CCLFX vs. FOCIX

Last updated Jul 15, 2026

CCLFX (Cliffwater Corporate Lending Fund) and FOCIX (Fairholme Focused Income Fund) are both High Yield Bonds funds. Over the past 5 years, CCLFX returned 8.72%/yr vs 10.31%/yr for FOCIX. At a 0.09 correlation, their price movements are largely independent. CCLFX charges 3.42%/yr vs 1.00%/yr for FOCIX.

Performance

CCLFX vs. FOCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Corporate Lending Fund (CCLFX) and Fairholme Focused Income Fund (FOCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCLFX achieves a 2.98% return, which is significantly lower than FOCIX's 10.25% return.

CCLFX

• 1D: 0.00%
• 1M: 0.54%
• 6M: 2.79%
• YTD: 2.98%
• 1Y: 6.95%
• 3Y*: 10.23%
• 5Y*: 8.72%
• 10Y*: —

FOCIX

• 1D: 1.34%
• 1M: 1.92%
• 6M: 9.64%
• YTD: 10.25%
• 1Y: 11.02%
• 3Y*: 12.08%
• 5Y*: 10.31%
• 10Y*: 7.24%

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

CCLFX vs. FOCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCLFX Cliffwater Corporate Lending Fund	2.98%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%
FOCIX Fairholme Focused Income Fund	10.25%	6.17%	14.67%	12.58%	6.00%	6.73%	0.99%	-1.31%

Correlation

The correlation between CCLFX and FOCIX is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.09

Return for Risk

CCLFX vs. FOCIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

FOCIX

FOCIX Risk / Return Rank: 57
FOCIX Sharpe Ratio Rank: 44
FOCIX Sortino Ratio Rank: 51
FOCIX Omega Ratio Rank: 43
FOCIX Calmar Ratio Rank: 88
FOCIX Martin Ratio Rank: 61

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.

CCLFX vs. FOCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund (CCLFX) and Fairholme Focused Income Fund (FOCIX). 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	FOCIX	Difference
Sharpe ratio: Return per unit of total volatility	8.29	1.48	+6.81
Sortino ratio: Return per unit of downside risk	18.96	2.27	+16.69
Omega ratio: Gain probability vs. loss probability	6.87	1.27	+5.60
Calmar ratio: Return relative to maximum drawdown	36.95	3.42	+33.54
Martin ratio: Return relative to average drawdown	202.96	9.34	+193.61

CCLFX vs. FOCIX - Sharpe Ratio Comparison

The current CCLFX Sharpe Ratio is 8.29, which is higher than the FOCIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of CCLFX and FOCIX, 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. FOCIX - Drawdown Comparison

The maximum CCLFX drawdown since its inception was -3.91%, smaller than the maximum FOCIX drawdown of -18.78%. Use the drawdown chart below to compare losses from any high point for CCLFX and FOCIX.

Drawdown Indicators

	CCLFX	FOCIX	Difference
Max Drawdown Largest peak-to-trough decline	-3.91%	-18.78%	+14.87%
Max Drawdown (1Y) Largest decline over 1 year	-0.19%	-3.33%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-0.46%	-7.96%	+7.50%
Max Drawdown (5Y) Largest decline over 5 years	-2.25%	-12.36%	+10.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.61%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-4.75%	+4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	1.21%	-1.18%

Volatility

CCLFX vs. FOCIX - Volatility Comparison

The current volatility for Cliffwater Corporate Lending Fund (CCLFX) is 0.25%, while Fairholme Focused Income Fund (FOCIX) has a volatility of 2.91%. This indicates that CCLFX experiences smaller price fluctuations and is considered to be less risky than FOCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLFX	FOCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	2.91%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	0.64%	6.04%	-5.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	7.72%	-6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	9.60%	-7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	9.11%	-7.25%

CCLFX vs. FOCIX - Expense Ratio Comparison

CCLFX has a 3.42% expense ratio, which is higher than FOCIX's 1.00% expense ratio.

Dividends

CCLFX vs. FOCIX - Dividend Comparison

CCLFX's dividend yield for the trailing twelve months is around 10.11%, more than FOCIX's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLFX Cliffwater Corporate Lending Fund	10.11%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%
FOCIX Fairholme Focused Income Fund	1.14%	1.31%	2.46%	2.82%	2.24%	1.12%	0.65%	2.75%	4.57%	9.83%	5.16%	5.51%

Frequently Asked Questions

Can I hold both CCLFX and FOCIX in my portfolio?

CCLFX and FOCIX have a correlation of 0.04, 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 FOCIX?

FOCIX has higher volatility (2.91%) compared to CCLFX (0.25%). In terms of maximum drawdown, CCLFX dropped -3.91% vs FOCIX's -18.78%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.29 vs 1.48), 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.