ENHNX vs. CVLVX

Last updated Jun 5, 2026

ENHNX (Cullen Enhanced Equity Income Fund) and CVLVX (Cullen Value Fund) are both mutual funds - ENHNX is a Derivative Income fund managed by Cullen Funds Trust, while CVLVX is a Large Cap Value Equities fund managed by Cullen Funds Trust. Over the past 10 years, ENHNX returned 6.98%/yr vs 10.73%/yr for CVLVX. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.75% expense ratio.

Performance

ENHNX vs. CVLVX - Performance Comparison

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

Returns By Period

In the year-to-date period, ENHNX achieves a 7.88% return, which is significantly lower than CVLVX's 13.57% return. Over the past 10 years, ENHNX has underperformed CVLVX with an annualized return of 6.98%, while CVLVX has yielded a comparatively higher 10.73% annualized return.

ENHNX

• 1D: -0.45%
• 1M: 1.75%
• YTD: 7.88%
• 6M: 9.09%
• 1Y: 15.02%
• 3Y*: 8.22%
• 5Y*: 4.38%
• 10Y*: 6.98%

CVLVX

• 1D: -0.28%
• 1M: 4.33%
• YTD: 13.57%
• 6M: 15.30%
• 1Y: 31.87%
• 3Y*: 16.64%
• 5Y*: 8.89%
• 10Y*: 10.73%

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

ENHNX vs. CVLVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENHNX Cullen Enhanced Equity Income Fund	7.88%	6.20%	6.89%	0.99%	-1.98%	21.67%	1.52%	18.16%	-5.10%	10.69%
CVLVX Cullen Value Fund	13.57%	20.10%	9.71%	5.53%	-6.37%	20.49%	2.06%	24.86%	-4.89%	17.93%

Correlation

The correlation between ENHNX and CVLVX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.90

The correlation between ENHNX and CVLVX shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENHNX vs. CVLVX — Risk / Return Rank

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

ENHNX

ENHNX Risk / Return Rank: 27
ENHNX Sharpe Ratio Rank: 26
ENHNX Sortino Ratio Rank: 28
ENHNX Omega Ratio Rank: 22
ENHNX Calmar Ratio Rank: 37
ENHNX Martin Ratio Rank: 23

CVLVX

CVLVX Risk / Return Rank: 84
CVLVX Sharpe Ratio Rank: 86
CVLVX Sortino Ratio Rank: 84
CVLVX Omega Ratio Rank: 76
CVLVX Calmar Ratio Rank: 87
CVLVX Martin Ratio Rank: 86

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. CVLVX - Risk-Adjusted Trends Comparison

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

	ENHNX	CVLVX	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.77	-1.33
Sortino ratio: Return per unit of downside risk	2.16	3.97	-1.81
Omega ratio: Gain probability vs. loss probability	1.24	1.50	-0.25
Calmar ratio: Return relative to maximum drawdown	2.27	4.19	-1.92
Martin ratio: Return relative to average drawdown	5.66	16.01	-10.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ENHNX vs. CVLVX - Sharpe Ratio Comparison

The current ENHNX Sharpe Ratio is 1.44, which is lower than the CVLVX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ENHNX and CVLVX, 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

	ENHNX	CVLVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	2.77	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.62	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.65	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.69	-0.21

Drawdowns

ENHNX vs. CVLVX - Drawdown Comparison

The maximum ENHNX drawdown since its inception was -35.59%, roughly equal to the maximum CVLVX drawdown of -35.99%. Use the drawdown chart below to compare losses from any high point for ENHNX and CVLVX.

Drawdown Indicators

	ENHNX	CVLVX	Difference
Max Drawdown Largest peak-to-trough decline	-35.59%	-35.99%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.34%	-7.52%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.60%	-16.32%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-18.30%	-20.69%	+2.39%
Max Drawdown (10Y) Largest decline over 10 years	-35.59%	-35.99%	+0.40%
Current Drawdown Current decline from peak	-0.86%	-0.28%	-0.58%
Average Drawdown Average peak-to-trough decline	-4.07%	-4.14%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.97%	+0.57%

Volatility

ENHNX vs. CVLVX - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income Fund (ENHNX) is 2.44%, while Cullen Value Fund (CVLVX) has a volatility of 3.25%. This indicates that ENHNX experiences smaller price fluctuations and is considered to be less risky than CVLVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENHNX	CVLVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	3.25%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	7.07%	8.79%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.03%	11.40%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	14.39%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	16.47%	-0.99%

ENHNX vs. CVLVX - Expense Ratio Comparison

Both ENHNX and CVLVX have an expense ratio of 0.75%.

Dividends

ENHNX vs. CVLVX - Dividend Comparison

ENHNX's dividend yield for the trailing twelve months is around 5.71%, more than CVLVX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVLVX Cullen Value Fund	3.34%	3.43%	4.92%	9.40%	6.48%	11.24%	16.67%	13.16%	1.68%	7.81%	4.07%	3.03%
ENHNX Cullen Enhanced Equity Income Fund	5.71%	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 CVLVX in my portfolio?

ENHNX and CVLVX have a correlation of 0.80, 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 CVLVX?

CVLVX has higher volatility (3.25%) compared to ENHNX (2.44%). In terms of maximum drawdown, ENHNX dropped -35.59% vs CVLVX's -35.99%.

Which has better risk-adjusted returns?

CVLVX currently has the higher Sharpe Ratio (2.77 vs 1.44), 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.