CCLFX vs. SGOV

Last updated Apr 2, 2026

Compare and contrast key facts about Cliffwater Corporate Lending Fund (CCLFX) and iShares 0-3 Month Treasury Bond ETF (SGOV).

CCLFX is managed by Cliffwater. It was launched on Mar 6, 2019. SGOV is a passively managed fund by iShares that tracks the performance of the ICE 0-3 Month US Treasury Securities Index. It was launched on May 26, 2020.

Performance

CCLFX vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Corporate Lending Fund (CCLFX) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

CCLFX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CCLFX Cliffwater Corporate Lending Fund	0.96%	8.93%	12.62%	12.66%	2.32%	10.38%	7.55%
SGOV iShares 0-3 Month Treasury Bond ETF	0.88%	4.24%	5.27%	5.12%	1.58%	0.04%	0.05%

Returns By Period

In the year-to-date period, CCLFX achieves a 0.96% return, which is significantly higher than SGOV's 0.88% return.

CCLFX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.96%
• 6M: 3.09%
• 1Y: 7.64%
• 3Y*: 10.90%
• 5Y*: 8.81%
• 10Y*: —

SGOV

• 1D: 0.02%
• 1M: 0.30%
• YTD: 0.88%
• 6M: 1.89%
• 1Y: 4.07%
• 3Y*: 4.80%
• 5Y*: 3.41%
• 10Y*: —

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

CCLFX vs. SGOV - Expense Ratio Comparison

CCLFX has a 3.42% expense ratio, which is higher than SGOV's 0.09% expense ratio.

CCLFX

Cliffwater Corporate Lending Fund

SGOV

iShares 0-3 Month Treasury Bond ETF

Return for Risk

CCLFX vs. SGOV — 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

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV 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.

CCLFX vs. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund (CCLFX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.

	CCLFX	SGOV	Difference
Sharpe ratio Return per unit of total volatility	8.00	20.61	-12.61
Sortino ratio Return per unit of downside risk	16.02	283.87	-267.86
Omega ratio Gain probability vs. loss probability	5.88	201.33	-195.45
Calmar ratio Return relative to maximum drawdown	16.71	411.31	-394.60
Martin ratio Return relative to average drawdown	101.37	4,618.08	-4,516.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCLFX vs. SGOV - Sharpe Ratio Comparison

The current CCLFX Sharpe Ratio is 8.00, which is lower than the SGOV Sharpe Ratio of 20.61. The chart below compares the historical Sharpe Ratios of CCLFX and SGOV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CCLFX	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.00	20.61	-12.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	5.15	14.12	-8.98
Sharpe Ratio (All Time) Calculated using the full available price history	4.53	12.34	-7.81

Correlation

The correlation between CCLFX and SGOV is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CCLFX vs. SGOV - Dividend Comparison

CCLFX's dividend yield for the trailing twelve months is around 10.37%, more than SGOV's 3.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
CCLFX Cliffwater Corporate Lending Fund	10.37%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%
SGOV iShares 0-3 Month Treasury Bond ETF	3.95%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%

Drawdowns

CCLFX vs. SGOV - Drawdown Comparison

The maximum CCLFX drawdown since its inception was -3.91%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for CCLFX and SGOV.

Drawdown Indicators

	CCLFX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-3.91%	-0.03%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.38%	-0.01%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-2.25%	-0.03%	-2.22%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.16%	0.00%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.00%	+0.08%

Volatility

CCLFX vs. SGOV - Volatility Comparison

Cliffwater Corporate Lending Fund (CCLFX) has a higher volatility of 0.23% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that CCLFX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLFX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.06%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.65%	0.13%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	0.97%	0.20%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.74%	0.24%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.89%	0.24%	+1.65%