ICMUX vs. CCLFX

Last updated Aug 1, 2026

ICMUX (Intrepid Income Fund) and CCLFX (Cliffwater Corporate Lending Fund Class I Shares) are both mutual funds - ICMUX is a Multisector Bonds fund actively managed by Intrepid, while CCLFX is a Bank Loan fund managed by Cliffwater. Over the past 5 years, ICMUX returned 6.14%/yr vs 8.72%/yr for CCLFX. Their 0.13 correlation means their historical movements had little consistent relationship. ICMUX charges 1.01%/yr vs 3.27%/yr for CCLFX.

Performance

ICMUX vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Income Fund (ICMUX) 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, ICMUX achieves a 2.85% return, which is significantly lower than CCLFX's 3.28% return.

ICMUX

• 1D: 0.11%
• 1M: 0.34%
• 6M: 2.35%
• YTD: 2.85%
• 1Y: 6.60%
• 3Y*: 8.93%
• 5Y*: 6.14%
• 10Y*: 5.73%
• ALL TIME*: 4.87%

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
ICMUX Intrepid Income Fund	$0.00	$0.00	$0.00

ICMUX vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ICMUX Intrepid Income Fund	2.85%	8.16%	10.43%	10.90%	-3.17%	10.02%	8.77%	1.71%
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 ICMUX and CCLFX is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.11
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.13

Return for Risk

ICMUX vs. CCLFX — Risk / Return Rank

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

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 97
ICMUX Martin Ratio Rank: 96

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.

ICMUX vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intrepid Income Fund (ICMUX) 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.

	ICMUX	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	3.34	8.19	-4.85
Sortino ratio: Return per unit of downside risk	5.45	18.72	-13.27
Omega ratio: Gain probability vs. loss probability	1.79	6.80	-5.01
Calmar ratio: Return relative to maximum drawdown	4.83	36.47	-31.64
Martin ratio: Return relative to average drawdown	16.75	200.30	-183.55

ICMUX vs. CCLFX - Sharpe Ratio Comparison

The current ICMUX Sharpe Ratio is 3.34, which is lower than the CCLFX Sharpe Ratio of 8.19. The chart below compares the historical Sharpe Ratios of ICMUX 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

ICMUX vs. CCLFX - Drawdown Comparison

The maximum ICMUX drawdown since its inception was -8.77%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for ICMUX and CCLFX.

Drawdown Indicators

	ICMUX	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-8.77%	-3.91%	-4.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-0.19%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-3.11%	-0.46%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-5.64%	-2.25%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-8.77%	—	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-0.73%	-0.16%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	0.03%	+0.36%

Volatility

ICMUX vs. CCLFX - Volatility Comparison

Intrepid Income Fund (ICMUX) has a higher volatility of 0.48% compared to Cliffwater Corporate Lending Fund Class I Shares (CCLFX) at 0.20%. This indicates that ICMUX'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

	ICMUX	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.20%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	0.64%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	1.94%	0.85%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.65%	1.73%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.57%	1.86%	+0.71%

ICMUX vs. CCLFX - Expense Ratio Comparison

ICMUX has a 1.01% expense ratio, which is lower than CCLFX's 3.27% expense ratio.

Dividends

ICMUX vs. CCLFX - Dividend Comparison

ICMUX's dividend yield for the trailing twelve months is around 6.89%, less 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%
ICMUX Intrepid Income Fund	6.89%	7.96%	7.85%	9.10%	8.17%	5.99%	5.56%	3.35%	3.07%	2.86%	3.01%	3.53%

Frequently Asked Questions

Can I hold both ICMUX and CCLFX in my portfolio?

ICMUX 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.

Which is riskier, ICMUX or CCLFX?

ICMUX has higher volatility (0.48%) compared to CCLFX (0.20%). In terms of maximum drawdown, ICMUX dropped -8.77% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.19 vs 3.34), 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.