CCLFX vs. CAPIX

Last updated Aug 4, 2026

CCLFX (Cliffwater Corporate Lending Fund Class I Shares) and CAPIX (Calamos Aksia Alternative Credit and Income Fund Class I) are both Bank Loan funds. Over the past year, CCLFX returned 6.75% vs 6.96% for CAPIX. Their 0.13 correlation means their historical movements had little consistent relationship. CCLFX charges 3.27%/yr vs 1.25%/yr for CAPIX.

Performance

CCLFX vs. CAPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Corporate Lending Fund Class I Shares (CCLFX) and Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CCLFX having a 3.28% return and CAPIX slightly lower at 3.26%.

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%

CAPIX

• 1D: 0.10%
• 1M: 0.67%
• 6M: 2.58%
• YTD: 3.26%
• 1Y: 6.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.56%

*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)
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	$0.00	$0.00	$0.00
CCLFX Cliffwater Corporate Lending Fund Class I Shares	$0.00	$0.00	$0.00

CCLFX vs. CAPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CCLFX Cliffwater Corporate Lending Fund Class I Shares	3.28%	8.93%	12.62%	5.02%
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	3.26%	7.43%	8.60%	3.02%

Correlation

The correlation between CCLFX and CAPIX is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Aug 14, 2023	0.13

Return for Risk

CCLFX vs. CAPIX — 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

CAPIX

CAPIX Risk / Return Rank: 99
CAPIX Sharpe Ratio Rank: 99
CAPIX Sortino Ratio Rank: 99
CAPIX Omega Ratio Rank: 99
CAPIX Calmar Ratio Rank: 98
CAPIX Martin Ratio Rank: 99

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. CAPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund Class I Shares (CCLFX) and Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX). 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	CAPIX	Difference
Sharpe ratio: Return per unit of total volatility	8.10	4.28	+3.82
Sortino ratio: Return per unit of downside risk	18.45	6.45	+12.00
Omega ratio: Gain probability vs. loss probability	6.72	2.86	+3.85
Calmar ratio: Return relative to maximum drawdown	35.94	7.73	+28.21
Martin ratio: Return relative to average drawdown	197.36	28.82	+168.54

CCLFX vs. CAPIX - Sharpe Ratio Comparison

The current CCLFX Sharpe Ratio is 8.10, which is higher than the CAPIX Sharpe Ratio of 4.28. The chart below compares the historical Sharpe Ratios of CCLFX and CAPIX, 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. CAPIX - Drawdown Comparison

The maximum CCLFX drawdown since its inception was -3.91%, which is greater than CAPIX's maximum drawdown of -1.96%. Use the drawdown chart below to compare losses from any high point for CCLFX and CAPIX.

Drawdown Indicators

	CCLFX	CAPIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.91%	-1.96%	-1.95%
Max Drawdown (1Y) Largest decline over 1 year	-0.19%	-0.94%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-0.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-2.25%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.26%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.25%	-0.22%

Volatility

CCLFX vs. CAPIX - Volatility Comparison

The current volatility for Cliffwater Corporate Lending Fund Class I Shares (CCLFX) is 0.20%, while Calamos Aksia Alternative Credit and Income Fund Class I (CAPIX) has a volatility of 0.22%. This indicates that CCLFX experiences smaller price fluctuations and is considered to be less risky than CAPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLFX	CAPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	0.22%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	1.49%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	1.70%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	2.50%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	2.50%	-0.64%

CCLFX vs. CAPIX - Expense Ratio Comparison

CCLFX has a 3.27% expense ratio, which is higher than CAPIX's 1.25% expense ratio.

Dividends

CCLFX vs. CAPIX - Dividend Comparison

CCLFX's dividend yield for the trailing twelve months is around 10.08%, more than CAPIX's 8.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CAPIX Calamos Aksia Alternative Credit and Income Fund Class I	8.60%	7.18%	4.42%	1.81%	0.00%	0.00%	0.00%	0.00%
CCLFX Cliffwater Corporate Lending Fund Class I Shares	10.08%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%

Frequently Asked Questions

Can I hold both CCLFX and CAPIX in my portfolio?

CCLFX and CAPIX have a correlation of 0.03, 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 CAPIX?

CAPIX has higher volatility (0.22%) compared to CCLFX (0.20%). In terms of maximum drawdown, CCLFX dropped -3.91% vs CAPIX's -1.96%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.10 vs 4.28), 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.