CELFX vs. BSV

Last updated Jul 17, 2026

CELFX (Cliffwater Enhanced Lending Fund) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both funds - CELFX is a Nontraditional Bonds fund actively managed by Cliffwater, while BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. CELFX is actively managed, while BSV is passively managed. Over the past 5 years, CELFX returned 11.99%/yr vs 1.69%/yr for BSV. At a 0.02 correlation, their price movements are largely independent. CELFX charges 2.68%/yr vs 0.03%/yr for BSV.

Performance

CELFX vs. BSV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cliffwater Enhanced Lending Fund (CELFX) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CELFX achieves a 4.17% return, which is significantly higher than BSV's 0.58% return.

CELFX

• 1D: 0.09%
• 1M: 0.74%
• 6M: 3.79%
• YTD: 4.17%
• 1Y: 9.19%
• 3Y*: 11.66%
• 5Y*: 11.99%
• 10Y*: —

BSV

• 1D: -0.01%
• 1M: 0.07%
• 6M: 0.60%
• YTD: 0.58%
• 1Y: 3.30%
• 3Y*: 4.50%
• 5Y*: 1.69%
• 10Y*: 1.94%

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

CELFX vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CELFX Cliffwater Enhanced Lending Fund	4.17%	11.33%	12.91%	12.77%	11.57%	7.35%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.58%	6.00%	3.78%	4.90%	-5.49%	-0.71%

Correlation

The correlation between CELFX and BSV is 0.00, 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	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.02

Return for Risk

CELFX vs. BSV — Risk / Return Rank

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

BSV

BSV Risk / Return Rank: 69
BSV Sharpe Ratio Rank: 71
BSV Sortino Ratio Rank: 80
BSV Omega Ratio Rank: 74
BSV Calmar Ratio Rank: 64
BSV Martin Ratio Rank: 59

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.

CELFX vs. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cliffwater Enhanced Lending Fund (CELFX) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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	BSV	Difference
Sharpe ratio: Return per unit of total volatility	10.84	1.82	+9.01
Sortino ratio: Return per unit of downside risk	35.94	2.84	+33.10
Omega ratio: Gain probability vs. loss probability	18.73	1.34	+17.39
Calmar ratio: Return relative to maximum drawdown	50.34	2.57	+47.77
Martin ratio: Return relative to average drawdown	522.03	8.27	+513.76

CELFX vs. BSV - Sharpe Ratio Comparison

The current CELFX Sharpe Ratio is 10.84, which is higher than the BSV Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of CELFX and BSV, 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. BSV - Drawdown Comparison

The maximum CELFX drawdown since its inception was -2.61%, smaller than the maximum BSV drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for CELFX and BSV.

Drawdown Indicators

	CELFX	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-2.61%	-8.54%	+5.93%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-1.29%	+1.11%
Max Drawdown (3Y) Largest decline over 3 years	-2.61%	-1.53%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-2.61%	-8.54%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.54%	—
Current Drawdown Current decline from peak	0.00%	-0.34%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.08%	-0.97%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.40%	-0.38%

Volatility

CELFX vs. BSV - Volatility Comparison

The current volatility for Cliffwater Enhanced Lending Fund (CELFX) is 0.21%, while Vanguard Short-Term Bond Index Fund ETF Shares (BSV) has a volatility of 0.63%. This indicates that CELFX experiences smaller price fluctuations and is considered to be less risky than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CELFX	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.63%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	0.61%	1.40%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	0.85%	1.83%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.17%	2.74%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.16%	2.38%	-0.22%

CELFX vs. BSV - Expense Ratio Comparison

CELFX has a 2.68% expense ratio, which is higher than BSV's 0.03% expense ratio.

Dividends

CELFX vs. BSV - Dividend Comparison

CELFX's dividend yield for the trailing twelve months is around 10.55%, more than BSV's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	4.01%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
CELFX Cliffwater Enhanced Lending Fund	10.55%	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 BSV in my portfolio?

CELFX and BSV have a correlation of 0.00, 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 BSV?

BSV has higher volatility (0.63%) compared to CELFX (0.21%). In terms of maximum drawdown, CELFX dropped -2.61% vs BSV's -8.54%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.84 vs 1.82), 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.