CCLFX vs. VTI

Last updated Jun 13, 2026

CCLFX (Cliffwater Corporate Lending Fund) and VTI (Vanguard Total Stock Market ETF) are both funds - CCLFX is a High Yield Bonds fund managed by Cliffwater, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Over the past 5 years, CCLFX returned 8.75%/yr vs 12.20%/yr for VTI. At a 0.12 correlation, their price movements are largely independent. CCLFX charges 3.42%/yr vs 0.03%/yr for VTI.

Performance

CCLFX vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Corporate Lending Fund (CCLFX) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCLFX achieves a 2.43% return, which is significantly lower than VTI's 9.62% return.

CCLFX

• 1D: 0.10%
• 1M: 0.38%
• YTD: 2.43%
• 6M: 2.94%
• 1Y: 7.38%
• 3Y*: 10.50%
• 5Y*: 8.75%
• 10Y*: —

VTI

• 1D: 0.57%
• 1M: 0.45%
• YTD: 9.62%
• 6M: 9.69%
• 1Y: 24.78%
• 3Y*: 20.60%
• 5Y*: 12.20%
• 10Y*: 15.02%

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

CCLFX vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CCLFX Cliffwater Corporate Lending Fund	2.43%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%
VTI Vanguard Total Stock Market ETF	9.62%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	15.54%

Correlation

The correlation between CCLFX and VTI is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.12

Return for Risk

CCLFX vs. VTI — 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

VTI

VTI Risk / Return Rank: 70
VTI Sharpe Ratio Rank: 70
VTI Sortino Ratio Rank: 68
VTI Omega Ratio Rank: 69
VTI Calmar Ratio Rank: 64
VTI Martin Ratio Rank: 76

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. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Corporate Lending Fund (CCLFX) and Vanguard Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio: Return per unit of total volatility	8.60	1.97	+6.63
Sortino ratio: Return per unit of downside risk	20.85	2.67	+18.18
Omega ratio: Gain probability vs. loss probability	7.79	1.35	+6.44
Calmar ratio: Return relative to maximum drawdown	39.24	2.79	+36.45
Martin ratio: Return relative to average drawdown	218.88	12.52	+206.36

CCLFX vs. VTI - Sharpe Ratio Comparison

The current CCLFX Sharpe Ratio is 8.60, which is higher than the VTI Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of CCLFX and VTI, 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. VTI - Drawdown Comparison

The maximum CCLFX drawdown since its inception was -3.91%, smaller than the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for CCLFX and VTI.

Drawdown Indicators

	CCLFX	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-3.91%	-55.45%	+51.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.19%	-8.92%	+8.73%
Max Drawdown (3Y) Largest decline over 3 years	-0.46%	-19.30%	+18.84%
Max Drawdown (5Y) Largest decline over 5 years	-2.25%	-25.36%	+23.11%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	0.00%	-2.14%	+2.14%
Average Drawdown Average peak-to-trough decline	-0.16%	-8.02%	+7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	1.99%	-1.96%

Volatility

CCLFX vs. VTI - Volatility Comparison

The current volatility for Cliffwater Corporate Lending Fund (CCLFX) is 0.23%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 4.50%. This indicates that CCLFX experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCLFX	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	4.50%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	0.65%	9.82%	-9.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.87%	12.64%	-11.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	17.47%	-15.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.87%	18.33%	-16.46%

CCLFX vs. VTI - Expense Ratio Comparison

CCLFX has a 3.42% expense ratio, which is higher than VTI's 0.03% expense ratio.

Dividends

CCLFX vs. VTI - Dividend Comparison

CCLFX's dividend yield for the trailing twelve months is around 10.27%, more than VTI's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLFX Cliffwater Corporate Lending Fund	10.27%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%
VTI Vanguard Total Stock Market ETF	1.03%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both CCLFX and VTI in my portfolio?

CCLFX and VTI 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 VTI?

VTI has higher volatility (4.50%) compared to CCLFX (0.23%). In terms of maximum drawdown, CCLFX dropped -3.91% vs VTI's -55.45%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.60 vs 1.97), 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.