CELFX vs. AGOVX

Last updated Aug 4, 2026

CELFX (Cliffwater Enhanced Lending Fund) and AGOVX (Invesco Income Fund) are both Nontraditional Bonds funds. Over the past 5 years, CELFX returned 11.94%/yr vs 1.27%/yr for AGOVX. Their 0.06 correlation means their historical movements had little consistent relationship. CELFX charges 2.68%/yr vs 0.96%/yr for AGOVX.

Performance

CELFX vs. AGOVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Enhanced Lending Fund (CELFX) and Invesco Income Fund (AGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CELFX achieves a 4.56% return, which is significantly higher than AGOVX's -0.43% return.

CELFX

• 1D: 0.09%
• 1M: 0.65%
• 6M: 3.70%
• YTD: 4.56%
• 1Y: 9.20%
• 3Y*: 11.52%
• 5Y*: 11.94%
• 10Y*: —
• ALL TIME*: 11.93%

AGOVX

• 1D: -0.44%
• 1M: -1.44%
• 6M: -0.70%
• YTD: -0.43%
• 1Y: 1.70%
• 3Y*: 5.16%
• 5Y*: 1.27%
• 10Y*: 0.92%
• ALL TIME*: 3.37%

*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)
AGOVX Invesco Income Fund	$0.00	$0.00	$0.00
CELFX Cliffwater Enhanced Lending Fund	$0.00	$0.00	$0.00

CELFX vs. AGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CELFX Cliffwater Enhanced Lending Fund	4.56%	11.33%	12.91%	12.77%	11.57%	7.35%
AGOVX Invesco Income Fund	-0.43%	6.61%	7.01%	4.57%	-10.05%	0.39%

Correlation

The correlation between CELFX and AGOVX is 0.01, 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.	0.01
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.06
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.06

Return for Risk

CELFX vs. AGOVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CELFX

CELFX Risk / Return Rank: 100
CELFX Sharpe Ratio Rank: 100
CELFX Sortino Ratio Rank: 100
CELFX Omega Ratio Rank: 100
CELFX Calmar Ratio Rank: 100
CELFX Martin Ratio Rank: 100

AGOVX

AGOVX Risk / Return Rank: 18
AGOVX Sharpe Ratio Rank: 18
AGOVX Sortino Ratio Rank: 18
AGOVX Omega Ratio Rank: 19
AGOVX Calmar Ratio Rank: 17
AGOVX Martin Ratio Rank: 16

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.

CELFX vs. AGOVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Enhanced Lending Fund (CELFX) and Invesco Income Fund (AGOVX). 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.

	CELFX	AGOVX	Difference
Sharpe ratio: Return per unit of total volatility	10.84	0.74	+10.10
Sortino ratio: Return per unit of downside risk	35.97	1.12	+34.85
Omega ratio: Gain probability vs. loss probability	18.74	1.15	+17.60
Calmar ratio: Return relative to maximum drawdown	50.38	0.86	+49.52
Martin ratio: Return relative to average drawdown	522.39	2.28	+520.11

CELFX vs. AGOVX - Sharpe Ratio Comparison

The current CELFX Sharpe Ratio is 10.84, which is higher than the AGOVX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CELFX and AGOVX, 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

CELFX vs. AGOVX - Drawdown Comparison

The maximum CELFX drawdown since its inception was -2.61%, smaller than the maximum AGOVX drawdown of -33.41%. Use the drawdown chart below to compare losses from any high point for CELFX and AGOVX.

Drawdown Indicators

	CELFX	AGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-2.61%	-33.41%	+30.80%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-2.67%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-2.61%	-3.06%	+0.45%
Max Drawdown (5Y) Largest decline over 5 years	-2.61%	-11.79%	+9.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.41%	—
Current Drawdown Current decline from peak	0.00%	-2.22%	+2.22%
Average Drawdown Average peak-to-trough decline	-0.08%	-2.38%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	1.00%	-0.98%

Volatility

CELFX vs. AGOVX - Volatility Comparison

The current volatility for Cliffwater Enhanced Lending Fund (CELFX) is 0.21%, while Invesco Income Fund (AGOVX) has a volatility of 0.98%. This indicates that CELFX experiences smaller price fluctuations and is considered to be less risky than AGOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CELFX	AGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.98%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	0.62%	2.69%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	3.13%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.17%	3.46%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.15%	5.33%	-3.18%

CELFX vs. AGOVX - Expense Ratio Comparison

CELFX has a 2.68% expense ratio, which is higher than AGOVX's 0.96% expense ratio.

Dividends

CELFX vs. AGOVX - Dividend Comparison

CELFX's dividend yield for the trailing twelve months is around 10.51%, more than AGOVX's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGOVX Invesco Income Fund	4.67%	5.09%	5.12%	4.61%	3.45%	2.96%	4.14%	4.69%	2.76%	1.89%	1.72%	1.55%
CELFX Cliffwater Enhanced Lending Fund	10.51%	11.19%	11.26%	10.67%	9.42%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CELFX and AGOVX in my portfolio?

CELFX and AGOVX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CELFX or AGOVX?

AGOVX has higher volatility (0.98%) compared to CELFX (0.21%). In terms of maximum drawdown, CELFX dropped -2.61% vs AGOVX's -33.41%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.84 vs 0.74), 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.