IMBA.L vs. CCLFX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares US Mortgage Backed Securities UCITS ETF (Acc) (IMBA.L) and Cliffwater Corporate Lending Fund (CCLFX).

IMBA.L is a passively managed fund by iShares that tracks the performance of the Bloomberg US Government TR USD. It was launched on Apr 13, 2017. CCLFX is managed by Cliffwater. It was launched on Mar 6, 2019.

Performance

IMBA.L vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares US Mortgage Backed Securities UCITS ETF (Acc) (IMBA.L) and Cliffwater Corporate Lending Fund (CCLFX). The values are adjusted to include any dividend payments, if applicable.

IMBA.L vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IMBA.L iShares US Mortgage Backed Securities UCITS ETF (Acc)	-0.36%	8.36%	1.51%	3.65%	-11.44%	-1.51%	3.69%	2.76%
CCLFX Cliffwater Corporate Lending Fund	0.96%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%

Returns By Period

In the year-to-date period, IMBA.L achieves a -0.36% return, which is significantly lower than CCLFX's 0.96% return.

IMBA.L

• 1D: 0.02%
• 1M: -2.05%
• YTD: -0.36%
• 6M: 1.18%
• 1Y: 4.74%
• 3Y*: 3.79%
• 5Y*: 0.10%
• 10Y*: —

CCLFX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 0.96%
• 6M: 3.09%
• 1Y: 7.64%
• 3Y*: 10.90%
• 5Y*: 8.81%
• 10Y*: —

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

IMBA.L vs. CCLFX - Expense Ratio Comparison

IMBA.L has a 0.28% expense ratio, which is lower than CCLFX's 3.42% expense ratio.

CCLFX

Cliffwater Corporate Lending Fund

IMBA.L

iShares US Mortgage Backed Securities UCITS ETF (Acc)

Return for Risk

IMBA.L vs. CCLFX — Risk / Return Rank

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

IMBA.L

IMBA.L Risk / Return Rank: 45
IMBA.L Sharpe Ratio Rank: 45
IMBA.L Sortino Ratio Rank: 41
IMBA.L Omega Ratio Rank: 43
IMBA.L Calmar Ratio Rank: 51
IMBA.L Martin Ratio Rank: 47

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.

IMBA.L vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares US Mortgage Backed Securities UCITS ETF (Acc) (IMBA.L) 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.

	IMBA.L	CCLFX	Difference
Sharpe ratio Return per unit of total volatility	0.84	8.00	-7.16
Sortino ratio Return per unit of downside risk	1.17	16.02	-14.85
Omega ratio Gain probability vs. loss probability	1.17	5.88	-4.72
Calmar ratio Return relative to maximum drawdown	1.33	16.71	-15.38
Martin ratio Return relative to average drawdown	4.58	101.37	-96.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMBA.L vs. CCLFX - Sharpe Ratio Comparison

The current IMBA.L Sharpe Ratio is 0.84, which is lower than the CCLFX Sharpe Ratio of 8.00. The chart below compares the historical Sharpe Ratios of IMBA.L and CCLFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IMBA.L	CCLFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	8.00	-7.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	5.15	-5.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	4.53	-4.33

Correlation

The correlation between IMBA.L and CCLFX is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IMBA.L vs. CCLFX - Dividend Comparison

IMBA.L has not paid dividends to shareholders, while CCLFX's dividend yield for the trailing twelve months is around 10.37%.

	TTM	2025	2024	2023	2022	2021	2020	2019
IMBA.L iShares US Mortgage Backed Securities UCITS ETF (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CCLFX Cliffwater Corporate Lending Fund	10.37%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%

Drawdowns

IMBA.L vs. CCLFX - Drawdown Comparison

The maximum IMBA.L drawdown since its inception was -18.05%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for IMBA.L and CCLFX.

Drawdown Indicators

	IMBA.L	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.05%	-3.91%	-14.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.56%	-0.38%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-2.25%	-15.42%
Current Drawdown Current decline from peak	-2.06%	-0.09%	-1.97%
Average Drawdown Average peak-to-trough decline	-4.54%	-0.16%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.08%	+0.96%

Volatility

IMBA.L vs. CCLFX - Volatility Comparison

iShares US Mortgage Backed Securities UCITS ETF (Acc) (IMBA.L) has a higher volatility of 1.77% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.23%. This indicates that IMBA.L'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

	IMBA.L	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	0.23%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	3.21%	0.65%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	6.06%	0.97%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	1.74%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.74%	1.89%	+3.85%