CPMPX vs. BSL
CPMPX (Changing Parameters Fund) and BSL (Blackstone Senior Floating Rate 2027 Term Fund) are both High Yield Bonds funds. Over the past 10 years, CPMPX returned 4.05%/yr vs 5.60%/yr for BSL. Their 0.14 correlation means their historical movements had little consistent relationship. CPMPX charges 2.90%/yr vs 1.50%/yr for BSL.
Performance
CPMPX vs. BSL - Performance Comparison
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Returns By Period
In the year-to-date period, CPMPX achieves a 0.85% return, which is significantly higher than BSL's -0.14% return. Over the past 10 years, CPMPX has underperformed BSL with an annualized return of 4.05%, while BSL has yielded a comparatively higher 5.60% annualized return.
CPMPX
- 1D
- 0.09%
- 1M
- -0.28%
- 6M
- 0.47%
- YTD
- 0.85%
- 1Y
- 3.83%
- 3Y*
- 2.84%
- 5Y*
- 2.22%
- 10Y*
- 4.05%
- ALL TIME*
- 3.40%
BSL
- 1D
- -0.15%
- 1M
- 0.37%
- 6M
- 0.53%
- YTD
- -0.14%
- 1Y
- -0.88%
- 3Y*
- 9.08%
- 5Y*
- 4.00%
- 10Y*
- 5.60%
- ALL TIME*
- 4.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $498.00K | $451.34K | $475.25K | |
| $0.00 | $0.00 | $0.00 |
CPMPX vs. BSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CPMPX Changing Parameters Fund | 0.85% | 6.65% | -3.47% | 8.13% | -0.22% | 3.86% | 13.43% | 6.82% | -1.19% | 5.29% |
BSL Blackstone Senior Floating Rate 2027 Term Fund | -0.14% | 2.15% | 18.16% | 20.03% | -22.88% | 28.33% | -4.44% | 14.06% | -7.52% | 5.74% |
Correlation
The correlation between CPMPX and BSL is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 26, 2010 | 0.14 |
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Return for Risk
CPMPX vs. BSL — Risk / Return Rank
CPMPX
BSL
CPMPX vs. BSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Changing Parameters Fund (CPMPX) and Blackstone Senior Floating Rate 2027 Term Fund (BSL). 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.
| CPMPX | BSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +3.08 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.98 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | -0.10 | +2.98 |
| Martin ratioReturn relative to average drawdown | 7.80 | -0.23 | +8.03 |
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Drawdowns
CPMPX vs. BSL - Drawdown Comparison
The maximum CPMPX drawdown since its inception was -8.87%, smaller than the maximum BSL drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for CPMPX and BSL.
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Drawdown Indicators
| CPMPX | BSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.87% | -43.83% | +34.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -7.86% | +6.55% |
Max Drawdown (3Y)Largest decline over 3 years | -8.13% | -7.86% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -8.13% | -24.48% | +16.35% |
Max Drawdown (10Y)Largest decline over 10 years | -8.13% | -43.83% | +35.70% |
Current DrawdownCurrent decline from peak | -1.09% | -2.59% | +1.50% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -7.31% | +5.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.45% | -2.97% |
Volatility
CPMPX vs. BSL - Volatility Comparison
The current volatility for Changing Parameters Fund (CPMPX) is 0.48%, while Blackstone Senior Floating Rate 2027 Term Fund (BSL) has a volatility of 1.06%. This indicates that CPMPX experiences smaller price fluctuations and is considered to be less risky than BSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPMPX | BSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 1.06% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.32% | 5.05% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 6.50% | -4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 10.43% | -6.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 16.34% | -13.23% |
CPMPX vs. BSL - Expense Ratio Comparison
CPMPX has a 2.90% expense ratio, which is higher than BSL's 1.50% expense ratio.
Dividends
CPMPX vs. BSL - Dividend Comparison
CPMPX's dividend yield for the trailing twelve months is around 3.80%, less than BSL's 8.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSL Blackstone Senior Floating Rate 2027 Term Fund | 8.27% | 8.45% | 9.46% | 10.76% | 6.89% | 5.75% | 7.65% | 8.15% | 9.21% | 5.93% | 5.86% | 7.27% |
CPMPX Changing Parameters Fund | 3.80% | 3.83% | 0.00% | 4.26% | 5.03% | 4.24% | 6.94% | 2.85% | 1.71% | 3.32% | 2.25% | 1.51% |
Frequently Asked Questions
CPMPX and BSL 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.
BSL has higher volatility (1.06%) compared to CPMPX (0.48%). In terms of maximum drawdown, CPMPX dropped -8.87% vs BSL's -43.83%.
CPMPX currently has the higher Sharpe Ratio (2.03 vs -0.12), 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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