ENHNX vs. CUSIX

Last updated Jun 23, 2026

ENHNX (Cullen Enhanced Equity Income Fund) and CUSIX (Cullen Small Cap Value Fund) are both mutual funds - ENHNX is a Derivative Income fund managed by Cullen Funds Trust, while CUSIX is a Small Cap Value Equities fund managed by Cullen Funds Trust. Over the past 10 years, ENHNX returned 6.88%/yr vs 7.72%/yr for CUSIX. A 0.76 correlation means they provide meaningful diversification when combined. ENHNX charges 0.75%/yr vs 1.00%/yr for CUSIX.

Performance

ENHNX vs. CUSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income Fund (ENHNX) and Cullen Small Cap Value Fund (CUSIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENHNX achieves a 7.20% return, which is significantly higher than CUSIX's 6.68% return. Over the past 10 years, ENHNX has underperformed CUSIX with an annualized return of 6.88%, while CUSIX has yielded a comparatively higher 7.72% annualized return.

ENHNX

• 1D: -0.36%
• 1M: -1.43%
• YTD: 7.20%
• 6M: 6.79%
• 1Y: 12.20%
• 3Y*: 7.17%
• 5Y*: 5.11%
• 10Y*: 6.88%

CUSIX

• 1D: 1.59%
• 1M: 4.99%
• YTD: 6.68%
• 6M: 4.86%
• 1Y: 16.24%
• 3Y*: 6.60%
• 5Y*: 3.48%
• 10Y*: 7.72%

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

ENHNX vs. CUSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENHNX Cullen Enhanced Equity Income Fund	7.20%	6.20%	6.89%	0.99%	-1.98%	21.67%	1.52%	18.16%	-5.10%	10.69%
CUSIX Cullen Small Cap Value Fund	6.68%	-1.21%	4.80%	5.77%	-0.75%	22.04%	12.07%	22.83%	-9.78%	0.89%

Correlation

The correlation between ENHNX and CUSIX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.76

The correlation between ENHNX and CUSIX shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENHNX vs. CUSIX — Risk / Return Rank

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

ENHNX

ENHNX Risk / Return Rank: 24
ENHNX Sharpe Ratio Rank: 22
ENHNX Sortino Ratio Rank: 24
ENHNX Omega Ratio Rank: 19
ENHNX Calmar Ratio Rank: 32
ENHNX Martin Ratio Rank: 22

CUSIX

CUSIX Risk / Return Rank: 9
CUSIX Sharpe Ratio Rank: 9
CUSIX Sortino Ratio Rank: 10
CUSIX Omega Ratio Rank: 9
CUSIX Calmar Ratio Rank: 10
CUSIX Martin Ratio Rank: 7

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.

ENHNX vs. CUSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income Fund (ENHNX) and Cullen Small Cap Value Fund (CUSIX). 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.

	ENHNX	CUSIX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.70	+0.56
Sortino ratio: Return per unit of downside risk	1.90	1.16	+0.74
Omega ratio: Gain probability vs. loss probability	1.21	1.13	+0.08
Calmar ratio: Return relative to maximum drawdown	2.02	0.89	+1.13
Martin ratio: Return relative to average drawdown	5.02	1.87	+3.15

ENHNX vs. CUSIX - Sharpe Ratio Comparison

The current ENHNX Sharpe Ratio is 1.26, which is higher than the CUSIX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of ENHNX and CUSIX, 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

ENHNX vs. CUSIX - Drawdown Comparison

The maximum ENHNX drawdown since its inception was -35.59%, smaller than the maximum CUSIX drawdown of -45.46%. Use the drawdown chart below to compare losses from any high point for ENHNX and CUSIX.

Drawdown Indicators

	ENHNX	CUSIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.59%	-45.46%	+9.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.34%	-18.49%	+12.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.60%	-31.76%	+18.16%
Max Drawdown (5Y) Largest decline over 5 years	-18.30%	-31.76%	+13.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.59%	-45.46%	+9.87%
Current Drawdown Current decline from peak	-2.65%	-7.96%	+5.31%
Average Drawdown Average peak-to-trough decline	-4.05%	-8.53%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	8.76%	-6.21%

Volatility

ENHNX vs. CUSIX - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income Fund (ENHNX) is 3.15%, while Cullen Small Cap Value Fund (CUSIX) has a volatility of 5.88%. This indicates that ENHNX experiences smaller price fluctuations and is considered to be less risky than CUSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENHNX	CUSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	5.88%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	7.09%	15.88%	-8.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.12%	23.45%	-13.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	23.60%	-10.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	25.05%	-9.56%

ENHNX vs. CUSIX - Expense Ratio Comparison

ENHNX has a 0.75% expense ratio, which is lower than CUSIX's 1.00% expense ratio.

Dividends

ENHNX vs. CUSIX - Dividend Comparison

ENHNX's dividend yield for the trailing twelve months is around 5.74%, more than CUSIX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUSIX Cullen Small Cap Value Fund	1.01%	1.06%	5.46%	1.71%	7.61%	11.67%	0.21%	3.01%	5.98%	19.35%	0.67%	2.63%
ENHNX Cullen Enhanced Equity Income Fund	5.74%	4.38%	5.99%	6.22%	3.82%	7.77%	5.86%	5.69%	6.45%	6.82%	7.67%	0.00%

Frequently Asked Questions

Can I hold both ENHNX and CUSIX in my portfolio?

ENHNX and CUSIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENHNX or CUSIX?

CUSIX has higher volatility (5.88%) compared to ENHNX (3.15%). In terms of maximum drawdown, ENHNX dropped -35.59% vs CUSIX's -45.46%.

Which has better risk-adjusted returns?

ENHNX currently has the higher Sharpe Ratio (1.26 vs 0.70), 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.