JQC vs. CCLFX

Last updated Aug 1, 2026

JQC (Nuveen Credit Strategies Income Fund) and CCLFX (Cliffwater Corporate Lending Fund Class I Shares) are both Bank Loan funds. Over the past 5 years, JQC returned 4.73%/yr vs 8.72%/yr for CCLFX. Their 0.09 correlation means their historical movements had little consistent relationship. JQC charges 4.34%/yr vs 3.27%/yr for CCLFX.

Performance

JQC vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Credit Strategies Income Fund (JQC) 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, JQC achieves a 1.97% return, which is significantly lower than CCLFX's 3.28% return.

JQC

• 1D: -0.21%
• 1M: -0.42%
• 6M: -1.83%
• YTD: 1.97%
• 1Y: -2.16%
• 3Y*: 10.59%
• 5Y*: 4.73%
• 10Y*: 5.56%
• ALL TIME*: 4.93%

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
JQC Nuveen Credit Strategies Income Fund	$2.37M	$2.54M	$2.74M

JQC vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JQC Nuveen Credit Strategies Income Fund	1.97%	-0.36%	22.29%	15.26%	-14.22%	13.29%	-2.96%	9.17%
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 JQC and CCLFX is 0.09, 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.	0.09
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.09

Return for Risk

JQC vs. CCLFX — Risk / Return Rank

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

JQC

JQC Risk / Return Rank: 3
JQC Sharpe Ratio Rank: 3
JQC Sortino Ratio Rank: 2
JQC Omega Ratio Rank: 3
JQC Calmar Ratio Rank: 3
JQC Martin Ratio Rank: 3

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.

JQC vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Credit Strategies Income Fund (JQC) 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.

	JQC	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	8.19	-8.42
Sortino ratio: Return per unit of downside risk	-0.25	18.72	-18.96
Omega ratio: Gain probability vs. loss probability	0.97	6.80	-5.83
Calmar ratio: Return relative to maximum drawdown	-0.25	36.47	-36.72
Martin ratio: Return relative to average drawdown	-0.47	200.30	-200.77

JQC vs. CCLFX - Sharpe Ratio Comparison

The current JQC Sharpe Ratio is -0.23, which is lower than the CCLFX Sharpe Ratio of 8.19. The chart below compares the historical Sharpe Ratios of JQC 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

JQC vs. CCLFX - Drawdown Comparison

The maximum JQC drawdown since its inception was -75.18%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for JQC and CCLFX.

Drawdown Indicators

	JQC	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-75.18%	-3.91%	-71.27%
Max Drawdown (1Y) Largest decline over 1 year	-10.15%	-0.19%	-9.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.37%	-0.46%	-14.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.83%	-2.25%	-17.58%
Max Drawdown (10Y) Largest decline over 10 years	-47.99%	—	—
Current Drawdown Current decline from peak	-4.17%	0.00%	-4.17%
Average Drawdown Average peak-to-trough decline	-8.78%	-0.16%	-8.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	0.03%	+5.29%

Volatility

JQC vs. CCLFX - Volatility Comparison

Nuveen Credit Strategies Income Fund (JQC) has a higher volatility of 1.47% compared to Cliffwater Corporate Lending Fund Class I Shares (CCLFX) at 0.20%. This indicates that JQC'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

	JQC	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	0.20%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	0.64%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.13%	0.85%	+10.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	1.73%	+11.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	1.86%	+15.63%

JQC vs. CCLFX - Expense Ratio Comparison

JQC has a 4.34% expense ratio, which is higher than CCLFX's 3.27% expense ratio.

Dividends

JQC vs. CCLFX - Dividend Comparison

JQC's dividend yield for the trailing twelve months is around 13.14%, 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%
JQC Nuveen Credit Strategies Income Fund	13.14%	12.91%	11.39%	11.42%	9.71%	10.03%	16.11%	16.14%	6.53%	7.42%	6.99%	7.51%

Frequently Asked Questions

Can I hold both JQC and CCLFX in my portfolio?

JQC and CCLFX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JQC or CCLFX?

JQC has higher volatility (1.47%) compared to CCLFX (0.20%). In terms of maximum drawdown, JQC dropped -75.18% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.19 vs -0.23), 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.