CCLFX vs. ARES

Last updated Aug 1, 2026

CCLFX (Cliffwater Corporate Lending Fund Class I Shares) is Bank Loan fund managed by Cliffwater, while ARES (Ares Management Corporation) is a stock. Over the past 5 years, CCLFX returned 8.72%/yr vs 16.01%/yr for ARES. Their 0.09 correlation means their historical movements had little consistent relationship.

Performance

CCLFX vs. ARES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Corporate Lending Fund Class I Shares (CCLFX) and Ares Management Corporation (ARES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCLFX achieves a 3.28% return, which is significantly higher than ARES's -18.86% return.

CCLFX

• 1D: 0.00%
• 1M: 0.49%
• 6M: 2.89%
• YTD: 3.28%
• 1Y: 6.75%
• 3Y*: 10.13%
• 5Y*: 8.72%
• 10Y*: —
• ALL TIME*: 8.48%

ARES

• 1D: 3.20%
• 1M: 9.57%
• 6M: -12.38%
• YTD: -18.86%
• 1Y: -27.00%
• 3Y*: 11.26%
• 5Y*: 16.01%
• 10Y*: 27.66%
• ALL TIME*: 22.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARES Ares Management Corporation	$300.10M	$254.48M	$308.65M
CCLFX Cliffwater Corporate Lending Fund Class I Shares	$0.00	$0.00	$0.00

CCLFX vs. ARES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCLFX Cliffwater Corporate Lending Fund Class I Shares	3.28%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%
ARES Ares Management Corporation	-18.86%	-5.72%	52.68%	79.52%	-12.75%	77.75%	37.37%	39.97%

Correlation

The correlation between CCLFX and ARES is 0.10, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.10
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.08
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.09

Return for Risk

CCLFX vs. ARES — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CCLFX

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

ARES

ARES Risk / Return Rank: 19
ARES Sharpe Ratio Rank: 15
ARES Sortino Ratio Rank: 17
ARES Omega Ratio Rank: 17
ARES Calmar Ratio Rank: 23
ARES Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CCLFX vs. ARES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund Class I Shares (CCLFX) and Ares Management Corporation (ARES). 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.

	CCLFX	ARES	Difference
Sharpe ratio: Return per unit of total volatility	8.19	-0.65	+8.85
Sortino ratio: Return per unit of downside risk	18.72	-0.73	+19.45
Omega ratio: Gain probability vs. loss probability	6.80	0.91	+5.89
Calmar ratio: Return relative to maximum drawdown	36.47	-0.57	+37.05
Martin ratio: Return relative to average drawdown	200.30	-1.01	+201.31

CCLFX vs. ARES - Sharpe Ratio Comparison

The current CCLFX Sharpe Ratio is 8.19, which is higher than the ARES Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of CCLFX and ARES, 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

CCLFX vs. ARES - Drawdown Comparison

The maximum CCLFX drawdown since its inception was -3.91%, smaller than the maximum ARES drawdown of -49.73%. Use the drawdown chart below to compare losses from any high point for CCLFX and ARES.

Drawdown Indicators

	CCLFX	ARES	Difference
Max Drawdown Largest peak-to-trough decline	-3.91%	-49.73%	+45.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.19%	-49.05%	+48.86%
Max Drawdown (3Y) Largest decline over 3 years	-0.46%	-49.73%	+49.27%
Max Drawdown (5Y) Largest decline over 5 years	-2.25%	-49.73%	+47.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.73%	—
Current Drawdown Current decline from peak	0.00%	-31.68%	+31.68%
Average Drawdown Average peak-to-trough decline	-0.16%	-11.58%	+11.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	27.91%	-27.88%

Volatility

CCLFX vs. ARES - Volatility Comparison

The current volatility for Cliffwater Corporate Lending Fund Class I Shares (CCLFX) is 0.20%, while Ares Management Corporation (ARES) has a volatility of 10.26%. This indicates that CCLFX experiences smaller price fluctuations and is considered to be less risky than ARES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLFX	ARES	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	10.26%	-10.06%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	36.42%	-35.78%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	43.02%	-42.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	37.79%	-36.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	36.50%	-34.64%

Dividends

CCLFX vs. ARES - Dividend Comparison

CCLFX's dividend yield for the trailing twelve months is around 10.08%, more than ARES's 4.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARES Ares Management Corporation	4.52%	3.29%	2.10%	2.59%	3.57%	2.31%	3.40%	3.59%	7.50%	5.65%	4.32%	6.81%
CCLFX Cliffwater Corporate Lending Fund Class I Shares	10.08%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCLFX and ARES in my portfolio?

CCLFX and ARES have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CCLFX or ARES?

ARES has higher volatility (10.26%) compared to CCLFX (0.20%). In terms of maximum drawdown, CCLFX dropped -3.91% vs ARES's -49.73%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.19 vs -0.65), 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.