GHY vs. CCLFX
GHY (PGIM Global High Yield Fund) and CCLFX (Cliffwater Corporate Lending Fund) are both High Yield Bonds funds. Over the past 5 years, GHY returned 4.74%/yr vs 8.73%/yr for CCLFX. At a 0.13 correlation, their price movements are largely independent. GHY charges 0.03%/yr vs 3.42%/yr for CCLFX.
Performance
GHY vs. CCLFX - Performance Comparison
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Returns By Period
In the year-to-date period, GHY achieves a -0.21% return, which is significantly lower than CCLFX's 2.63% return.
GHY
- 1D
- -0.08%
- 1M
- -0.37%
- YTD
- -0.21%
- 6M
- 0.23%
- 1Y
- -0.68%
- 3Y*
- 13.46%
- 5Y*
- 4.74%
- 10Y*
- 6.98%
CCLFX
- 1D
- 0.10%
- 1M
- 0.48%
- YTD
- 2.63%
- 6M
- 2.84%
- 1Y
- 7.28%
- 3Y*
- 10.40%
- 5Y*
- 8.73%
- 10Y*
- —
GHY vs. CCLFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GHY PGIM Global High Yield Fund | -0.21% | 10.46% | 20.25% | 17.29% | -20.04% | 12.73% | 6.33% | 15.17% |
CCLFX Cliffwater Corporate Lending Fund | 2.63% | 8.93% | 12.62% | 12.66% | 2.32% | 10.38% | 8.73% | 2.12% |
Correlation
The correlation between GHY and CCLFX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019 | 0.13 |
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Return for Risk
GHY vs. CCLFX — Risk / Return Rank
GHY
CCLFX
GHY vs. CCLFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Global High Yield Fund (GHY) 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.
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.
| GHY | CCLFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.47 | ||
| Sortino ratioReturn per unit of downside risk | -19.86 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 7.15 | -6.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.06 | 38.74 | -38.80 |
| Martin ratioReturn relative to average drawdown | -0.14 | 212.77 | -212.91 |
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Drawdowns
GHY vs. CCLFX - Drawdown Comparison
The maximum GHY drawdown since its inception was -41.35%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for GHY and CCLFX.
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Drawdown Indicators
| GHY | CCLFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.35% | -3.91% | -37.44% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -0.19% | -11.75% |
Max Drawdown (3Y)Largest decline over 3 years | -16.36% | -0.46% | -15.90% |
Max Drawdown (5Y)Largest decline over 5 years | -29.50% | -2.25% | -27.25% |
Max Drawdown (10Y)Largest decline over 10 years | -41.35% | — | — |
Current DrawdownCurrent decline from peak | -5.39% | 0.00% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -0.16% | -5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.88% | 0.03% | +4.85% |
Volatility
GHY vs. CCLFX - Volatility Comparison
PGIM Global High Yield Fund (GHY) has a higher volatility of 3.08% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.25%. This indicates that GHY'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.
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Volatility by Period
| GHY | CCLFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 0.25% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 8.34% | 0.66% | +7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.80% | 0.88% | +9.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.25% | 1.73% | +12.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.34% | 1.87% | +13.47% |
GHY vs. CCLFX - Expense Ratio Comparison
GHY has a 0.03% expense ratio, which is lower than CCLFX's 3.42% expense ratio.
Dividends
GHY vs. CCLFX - Dividend Comparison
GHY's dividend yield for the trailing twelve months is around 10.69%, more than CCLFX's 10.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCLFX Cliffwater Corporate Lending Fund | 10.25% | 10.47% | 11.27% | 10.96% | 3.96% | 7.03% | 6.90% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% |
GHY PGIM Global High Yield Fund | 10.69% | 10.21% | 10.23% | 11.09% | 11.62% | 8.35% | 8.67% | 8.04% | 7.72% | 7.77% | 8.53% | 10.07% |
Frequently Asked Questions
GHY and CCLFX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GHY has higher volatility (3.08%) compared to CCLFX (0.25%). In terms of maximum drawdown, GHY dropped -41.35% vs CCLFX's -3.91%.
CCLFX currently has the higher Sharpe Ratio (8.40 vs -0.06), 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.
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