CFAGX vs. CFNLX

Last updated Aug 1, 2026

CFAGX (Commerce MidCap Growth Fund) and CFNLX (Commerce National Tax-Free Intermediate Bond Fund) are both mutual funds - CFAGX is a Mid Cap Growth Equities fund managed by Commerce, while CFNLX is a Municipal Bonds fund managed by Commerce. Over the past 10 years, CFAGX returned 9.77%/yr vs 1.62%/yr for CFNLX. Their -0.07 correlation means they have often moved in opposite directions in the past. CFAGX charges 0.71%/yr vs 0.59%/yr for CFNLX.

Performance

CFAGX vs. CFNLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce MidCap Growth Fund (CFAGX) and Commerce National Tax-Free Intermediate Bond Fund (CFNLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFAGX achieves a 2.11% return, which is significantly higher than CFNLX's -0.51% return. Over the past 10 years, CFAGX has outperformed CFNLX with an annualized return of 9.77%, while CFNLX has yielded a comparatively lower 1.62% annualized return.

CFAGX

• 1D: 2.05%
• 1M: -3.31%
• 6M: 3.31%
• YTD: 2.11%
• 1Y: -1.66%
• 3Y*: 6.82%
• 5Y*: 2.54%
• 10Y*: 9.77%
• ALL TIME*: 7.65%

CFNLX

• 1D: -0.21%
• 1M: -1.90%
• 6M: -1.47%
• YTD: -0.51%
• 1Y: 3.37%
• 3Y*: 3.09%
• 5Y*: 0.50%
• 10Y*: 1.62%
• ALL TIME*: 3.66%

*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)
CFAGX Commerce MidCap Growth Fund	$0.00	$0.00	$0.00
CFNLX Commerce National Tax-Free Intermediate Bond Fund	$0.00	$0.00	$0.00

CFAGX vs. CFNLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFAGX Commerce MidCap Growth Fund	2.11%	1.58%	11.77%	17.74%	-20.31%	19.12%	23.78%	34.41%	-4.55%	23.39%
CFNLX Commerce National Tax-Free Intermediate Bond Fund	-0.51%	6.09%	0.70%	4.83%	-7.39%	0.40%	4.68%	6.81%	0.80%	4.81%

Correlation

The correlation between CFAGX and CFNLX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (10Y) Provides a long-term view across more market conditions.	0.04
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	-0.07

The correlation between CFAGX and CFNLX shifts across timeframes, from -0.07 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CFAGX vs. CFNLX — Risk / Return Rank

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

CFAGX

CFAGX Risk / Return Rank: 2
CFAGX Sharpe Ratio Rank: 2
CFAGX Sortino Ratio Rank: 2
CFAGX Omega Ratio Rank: 2
CFAGX Calmar Ratio Rank: 2
CFAGX Martin Ratio Rank: 2

CFNLX

CFNLX Risk / Return Rank: 55
CFNLX Sharpe Ratio Rank: 72
CFNLX Sortino Ratio Rank: 70
CFNLX Omega Ratio Rank: 82
CFNLX Calmar Ratio Rank: 29
CFNLX Martin Ratio Rank: 25

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.

CFAGX vs. CFNLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commerce MidCap Growth Fund (CFAGX) and Commerce National Tax-Free Intermediate Bond Fund (CFNLX). 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.

	CFAGX	CFNLX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.70	-1.97
Sortino ratio: Return per unit of downside risk	-0.29	2.41	-2.70
Omega ratio: Gain probability vs. loss probability	0.97	1.39	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.32	1.33	-1.65
Martin ratio: Return relative to average drawdown	-0.82	3.68	-4.50

CFAGX vs. CFNLX - Sharpe Ratio Comparison

The current CFAGX Sharpe Ratio is -0.27, which is lower than the CFNLX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of CFAGX and CFNLX, 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

CFAGX vs. CFNLX - Drawdown Comparison

The maximum CFAGX drawdown since its inception was -61.05%, which is greater than CFNLX's maximum drawdown of -12.24%. Use the drawdown chart below to compare losses from any high point for CFAGX and CFNLX.

Drawdown Indicators

	CFAGX	CFNLX	Difference
Max Drawdown Largest peak-to-trough decline	-61.05%	-12.24%	-48.81%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-3.06%	-9.79%
Max Drawdown (3Y) Largest decline over 3 years	-21.16%	-4.65%	-16.51%
Max Drawdown (5Y) Largest decline over 5 years	-28.99%	-12.24%	-16.75%
Max Drawdown (10Y) Largest decline over 10 years	-34.23%	-12.24%	-21.99%
Current Drawdown Current decline from peak	-4.45%	-2.61%	-1.84%
Average Drawdown Average peak-to-trough decline	-14.83%	-1.56%	-13.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	1.10%	+3.86%

Volatility

CFAGX vs. CFNLX - Volatility Comparison

Commerce MidCap Growth Fund (CFAGX) has a higher volatility of 4.75% compared to Commerce National Tax-Free Intermediate Bond Fund (CFNLX) at 0.88%. This indicates that CFAGX's price experiences larger fluctuations and is considered to be riskier than CFNLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFAGX	CFNLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	0.88%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	11.93%	2.02%	+9.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	2.41%	+12.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	3.31%	+15.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	3.36%	+15.12%

CFAGX vs. CFNLX - Expense Ratio Comparison

CFAGX has a 0.71% expense ratio, which is higher than CFNLX's 0.59% expense ratio.

Dividends

CFAGX vs. CFNLX - Dividend Comparison

CFAGX's dividend yield for the trailing twelve months is around 24.37%, more than CFNLX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFAGX Commerce MidCap Growth Fund	24.37%	24.89%	10.80%	6.77%	2.00%	19.35%	4.23%	6.59%	10.81%	7.05%	5.27%	8.83%
CFNLX Commerce National Tax-Free Intermediate Bond Fund	2.60%	3.64%	2.36%	2.08%	1.63%	2.43%	1.94%	2.65%	2.38%	2.31%	2.25%	2.19%

Frequently Asked Questions

Can I hold both CFAGX and CFNLX in my portfolio?

CFAGX and CFNLX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFAGX or CFNLX?

CFAGX has higher volatility (4.75%) compared to CFNLX (0.88%). In terms of maximum drawdown, CFAGX dropped -61.05% vs CFNLX's -12.24%.

Which has better risk-adjusted returns?

CFNLX currently has the higher Sharpe Ratio (1.70 vs -0.27), 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.