CFBNX vs. CFNLX

Last updated Jun 24, 2026

CFBNX (Commerce Bond Fund) and CFNLX (Commerce National Tax-Free Intermediate Bond Fund) are both mutual funds - CFBNX is a Intermediate Core Bond fund managed by Commerce, while CFNLX is a Municipal Bonds fund managed by Commerce. Over the past 10 years, CFBNX returned 1.86%/yr vs 1.79%/yr for CFNLX. A 0.67 correlation means they provide meaningful diversification when combined. CFBNX charges 0.60%/yr vs 0.59%/yr for CFNLX.

Performance

CFBNX vs. CFNLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce Bond Fund (CFBNX) 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, CFBNX achieves a 0.13% return, which is significantly lower than CFNLX's 1.01% return. Both investments have delivered pretty close results over the past 10 years, with CFBNX having a 1.86% annualized return and CFNLX not far behind at 1.79%.

CFBNX

• 1D: -0.28%
• 1M: 0.59%
• YTD: 0.13%
• 6M: 0.44%
• 1Y: 4.30%
• 3Y*: 4.01%
• 5Y*: 0.07%
• 10Y*: 1.86%

CFNLX

• 1D: -0.11%
• 1M: 1.14%
• YTD: 1.01%
• 6M: 1.30%
• 1Y: 5.79%
• 3Y*: 3.68%
• 5Y*: 0.97%
• 10Y*: 1.79%

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

CFBNX vs. CFNLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFBNX Commerce Bond Fund	0.13%	7.12%	1.52%	5.97%	-13.30%	-0.56%	7.15%	8.97%	-0.58%	4.55%
CFNLX Commerce National Tax-Free Intermediate Bond Fund	1.01%	6.09%	0.70%	4.83%	-7.39%	0.40%	4.68%	6.81%	0.80%	4.81%

Correlation

The correlation between CFBNX and CFNLX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 21, 1995	0.67

The correlation between CFBNX and CFNLX has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

CFBNX vs. CFNLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFBNX

CFBNX Risk / Return Rank: 20
CFBNX Sharpe Ratio Rank: 20
CFBNX Sortino Ratio Rank: 21
CFBNX Omega Ratio Rank: 19
CFBNX Calmar Ratio Rank: 20
CFBNX Martin Ratio Rank: 17

CFNLX

CFNLX Risk / Return Rank: 65
CFNLX Sharpe Ratio Rank: 87
CFNLX Sortino Ratio Rank: 88
CFNLX Omega Ratio Rank: 92
CFNLX Calmar Ratio Rank: 30
CFNLX Martin Ratio Rank: 28

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.

CFBNX vs. CFNLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commerce Bond Fund (CFBNX) 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.

	CFBNX	CFNLX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.63	-1.44
Sortino ratio: Return per unit of downside risk	1.77	3.94	-2.17
Omega ratio: Gain probability vs. loss probability	1.21	1.66	-0.45
Calmar ratio: Return relative to maximum drawdown	1.53	1.94	-0.41
Martin ratio: Return relative to average drawdown	4.24	6.10	-1.86

CFBNX vs. CFNLX - Sharpe Ratio Comparison

The current CFBNX Sharpe Ratio is 1.19, which is lower than the CFNLX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of CFBNX 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

CFBNX vs. CFNLX - Drawdown Comparison

The maximum CFBNX drawdown since its inception was -17.90%, which is greater than CFNLX's maximum drawdown of -12.24%. Use the drawdown chart below to compare losses from any high point for CFBNX and CFNLX.

Drawdown Indicators

	CFBNX	CFNLX	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-12.24%	-5.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-3.06%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-5.72%	-5.56%	-0.16%
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	-12.24%	-5.66%
Max Drawdown (10Y) Largest decline over 10 years	-17.90%	-12.24%	-5.66%
Current Drawdown Current decline from peak	-1.75%	-1.12%	-0.63%
Average Drawdown Average peak-to-trough decline	-2.11%	-1.56%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.97%	+0.10%

Volatility

CFBNX vs. CFNLX - Volatility Comparison

Commerce Bond Fund (CFBNX) has a higher volatility of 1.15% compared to Commerce National Tax-Free Intermediate Bond Fund (CFNLX) at 0.61%. This indicates that CFBNX'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

	CFBNX	CFNLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.61%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	1.82%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	2.26%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.57%	3.28%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.71%	3.35%	+1.36%

CFBNX vs. CFNLX - Expense Ratio Comparison

CFBNX has a 0.60% expense ratio, which is higher than CFNLX's 0.59% expense ratio.

Dividends

CFBNX vs. CFNLX - Dividend Comparison

CFBNX's dividend yield for the trailing twelve months is around 3.63%, more than CFNLX's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFBNX Commerce Bond Fund	3.63%	3.54%	2.94%	2.67%	2.40%	3.02%	2.71%	3.14%	3.25%	3.23%	3.40%	3.52%
CFNLX Commerce National Tax-Free Intermediate Bond Fund	2.77%	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 CFBNX and CFNLX in my portfolio?

CFBNX and CFNLX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFBNX or CFNLX?

CFBNX has higher volatility (1.15%) compared to CFNLX (0.61%). In terms of maximum drawdown, CFBNX dropped -17.90% vs CFNLX's -12.24%.

Which has better risk-adjusted returns?

CFNLX currently has the higher Sharpe Ratio (2.63 vs 1.19), 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.