FPIOX vs. CCLFX

Last updated Jun 4, 2026

FPIOX (Strategic Advisers Income Opportunities Fund) and CCLFX (Cliffwater Corporate Lending Fund) are both High Yield Bonds funds. Over the past 5 years, FPIOX returned 3.84%/yr vs 8.75%/yr for CCLFX. At a 0.13 correlation, their price movements are largely independent. FPIOX charges 0.49%/yr vs 3.42%/yr for CCLFX.

Performance

FPIOX vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Income Opportunities Fund (FPIOX) and Cliffwater Corporate Lending Fund (CCLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPIOX achieves a 1.66% return, which is significantly lower than CCLFX's 2.33% return.

FPIOX

• 1D: 0.11%
• 1M: 0.75%
• YTD: 1.66%
• 6M: 2.44%
• 1Y: 7.36%
• 3Y*: 8.45%
• 5Y*: 3.84%
• 10Y*: 5.35%

CCLFX

• 1D: 0.10%
• 1M: 0.48%
• YTD: 2.33%
• 6M: 2.93%
• 1Y: 7.37%
• 3Y*: 10.57%
• 5Y*: 8.75%
• 10Y*: —

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

FPIOX vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPIOX Strategic Advisers Income Opportunities Fund	1.66%	8.47%	7.89%	11.85%	-11.84%	5.35%	5.64%	5.88%
CCLFX Cliffwater Corporate Lending Fund	2.33%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%

Correlation

The correlation between FPIOX and CCLFX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 6, 2019	0.13

Return for Risk

FPIOX vs. CCLFX — Risk / Return Rank

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

FPIOX

FPIOX Risk / Return Rank: 87
FPIOX Sharpe Ratio Rank: 84
FPIOX Sortino Ratio Rank: 94
FPIOX Omega Ratio Rank: 90
FPIOX Calmar Ratio Rank: 78
FPIOX Martin Ratio Rank: 87

CCLFX

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

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.

FPIOX vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Income Opportunities Fund (FPIOX) and Cliffwater Corporate Lending Fund (CCLFX). 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.

	FPIOX	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	2.71	8.50	-5.79
Sortino ratio: Return per unit of downside risk	4.86	20.12	-15.26
Omega ratio: Gain probability vs. loss probability	1.64	7.24	-5.60
Calmar ratio: Return relative to maximum drawdown	3.52	39.22	-35.70
Martin ratio: Return relative to average drawdown	16.87	215.60	-198.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPIOX vs. CCLFX - Sharpe Ratio Comparison

The current FPIOX Sharpe Ratio is 2.71, which is lower than the CCLFX Sharpe Ratio of 8.50. The chart below compares the historical Sharpe Ratios of FPIOX and CCLFX, 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

	FPIOX	CCLFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	8.50	-5.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	5.10	-4.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	4.57	-3.62

Drawdowns

FPIOX vs. CCLFX - Drawdown Comparison

The maximum FPIOX drawdown since its inception was -36.95%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for FPIOX and CCLFX.

Drawdown Indicators

	FPIOX	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-3.91%	-33.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.66%	-0.19%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-3.92%	-0.46%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	-15.14%	-2.25%	-12.89%
Max Drawdown (10Y) Largest decline over 10 years	-21.77%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.65%	-0.16%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.03%	+0.56%

Volatility

FPIOX vs. CCLFX - Volatility Comparison

Strategic Advisers Income Opportunities Fund (FPIOX) has a higher volatility of 1.22% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.25%. This indicates that FPIOX's price experiences larger fluctuations and is considered to be riskier than CCLFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPIOX	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	0.25%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	2.67%	0.65%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	0.88%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	1.73%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.54%	1.88%	+3.66%

FPIOX vs. CCLFX - Expense Ratio Comparison

FPIOX has a 0.49% expense ratio, which is lower than CCLFX's 3.42% expense ratio.

Dividends

FPIOX vs. CCLFX - Dividend Comparison

FPIOX's dividend yield for the trailing twelve months is around 4.94%, less than CCLFX's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLFX Cliffwater Corporate Lending Fund	10.28%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%
FPIOX Strategic Advisers Income Opportunities Fund	4.94%	5.34%	5.81%	5.52%	4.34%	4.70%	5.20%	5.53%	5.48%	5.02%	5.88%	6.58%

Frequently Asked Questions

Can I hold both FPIOX and CCLFX in my portfolio?

FPIOX and CCLFX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPIOX or CCLFX?

FPIOX has higher volatility (1.22%) compared to CCLFX (0.25%). In terms of maximum drawdown, FPIOX dropped -36.95% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.50 vs 2.71), 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.