ISD vs. CCLFX
ISD (PGIM High Yield Bond Fund) and CCLFX (Cliffwater Corporate Lending Fund Class I Shares) are both mutual funds - ISD is a High Yield Bonds fund managed by PGIM, while CCLFX is a Bank Loan fund managed by Cliffwater. Over the past 5 years, ISD returned 4.23%/yr vs 8.72%/yr for CCLFX. Their 0.13 correlation means their historical movements had little consistent relationship. ISD charges 0.02%/yr vs 3.27%/yr for CCLFX.
Performance
ISD vs. CCLFX - Performance Comparison
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Returns By Period
In the year-to-date period, ISD achieves a -9.89% return, which is significantly lower than CCLFX's 3.28% return.
ISD
- 1D
- -0.08%
- 1M
- -3.37%
- 6M
- -10.69%
- YTD
- -9.89%
- 1Y
- -4.69%
- 3Y*
- 10.30%
- 5Y*
- 4.23%
- 10Y*
- 6.60%
- ALL TIME*
- 5.58%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.80M | $1.56M | $1.41M |
ISD vs. CCLFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ISD PGIM High Yield Bond Fund | -9.89% | 15.63% | 22.05% | 15.05% | -18.42% | 15.72% | 6.66% | 16.17% |
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 ISD 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. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer 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
ISD vs. CCLFX — Risk / Return Rank
ISD
CCLFX
ISD vs. CCLFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM High Yield Bond Fund (ISD) 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.
| ISD | CCLFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.64 | ||
| Sortino ratioReturn per unit of downside risk | -19.25 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 6.80 | -5.87 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 36.47 | -36.84 |
| Martin ratioReturn relative to average drawdown | -0.84 | 200.30 | -201.14 |
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Drawdowns
ISD vs. CCLFX - Drawdown Comparison
The maximum ISD drawdown since its inception was -38.88%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for ISD and CCLFX.
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Drawdown Indicators
| ISD | CCLFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.88% | -3.91% | -34.97% |
Max Drawdown (1Y)Largest decline over 1 year | -13.52% | -0.19% | -13.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.94% | -0.46% | -13.48% |
Max Drawdown (5Y)Largest decline over 5 years | -25.45% | -2.25% | -23.20% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | — | — |
Current DrawdownCurrent decline from peak | -11.81% | 0.00% | -11.81% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -0.16% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 0.03% | +5.93% |
Volatility
ISD vs. CCLFX - Volatility Comparison
PGIM High Yield Bond Fund (ISD) has a higher volatility of 3.08% compared to Cliffwater Corporate Lending Fund Class I Shares (CCLFX) at 0.20%. This indicates that ISD'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
| ISD | CCLFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 0.20% | +2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 0.64% | +9.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 0.85% | +10.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.36% | 1.73% | +11.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.59% | 1.86% | +12.73% |
ISD vs. CCLFX - Expense Ratio Comparison
ISD has a 0.02% expense ratio, which is lower than CCLFX's 3.27% expense ratio.
Dividends
ISD vs. CCLFX - Dividend Comparison
ISD's dividend yield for the trailing twelve months is around 10.13%, which matches 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% |
ISD PGIM High Yield Bond Fund | 10.13% | 8.71% | 9.21% | 10.23% | 10.61% | 7.85% | 8.40% | 7.86% | 7.89% | 8.46% | 8.28% | 9.64% |
Frequently Asked Questions
ISD 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.
ISD has higher volatility (3.08%) compared to CCLFX (0.20%). In terms of maximum drawdown, ISD dropped -38.88% vs CCLFX's -3.91%.
CCLFX currently has the higher Sharpe Ratio (8.19 vs -0.44), 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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