trailing twelve months is around 4.48%, less than CELFX's 10.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRMSX Bramshill Income Performance Fund	4.48%	3.96%	4.36%	4.49%	2.53%	2.50%	3.38%	3.38%	4.08%	3.43%
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%

Frequently Asked Questions

Can I hold both BRMSX and CELFX in my portfolio?

BRMSX and CELFX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRMSX or CELFX?

BRMSX has higher volatility (0.97%) compared to CELFX (0.21%). In terms of maximum drawdown, BRMSX dropped -17.06% vs CELFX's -2.61%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.84 vs 0.78), 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.