NHS vs. CCLFX
NHS (Neuberger Berman High Yield Strategies Fund) and CCLFX (Cliffwater Corporate Lending Fund) are both High Yield Bonds funds. Over the past 5 years, NHS returned -2.08%/yr vs 8.73%/yr for CCLFX. At a 0.12 correlation, their price movements are largely independent. NHS charges 4.14%/yr vs 3.42%/yr for CCLFX.
Performance
NHS vs. CCLFX - Performance Comparison
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Returns By Period
In the year-to-date period, NHS achieves a -11.24% return, which is significantly lower than CCLFX's 2.63% return.
NHS
- 1D
- -0.49%
- 1M
- -1.94%
- YTD
- -11.24%
- 6M
- -7.77%
- 1Y
- -4.24%
- 3Y*
- 7.42%
- 5Y*
- -2.08%
- 10Y*
- 5.28%
CCLFX
- 1D
- 0.00%
- 1M
- 0.48%
- YTD
- 2.63%
- 6M
- 2.75%
- 1Y
- 7.28%
- 3Y*
- 10.40%
- 5Y*
- 8.73%
- 10Y*
- —
NHS vs. CCLFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NHS Neuberger Berman High Yield Strategies Fund | -11.24% | 14.81% | 11.04% | 6.12% | -22.99% | 15.78% | 4.57% | 13.37% |
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 NHS and CCLFX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019 | 0.12 |
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Return for Risk
NHS vs. CCLFX — Risk / Return Rank
NHS
CCLFX
NHS vs. CCLFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman High Yield Strategies Fund (NHS) 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.
| NHS | CCLFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.74 | ||
| Sortino ratioReturn per unit of downside risk | -20.23 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 7.15 | -6.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 38.74 | -38.99 |
| Martin ratioReturn relative to average drawdown | -0.56 | 212.77 | -213.33 |
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Drawdowns
NHS vs. CCLFX - Drawdown Comparison
The maximum NHS drawdown since its inception was -64.67%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for NHS and CCLFX.
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Drawdown Indicators
| NHS | CCLFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.67% | -3.91% | -60.76% |
Max Drawdown (1Y)Largest decline over 1 year | -17.01% | -0.19% | -16.82% |
Max Drawdown (3Y)Largest decline over 3 years | -17.01% | -0.46% | -16.55% |
Max Drawdown (5Y)Largest decline over 5 years | -37.43% | -2.25% | -35.18% |
Max Drawdown (10Y)Largest decline over 10 years | -42.97% | — | — |
Current DrawdownCurrent decline from peak | -16.59% | 0.00% | -16.59% |
Average DrawdownAverage peak-to-trough decline | -8.87% | -0.16% | -8.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.63% | 0.03% | +7.60% |
Volatility
NHS vs. CCLFX - Volatility Comparison
Neuberger Berman High Yield Strategies Fund (NHS) has a higher volatility of 3.14% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.25%. This indicates that NHS'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
| NHS | CCLFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.25% | +2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 10.12% | 0.66% | +9.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.71% | 0.88% | +11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 1.73% | +14.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.71% | 1.87% | +14.84% |
NHS vs. CCLFX - Expense Ratio Comparison
NHS has a 4.14% expense ratio, which is higher than CCLFX's 3.42% expense ratio.
Dividends
NHS vs. CCLFX - Dividend Comparison
NHS's dividend yield for the trailing twelve months is around 17.82%, 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% |
NHS Neuberger Berman High Yield Strategies Fund | 17.82% | 14.60% | 14.50% | 13.94% | 12.75% | 8.74% | 9.29% | 7.99% | 8.37% | 7.59% | 8.23% | 9.81% |
Frequently Asked Questions
NHS and CCLFX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHS has higher volatility (3.14%) compared to CCLFX (0.25%). In terms of maximum drawdown, NHS dropped -64.67% vs CCLFX's -3.91%.
CCLFX currently has the higher Sharpe Ratio (8.40 vs -0.34), 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.
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