FRA vs. CCLFX

Last updated Aug 4, 2026

FRA (BlackRock Floating Rate Income Strategies Fund Inc) and CCLFX (Cliffwater Corporate Lending Fund Class I Shares) are both Bank Loan funds. Over the past 5 years, FRA returned 6.05%/yr vs 8.72%/yr for CCLFX. Their 0.09 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 3.27%/yr for CCLFX.

Performance

FRA vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Income Strategies Fund Inc (FRA) and Cliffwater Corporate Lending Fund Class I Shares (CCLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRA achieves a -0.58% return, which is significantly lower than CCLFX's 3.28% return.

FRA

• 1D: 0.18%
• 1M: 0.41%
• 6M: -0.75%
• YTD: -0.58%
• 1Y: -6.80%
• 3Y*: 7.37%
• 5Y*: 6.05%
• 10Y*: 6.34%
• ALL TIME*: 5.13%

CCLFX

• 1D: 0.00%
• 1M: 0.49%
• 6M: 2.89%
• YTD: 3.28%
• 1Y: 6.75%
• 3Y*: 10.13%
• 5Y*: 8.72%
• 10Y*: —
• ALL TIME*: 8.48%

*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)
CCLFX Cliffwater Corporate Lending Fund Class I Shares	$0.00	$0.00	$0.00
FRA BlackRock Floating Rate Income Strategies Fund Inc	$1.48M	$1.59M	$1.48M

FRA vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRA BlackRock Floating Rate Income Strategies Fund Inc	-0.58%	-3.75%	21.56%	25.46%	-10.59%	17.81%	-2.38%	9.53%
CCLFX Cliffwater Corporate Lending Fund Class I Shares	3.28%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%

Correlation

The correlation between FRA and CCLFX is 0.08, 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.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.08
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.09

Return for Risk

FRA vs. CCLFX — Risk / Return Rank

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

FRA

FRA Risk / Return Rank: 1
FRA Sharpe Ratio Rank: 1
FRA Sortino Ratio Rank: 1
FRA Omega Ratio Rank: 1
FRA Calmar Ratio Rank: 1
FRA Martin Ratio Rank: 1

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) 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.

FRA vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) and Cliffwater Corporate Lending Fund Class I Shares (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.

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.

	FRA	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	8.10	-8.77
Sortino ratio: Return per unit of downside risk	-0.92	18.45	-19.37
Omega ratio: Gain probability vs. loss probability	0.89	6.72	-5.82
Calmar ratio: Return relative to maximum drawdown	-0.44	35.94	-36.38
Martin ratio: Return relative to average drawdown	-0.81	197.36	-198.17

FRA vs. CCLFX - Sharpe Ratio Comparison

The current FRA Sharpe Ratio is -0.68, which is lower than the CCLFX Sharpe Ratio of 8.10. The chart below compares the historical Sharpe Ratios of FRA 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.

Drawdowns

FRA vs. CCLFX - Drawdown Comparison

The maximum FRA drawdown since its inception was -51.43%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for FRA and CCLFX.

Drawdown Indicators

	FRA	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-51.43%	-3.91%	-47.52%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-0.19%	-15.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-0.46%	-18.31%
Max Drawdown (5Y) Largest decline over 5 years	-18.77%	-2.25%	-16.52%
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	—	—
Current Drawdown Current decline from peak	-9.05%	0.00%	-9.05%
Average Drawdown Average peak-to-trough decline	-7.23%	-0.16%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	0.03%	+8.43%

Volatility

FRA vs. CCLFX - Volatility Comparison

BlackRock Floating Rate Income Strategies Fund Inc (FRA) has a higher volatility of 1.89% compared to Cliffwater Corporate Lending Fund Class I Shares (CCLFX) at 0.20%. This indicates that FRA'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

	FRA	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	0.20%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	0.63%	+7.35%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	0.85%	+9.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	1.73%	+11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	1.86%	+13.66%

FRA vs. CCLFX - Expense Ratio Comparison

FRA has a 2.17% expense ratio, which is lower than CCLFX's 3.27% expense ratio.

Dividends

FRA vs. CCLFX - Dividend Comparison

FRA's dividend yield for the trailing twelve months is around 13.71%, more than CCLFX's 10.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLFX Cliffwater Corporate Lending Fund Class I Shares	10.08%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%
FRA BlackRock Floating Rate Income Strategies Fund Inc	13.71%	12.62%	10.81%	10.44%	6.88%	5.96%	7.61%	6.44%	6.90%	5.31%	5.65%	6.17%

Frequently Asked Questions

Can I hold both FRA and CCLFX in my portfolio?

FRA 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, FRA or CCLFX?

FRA has higher volatility (1.89%) compared to CCLFX (0.20%). In terms of maximum drawdown, FRA dropped -51.43% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.10 vs -0.68), 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.