CELFX vs. KAMIX
CELFX (Cliffwater Enhanced Lending Fund) and KAMIX (Kensington Managed Income Fund) are both Nontraditional Bonds funds. Over the past 3 years, CELFX returned 11.66%/yr vs 4.93%/yr for KAMIX. At a 0.05 correlation, their price movements are largely independent. CELFX charges 2.68%/yr vs 1.36%/yr for KAMIX.
Performance
CELFX vs. KAMIX - Performance Comparison
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Returns By Period
In the year-to-date period, CELFX achieves a 4.17% return, which is significantly higher than KAMIX's 1.88% return.
CELFX
- 1D
- 0.09%
- 1M
- 0.74%
- 6M
- 3.79%
- YTD
- 4.17%
- 1Y
- 9.19%
- 3Y*
- 11.66%
- 5Y*
- 11.99%
- 10Y*
- —
KAMIX
- 1D
- 0.10%
- 1M
- -0.15%
- 6M
- 1.26%
- YTD
- 1.88%
- 1Y
- 5.55%
- 3Y*
- 4.93%
- 5Y*
- —
- 10Y*
- —
CELFX vs. KAMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 4.17% | 11.33% | 12.91% | 12.77% | 5.13% |
KAMIX Kensington Managed Income Fund | 1.88% | 4.32% | 4.38% | 3.96% | -2.13% |
Correlation
The correlation between CELFX and KAMIX is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022 | 0.05 |
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Return for Risk
CELFX vs. KAMIX — Risk / Return Rank
CELFX
KAMIX
CELFX vs. KAMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cliffwater Enhanced Lending Fund (CELFX) and Kensington Managed Income Fund (KAMIX). 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 | KAMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.01 | ||
| Sortino ratioReturn per unit of downside risk | +33.22 | ||
| Omega ratioGain probability vs. loss probability | 18.73 | 1.37 | +17.36 |
| Calmar ratioReturn relative to maximum drawdown | 50.34 | 2.23 | +48.12 |
| Martin ratioReturn relative to average drawdown | 522.03 | 10.03 | +512.00 |
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Drawdowns
CELFX vs. KAMIX - Drawdown Comparison
The maximum CELFX drawdown since its inception was -2.61%, smaller than the maximum KAMIX drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for CELFX and KAMIX.
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Drawdown Indicators
| CELFX | KAMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.61% | -6.11% | +3.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.18% | -2.55% | +2.37% |
Max Drawdown (3Y)Largest decline over 3 years | -2.61% | -4.35% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -2.61% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.21% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -2.10% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.57% | -0.55% |
Volatility
CELFX vs. KAMIX - Volatility Comparison
The current volatility for Cliffwater Enhanced Lending Fund (CELFX) is 0.21%, while Kensington Managed Income Fund (KAMIX) has a volatility of 0.70%. This indicates that CELFX experiences smaller price fluctuations and is considered to be less risky than KAMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CELFX | KAMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.21% | 0.70% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 0.61% | 2.58% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.85% | 3.12% | -2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.17% | 3.79% | -1.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.16% | 3.79% | -1.63% |
CELFX vs. KAMIX - Expense Ratio Comparison
CELFX has a 2.68% expense ratio, which is higher than KAMIX's 1.36% expense ratio.
Dividends
CELFX vs. KAMIX - Dividend Comparison
CELFX's dividend yield for the trailing twelve months is around 10.55%, more than KAMIX's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 10.55% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% |
KAMIX Kensington Managed Income Fund | 5.33% | 4.57% | 5.60% | 4.15% | 0.75% | 0.00% |
Frequently Asked Questions
CELFX and KAMIX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KAMIX has higher volatility (0.70%) compared to CELFX (0.21%). In terms of maximum drawdown, CELFX dropped -2.61% vs KAMIX's -6.11%.
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.
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