EXCPX vs. CELFX

Last updated Aug 1, 2026

EXCPX (Manning & Napier Unconstrained Bond Series) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, EXCPX returned 1.96%/yr vs 11.94%/yr for CELFX. Their 0.04 correlation means their historical movements had little consistent relationship. EXCPX charges 0.72%/yr vs 2.68%/yr for CELFX.

Performance

EXCPX vs. CELFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manning & Napier Unconstrained Bond Series (EXCPX) and Cliffwater Enhanced Lending Fund (CELFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EXCPX achieves a 0.80% return, which is significantly lower than CELFX's 4.46% return.

EXCPX

• 1D: 0.20%
• 1M: -0.06%
• 6M: 0.15%
• YTD: 0.80%
• 1Y: 2.90%
• 3Y*: 4.91%
• 5Y*: 1.96%
• 10Y*: 2.85%
• ALL TIME*: 3.95%

CELFX

• 1D: 0.00%
• 1M: 0.56%
• 6M: 3.79%
• YTD: 4.46%
• 1Y: 9.10%
• 3Y*: 11.52%
• 5Y*: 11.94%
• 10Y*: —
• ALL TIME*: 11.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CELFX Cliffwater Enhanced Lending Fund	$0.00	$0.00	$0.00
EXCPX Manning & Napier Unconstrained Bond Series	$0.00	$0.00	$0.00

EXCPX vs. CELFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EXCPX Manning & Napier Unconstrained Bond Series	0.80%	6.17%	4.09%	6.00%	-6.71%	0.47%
CELFX Cliffwater Enhanced Lending Fund	4.46%	11.33%	12.91%	12.77%	11.57%	7.35%

Correlation

The correlation between EXCPX and CELFX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.05
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.04
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021	0.04

Return for Risk

EXCPX vs. CELFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EXCPX

EXCPX Risk / Return Rank: 64
EXCPX Sharpe Ratio Rank: 61
EXCPX Sortino Ratio Rank: 63
EXCPX Omega Ratio Rank: 71
EXCPX Calmar Ratio Rank: 68
EXCPX Martin Ratio Rank: 58

CELFX

CELFX Risk / Return Rank: 100
CELFX Sharpe Ratio Rank: 100
CELFX Sortino Ratio Rank: 100
CELFX Omega Ratio Rank: 100
CELFX Calmar Ratio Rank: 100
CELFX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EXCPX vs. CELFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manning & Napier Unconstrained Bond Series (EXCPX) and Cliffwater Enhanced Lending Fund (CELFX). 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.

	EXCPX	CELFX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	10.84	-9.29
Sortino ratio: Return per unit of downside risk	2.27	35.96	-33.69
Omega ratio: Gain probability vs. loss probability	1.32	18.74	-17.42
Calmar ratio: Return relative to maximum drawdown	2.31	50.37	-48.06
Martin ratio: Return relative to average drawdown	7.89	522.30	-514.41

EXCPX vs. CELFX - Sharpe Ratio Comparison

The current EXCPX Sharpe Ratio is 1.55, which is lower than the CELFX Sharpe Ratio of 10.84. The chart below compares the historical Sharpe Ratios of EXCPX and CELFX, 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

EXCPX vs. CELFX - Drawdown Comparison

The maximum EXCPX drawdown since its inception was -9.65%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for EXCPX and CELFX.

Drawdown Indicators

	EXCPX	CELFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.65%	-2.61%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-0.18%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-1.49%	-2.61%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	-2.61%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	-9.10%	—	—
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-1.28%	-0.08%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.43%	0.02%	+0.41%

Volatility

EXCPX vs. CELFX - Volatility Comparison

Manning & Napier Unconstrained Bond Series (EXCPX) has a higher volatility of 0.70% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.20%. This indicates that EXCPX's price experiences larger fluctuations and is considered to be riskier than CELFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EXCPX	CELFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.20%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	0.61%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	0.85%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	2.17%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.41%	2.15%	+0.26%

EXCPX vs. CELFX - Expense Ratio Comparison

EXCPX has a 0.72% expense ratio, which is lower than CELFX's 2.68% expense ratio.

Dividends

EXCPX vs. CELFX - Dividend Comparison

EXCPX's dividend yield for the trailing twelve months is around 4.44%, less than CELFX's 10.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CELFX Cliffwater Enhanced Lending Fund	10.52%	11.19%	11.26%	10.67%	9.42%	3.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EXCPX Manning & Napier Unconstrained Bond Series	4.44%	4.36%	4.32%	3.72%	2.58%	5.66%	2.61%	2.37%	2.56%	2.28%	1.95%	3.16%

Frequently Asked Questions

Can I hold both EXCPX and CELFX in my portfolio?

EXCPX and CELFX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EXCPX or CELFX?

EXCPX has higher volatility (0.70%) compared to CELFX (0.20%). In terms of maximum drawdown, EXCPX dropped -9.65% vs CELFX's -2.61%.

Which has better risk-adjusted returns?

CELFX currently has the higher Sharpe Ratio (10.84 vs 1.55), 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.