NTIIX vs. CELFX
NTIIX (Navigator Tactical Investment Grade Bond Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 3 years, NTIIX returned 3.46%/yr vs 11.66%/yr for CELFX. At a correlation of -0.02, they often move in opposite directions. NTIIX charges 1.01%/yr vs 2.68%/yr for CELFX.
Performance
NTIIX vs. CELFX - Performance Comparison
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Returns By Period
In the year-to-date period, NTIIX achieves a -0.67% return, which is significantly lower than CELFX's 4.17% return.
NTIIX
- 1D
- 0.00%
- 1M
- 0.21%
- 6M
- -1.00%
- YTD
- -0.67%
- 1Y
- 3.37%
- 3Y*
- 3.46%
- 5Y*
- —
- 10Y*
- —
CELFX
- 1D
- 0.09%
- 1M
- 0.74%
- 6M
- 3.79%
- YTD
- 4.17%
- 1Y
- 9.19%
- 3Y*
- 11.66%
- 5Y*
- 11.99%
- 10Y*
- —
NTIIX vs. CELFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NTIIX Navigator Tactical Investment Grade Bond Fund | -0.67% | 2.16% | -0.85% | 9.79% | -6.51% | -2.29% |
CELFX Cliffwater Enhanced Lending Fund | 4.17% | 11.33% | 12.91% | 12.77% | 11.57% | 4.94% |
Correlation
The correlation between NTIIX and CELFX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021 | -0.02 |
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Return for Risk
NTIIX vs. CELFX — Risk / Return Rank
NTIIX
CELFX
NTIIX vs. CELFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Navigator Tactical Investment Grade Bond Fund (NTIIX) and Cliffwater Enhanced Lending Fund (CELFX). 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.
| NTIIX | CELFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.86 | ||
| Sortino ratioReturn per unit of downside risk | -34.51 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 18.73 | -17.52 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 50.34 | -49.30 |
| Martin ratioReturn relative to average drawdown | 2.28 | 522.03 | -519.75 |
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Drawdowns
NTIIX vs. CELFX - Drawdown Comparison
The maximum NTIIX drawdown since its inception was -12.35%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for NTIIX and CELFX.
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Drawdown Indicators
| NTIIX | CELFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.35% | -2.61% | -9.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.35% | -0.18% | -3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -2.61% | -5.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.61% | — |
Current DrawdownCurrent decline from peak | -3.27% | 0.00% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -5.12% | -0.08% | -5.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.02% | +1.51% |
Volatility
NTIIX vs. CELFX - Volatility Comparison
The current volatility for Navigator Tactical Investment Grade Bond Fund (NTIIX) is 0.16%, while Cliffwater Enhanced Lending Fund (CELFX) has a volatility of 0.21%. This indicates that NTIIX experiences smaller price fluctuations and is considered to be less risky than CELFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NTIIX | CELFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.16% | 0.21% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 0.61% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 0.85% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.93% | 2.17% | +2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.93% | 2.16% | +2.77% |
NTIIX vs. CELFX - Expense Ratio Comparison
NTIIX has a 1.01% expense ratio, which is lower than CELFX's 2.68% expense ratio.
Dividends
NTIIX vs. CELFX - Dividend Comparison
NTIIX's dividend yield for the trailing twelve months is around 3.84%, less than CELFX's 10.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 10.55% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% |
NTIIX Navigator Tactical Investment Grade Bond Fund | 3.84% | 4.07% | 4.24% | 3.85% | 1.63% | 0.22% |
Frequently Asked Questions
NTIIX and CELFX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CELFX has higher volatility (0.21%) compared to NTIIX (0.16%). In terms of maximum drawdown, NTIIX dropped -12.35% vs CELFX's -2.61%.
CELFX currently has the higher Sharpe Ratio (10.84 vs 0.97), 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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