CFGRX vs. CFNLX

Last updated Jun 4, 2026

CFGRX (Commerce Growth Fund) and CFNLX (Commerce National Tax-Free Intermediate Bond Fund) are both mutual funds - CFGRX is a Large Cap Growth Equities fund managed by Commerce, while CFNLX is a Municipal Bonds fund managed by Commerce. Over the past 10 years, CFGRX returned 16.48%/yr vs 1.91%/yr for CFNLX. At a correlation of -0.05, they often move in opposite directions. CFGRX charges 0.68%/yr vs 0.59%/yr for CFNLX.

Performance

CFGRX vs. CFNLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce Growth Fund (CFGRX) 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, CFGRX achieves a 7.92% return, which is significantly higher than CFNLX's 1.12% return. Over the past 10 years, CFGRX has outperformed CFNLX with an annualized return of 16.48%, while CFNLX has yielded a comparatively lower 1.91% annualized return.

CFGRX

• 1D: -0.31%
• 1M: 6.81%
• YTD: 7.92%
• 6M: 7.18%
• 1Y: 21.56%
• 3Y*: 22.10%
• 5Y*: 13.80%
• 10Y*: 16.48%

CFNLX

• 1D: 0.16%
• 1M: 0.60%
• YTD: 1.12%
• 6M: 1.46%
• 1Y: 6.48%
• 3Y*: 3.84%
• 5Y*: 0.99%
• 10Y*: 1.91%

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

CFGRX vs. CFNLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFGRX Commerce Growth Fund	7.92%	12.40%	31.15%	36.39%	-26.57%	26.50%	28.96%	35.60%	-1.04%	27.57%
CFNLX Commerce National Tax-Free Intermediate Bond Fund	1.12%	6.09%	0.70%	4.83%	-7.39%	0.40%	4.68%	6.81%	0.80%	4.81%

Correlation

The correlation between CFGRX and CFNLX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 22, 1995	-0.05

The correlation between CFGRX and CFNLX shifts across timeframes, from -0.05 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CFGRX vs. CFNLX — Risk / Return Rank

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

CFGRX

CFGRX Risk / Return Rank: 28
CFGRX Sharpe Ratio Rank: 34
CFGRX Sortino Ratio Rank: 31
CFGRX Omega Ratio Rank: 32
CFGRX Calmar Ratio Rank: 19
CFGRX Martin Ratio Rank: 24

CFNLX

CFNLX Risk / Return Rank: 66
CFNLX Sharpe Ratio Rank: 87
CFNLX Sortino Ratio Rank: 88
CFNLX Omega Ratio Rank: 93
CFNLX Calmar Ratio Rank: 31
CFNLX Martin Ratio Rank: 30

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.

CFGRX vs. CFNLX - Risk-Adjusted Trends Comparison

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

	CFGRX	CFNLX	Difference
Sharpe ratio Return per unit of total volatility	1.67	2.83	-1.17
Sortino ratio Return per unit of downside risk	2.32	4.25	-1.93
Omega ratio Gain probability vs. loss probability	1.30	1.72	-0.42
Calmar ratio Return relative to maximum drawdown	1.60	2.11	-0.50
Martin ratio Return relative to average drawdown	5.91	6.88	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFGRX vs. CFNLX - Sharpe Ratio Comparison

The current CFGRX Sharpe Ratio is 1.67, which is lower than the CFNLX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of CFGRX 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.

Sharpe Ratios by Period

	CFGRX	CFNLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.83	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.30	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.57	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.25	-0.79

Drawdowns

CFGRX vs. CFNLX - Drawdown Comparison

The maximum CFGRX drawdown since its inception was -66.01%, which is greater than CFNLX's maximum drawdown of -12.24%. Use the drawdown chart below to compare losses from any high point for CFGRX and CFNLX.

Drawdown Indicators

	CFGRX	CFNLX	Difference
Max Drawdown Largest peak-to-trough decline	-66.01%	-12.24%	-53.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-3.06%	-10.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.60%	-5.56%	-16.04%
Max Drawdown (5Y) Largest decline over 5 years	-29.51%	-12.24%	-17.27%
Max Drawdown (10Y) Largest decline over 10 years	-31.59%	-12.24%	-19.35%
Current Drawdown Current decline from peak	-0.31%	-1.02%	+0.71%
Average Drawdown Average peak-to-trough decline	-21.15%	-1.56%	-19.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	0.94%	+2.82%

Volatility

CFGRX vs. CFNLX - Volatility Comparison

Commerce Growth Fund (CFGRX) has a higher volatility of 3.00% compared to Commerce National Tax-Free Intermediate Bond Fund (CFNLX) at 0.88%. This indicates that CFGRX'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

	CFGRX	CFNLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	0.88%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	1.82%	+8.48%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	2.28%	+11.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	3.28%	+16.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	3.35%	+15.87%

CFGRX vs. CFNLX - Expense Ratio Comparison

CFGRX has a 0.68% expense ratio, which is higher than CFNLX's 0.59% expense ratio.

Dividends

CFGRX vs. CFNLX - Dividend Comparison

CFGRX's dividend yield for the trailing twelve months is around 18.19%, more than CFNLX's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFGRX Commerce Growth Fund	18.19%	19.63%	10.50%	4.53%	7.17%	21.20%	4.09%	5.91%	10.50%	5.74%	6.05%	11.93%
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 CFGRX and CFNLX in my portfolio?

CFGRX and CFNLX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFGRX or CFNLX?

CFGRX has higher volatility (3.00%) compared to CFNLX (0.88%). In terms of maximum drawdown, CFGRX dropped -66.01% vs CFNLX's -12.24%.

Which has better risk-adjusted returns?

CFNLX currently has the higher Sharpe Ratio (2.83 vs 1.67), 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.