CFMOX vs. CFNLX

Last updated Jun 23, 2026

CFMOX (Commerce Missouri Tax-Free Intermediate Bond Fund) and CFNLX (Commerce National Tax-Free Intermediate Bond Fund) are both Municipal Bonds funds from Commerce. Over the past 10 years, CFMOX returned 1.70%/yr vs 1.85%/yr for CFNLX. Their correlation of 0.94 suggests significant overlap in exposure. CFMOX charges 0.63%/yr vs 0.59%/yr for CFNLX.

Performance

CFMOX vs. CFNLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX) 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, CFMOX achieves a 1.04% return, which is significantly lower than CFNLX's 1.12% return. Over the past 10 years, CFMOX has underperformed CFNLX with an annualized return of 1.70%, while CFNLX has yielded a comparatively higher 1.85% annualized return.

CFMOX

• 1D: 0.05%
• 1M: 1.30%
• YTD: 1.04%
• 6M: 1.31%
• 1Y: 5.77%
• 3Y*: 3.35%
• 5Y*: 0.82%
• 10Y*: 1.70%

CFNLX

• 1D: 0.05%
• 1M: 1.24%
• YTD: 1.12%
• 6M: 1.40%
• 1Y: 6.02%
• 3Y*: 3.77%
• 5Y*: 0.98%
• 10Y*: 1.85%

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

CFMOX vs. CFNLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFMOX Commerce Missouri Tax-Free Intermediate Bond Fund	1.04%	5.33%	0.38%	4.87%	-7.32%	0.69%	3.87%	6.12%	0.81%	4.51%
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 CFMOX and CFNLX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 21, 1995	0.94

The correlation between CFMOX and CFNLX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

CFMOX vs. CFNLX — Risk / Return Rank

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

CFMOX

CFMOX Risk / Return Rank: 65
CFMOX Sharpe Ratio Rank: 86
CFMOX Sortino Ratio Rank: 87
CFMOX Omega Ratio Rank: 92
CFMOX Calmar Ratio Rank: 32
CFMOX Martin Ratio Rank: 31

CFNLX

CFNLX Risk / Return Rank: 66
CFNLX Sharpe Ratio Rank: 89
CFNLX Sortino Ratio Rank: 89
CFNLX Omega Ratio Rank: 93
CFNLX Calmar Ratio Rank: 31
CFNLX Martin Ratio Rank: 29

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.

CFMOX vs. CFNLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX) 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.

	CFMOX	CFNLX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.69	-0.11
Sortino ratio: Return per unit of downside risk	3.86	4.03	-0.16
Omega ratio: Gain probability vs. loss probability	1.64	1.68	-0.04
Calmar ratio: Return relative to maximum drawdown	2.00	1.98	+0.03
Martin ratio: Return relative to average drawdown	6.62	6.23	+0.39

CFMOX vs. CFNLX - Sharpe Ratio Comparison

The current CFMOX Sharpe Ratio is 2.58, which is comparable to the CFNLX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of CFMOX 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

CFMOX vs. CFNLX - Drawdown Comparison

The maximum CFMOX drawdown since its inception was -12.14%, roughly equal to the maximum CFNLX drawdown of -12.24%. Use the drawdown chart below to compare losses from any high point for CFMOX and CFNLX.

Drawdown Indicators

	CFMOX	CFNLX	Difference
Max Drawdown Largest peak-to-trough decline	-12.14%	-12.24%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.89%	-3.06%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.96%	-5.56%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-12.14%	-12.24%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-12.14%	-12.24%	+0.10%
Current Drawdown Current decline from peak	-0.76%	-1.02%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.42%	-1.56%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.97%	-0.10%

Volatility

CFMOX vs. CFNLX - Volatility Comparison

Commerce Missouri Tax-Free Intermediate Bond Fund (CFMOX) has a higher volatility of 0.63% compared to Commerce National Tax-Free Intermediate Bond Fund (CFNLX) at 0.59%. This indicates that CFMOX'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

	CFMOX	CFNLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.59%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	1.82%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	2.25%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	3.28%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.33%	3.35%	-0.02%

CFMOX vs. CFNLX - Expense Ratio Comparison

CFMOX has a 0.63% expense ratio, which is higher than CFNLX's 0.59% expense ratio.

Dividends

CFMOX vs. CFNLX - Dividend Comparison

CFMOX's dividend yield for the trailing twelve months is around 2.61%, less than CFNLX's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFMOX Commerce Missouri Tax-Free Intermediate Bond Fund	2.61%	3.41%	2.16%	2.11%	1.60%	1.78%	1.84%	2.33%	2.44%	2.48%	2.46%	2.43%
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 CFMOX and CFNLX in my portfolio?

With a correlation of 0.94, CFMOX and CFNLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CFMOX or CFNLX?

CFMOX has higher volatility (0.63%) compared to CFNLX (0.59%). In terms of maximum drawdown, CFMOX dropped -12.14% vs CFNLX's -12.24%.

Which has better risk-adjusted returns?

CFNLX currently has the higher Sharpe Ratio (2.69 vs 2.58), 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.