CCLFX vs. IBIT
CCLFX (Cliffwater Corporate Lending Fund) and IBIT (iShares Bitcoin Trust ETF) are both funds - CCLFX is a High Yield Bonds fund managed by Cliffwater, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Over the past year, CCLFX returned 6.95% vs -46.35% for IBIT. At a 0.13 correlation, their price movements are largely independent. CCLFX charges 3.42%/yr vs 0.25%/yr for IBIT.
Performance
CCLFX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, CCLFX achieves a 2.98% return, which is significantly higher than IBIT's -26.32% return.
CCLFX
- 1D
- 0.00%
- 1M
- 0.54%
- 6M
- 2.79%
- YTD
- 2.98%
- 1Y
- 6.95%
- 3Y*
- 10.23%
- 5Y*
- 8.72%
- 10Y*
- —
IBIT
- 1D
- 3.86%
- 1M
- 1.50%
- 6M
- -31.72%
- YTD
- -26.32%
- 1Y
- -46.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CCLFX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CCLFX Cliffwater Corporate Lending Fund | 2.98% | 8.93% | 12.09% |
IBIT iShares Bitcoin Trust ETF | -26.32% | -6.41% | 89.87% |
Correlation
The correlation between CCLFX and IBIT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.13 |
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Return for Risk
CCLFX vs. IBIT — Risk / Return Rank
CCLFX
IBIT
CCLFX vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund (CCLFX) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.33 | ||
| Sortino ratioReturn per unit of downside risk | +20.54 | ||
| Omega ratioGain probability vs. loss probability | 6.87 | 0.83 | +6.05 |
| Calmar ratioReturn relative to maximum drawdown | 36.95 | -0.87 | +37.83 |
| Martin ratioReturn relative to average drawdown | 202.96 | -1.41 | +204.37 |
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Drawdowns
CCLFX vs. IBIT - Drawdown Comparison
The maximum CCLFX drawdown since its inception was -3.91%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for CCLFX and IBIT.
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Drawdown Indicators
| CCLFX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.91% | -53.30% | +49.39% |
Max Drawdown (1Y)Largest decline over 1 year | -0.19% | -53.30% | +53.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.25% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.69% | +48.69% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -17.61% | +17.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 32.86% | -32.83% |
Volatility
CCLFX vs. IBIT - Volatility Comparison
The current volatility for Cliffwater Corporate Lending Fund (CCLFX) is 0.25%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 11.82%. This indicates that CCLFX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CCLFX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.25% | 11.82% | -11.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.64% | 35.03% | -34.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.85% | 44.48% | -43.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.73% | 49.99% | -48.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 49.99% | -48.13% |
CCLFX vs. IBIT - Expense Ratio Comparison
CCLFX has a 3.42% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
CCLFX vs. IBIT - Dividend Comparison
CCLFX's dividend yield for the trailing twelve months is around 10.11%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CCLFX Cliffwater Corporate Lending Fund | 10.11% | 10.47% | 11.27% | 10.96% | 3.96% | 7.03% | 6.90% | 0.61% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CCLFX and IBIT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (11.82%) compared to CCLFX (0.25%). In terms of maximum drawdown, CCLFX dropped -3.91% vs IBIT's -53.30%.
CCLFX currently has the higher Sharpe Ratio (8.29 vs -1.05), 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.
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