CRF vs. CSWC

Last updated Jun 4, 2026

CRF (Cornerstone Total Return Fund, Inc.) is Large Cap Growth Equities fund managed by Cornerstone, while CSWC (Capital Southwest Corporation) is a stock. Over the past 10 years, CRF returned 11.22%/yr vs 17.04%/yr for CSWC. At a 0.12 correlation, their price movements are largely independent.

Performance

CRF vs. CSWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cornerstone Total Return Fund, Inc. (CRF) and Capital Southwest Corporation (CSWC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRF achieves a -3.18% return, which is significantly lower than CSWC's 9.39% return. Over the past 10 years, CRF has underperformed CSWC with an annualized return of 11.22%, while CSWC has yielded a comparatively higher 17.04% annualized return.

CRF

• 1D: -1.10%
• 1M: 0.49%
• YTD: -3.18%
• 6M: -1.37%
• 1Y: 13.20%
• 3Y*: 17.13%
• 5Y*: 9.64%
• 10Y*: 11.22%

CSWC

• 1D: -1.82%
• 1M: -3.08%
• YTD: 9.39%
• 6M: 12.32%
• 1Y: 27.28%
• 3Y*: 20.78%
• 5Y*: 8.63%
• 10Y*: 17.04%

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

CRF vs. CSWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRF Cornerstone Total Return Fund, Inc.	-3.18%	12.46%	44.39%	19.49%	-36.70%	39.73%	28.13%	21.74%	-11.74%	21.35%
CSWC Capital Southwest Corporation	9.39%	14.28%	2.14%	56.10%	-24.63%	57.40%	-1.56%	22.80%	29.52%	9.99%

Correlation

The correlation between CRF and CSWC is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 28, 1990	0.12

Over the past year, CRF and CSWC have become more correlated (0.36) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

CRF vs. CSWC — Risk / Return Rank

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

CRF

CRF Risk / Return Rank: 10
CRF Sharpe Ratio Rank: 11
CRF Sortino Ratio Rank: 11
CRF Omega Ratio Rank: 12
CRF Calmar Ratio Rank: 9
CRF Martin Ratio Rank: 10

CSWC

CSWC Risk / Return Rank: 76
CSWC Sharpe Ratio Rank: 80
CSWC Sortino Ratio Rank: 77
CSWC Omega Ratio Rank: 73
CSWC Calmar Ratio Rank: 71
CSWC Martin Ratio Rank: 77

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.

CRF vs. CSWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cornerstone Total Return Fund, Inc. (CRF) and Capital Southwest Corporation (CSWC). 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.

	CRF	CSWC	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.45	-0.59
Sortino ratio: Return per unit of downside risk	1.28	2.13	-0.85
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	0.89	1.74	-0.85
Martin ratio: Return relative to average drawdown	3.00	5.62	-2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRF vs. CSWC - Sharpe Ratio Comparison

The current CRF Sharpe Ratio is 0.86, which is lower than the CSWC Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of CRF and CSWC, 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

	CRF	CSWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	1.45	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.38	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.62	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.39	-0.34

Drawdowns

CRF vs. CSWC - Drawdown Comparison

The maximum CRF drawdown since its inception was -80.70%, which is greater than CSWC's maximum drawdown of -68.33%. Use the drawdown chart below to compare losses from any high point for CRF and CSWC.

Drawdown Indicators

	CRF	CSWC	Difference
Max Drawdown Largest peak-to-trough decline	-80.70%	-68.33%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-15.75%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-29.66%	-27.74%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	-33.66%	-9.46%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-61.15%	+15.25%
Current Drawdown Current decline from peak	-4.96%	-3.88%	-1.08%
Average Drawdown Average peak-to-trough decline	-22.32%	-18.36%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	4.86%	-0.45%

Volatility

CRF vs. CSWC - Volatility Comparison

The current volatility for Cornerstone Total Return Fund, Inc. (CRF) is 4.10%, while Capital Southwest Corporation (CSWC) has a volatility of 5.22%. This indicates that CRF experiences smaller price fluctuations and is considered to be less risky than CSWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRF	CSWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	5.22%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	13.31%	13.99%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	18.91%	-3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.07%	22.66%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.86%	27.40%	-1.54%

Dividends

CRF vs. CSWC - Dividend Comparison

CRF's dividend yield for the trailing twelve months is around 19.60%, more than CSWC's 12.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRF Cornerstone Total Return Fund, Inc.	19.60%	17.38%	14.32%	19.94%	29.31%	13.41%	18.91%	21.67%	24.85%	17.96%	24.08%	23.58%
CSWC Capital Southwest Corporation	12.72%	11.56%	11.59%	10.21%	12.46%	10.13%	11.49%	13.07%	10.77%	7.01%	2.35%	216.86%

Frequently Asked Questions

Can I hold both CRF and CSWC in my portfolio?

CRF and CSWC have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRF or CSWC?

CSWC has higher volatility (5.22%) compared to CRF (4.10%). In terms of maximum drawdown, CRF dropped -80.70% vs CSWC's -68.33%.

Which has better risk-adjusted returns?

CSWC currently has the higher Sharpe Ratio (1.45 vs 0.86), 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.