RISR vs. CCLFX

Last updated Jul 25, 2026

RISR (FolioBeyond Alternative Income and Interest Rate Hedge ETF) and CCLFX (Cliffwater Corporate Lending Fund) are both funds - RISR is a Nontraditional Bonds fund actively managed by FolioBeyond, while CCLFX is a High Yield Bonds fund managed by Cliffwater. Over the past 3 years, RISR returned 11.01%/yr vs 10.20%/yr for CCLFX. Their -0.02 correlation means they have often moved in opposite directions in the past. RISR charges 1.13%/yr vs 3.42%/yr for CCLFX.

Performance

RISR vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) and Cliffwater Corporate Lending Fund (CCLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RISR achieves a 4.55% return, which is significantly higher than CCLFX's 3.18% return.

RISR

• 1D: 0.00%
• 1M: 1.55%
• 6M: 4.88%
• YTD: 4.55%
• 1Y: 5.16%
• 3Y*: 11.01%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.50%

CCLFX

• 1D: 0.00%
• 1M: 0.54%
• 6M: 2.69%
• YTD: 3.18%
• 1Y: 6.85%
• 3Y*: 10.20%
• 5Y*: 8.72%
• 10Y*: —
• ALL TIME*: 8.49%

*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	$0.00	$0.00	$0.00
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF	$2.80M	$3.03M	$3.41M

RISR vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF	4.55%	4.63%	24.20%	7.02%	31.98%	-0.04%
CCLFX Cliffwater Corporate Lending Fund	3.18%	8.93%	12.62%	12.66%	2.32%	2.31%

Correlation

The correlation between RISR and CCLFX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	-0.02

The correlation between RISR and CCLFX shifts across timeframes, from -0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RISR vs. CCLFX — Risk / Return Rank

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

RISR

RISR Risk / Return Rank: 39
RISR Sharpe Ratio Rank: 36
RISR Sortino Ratio Rank: 34
RISR Omega Ratio Rank: 33
RISR Calmar Ratio Rank: 52
RISR Martin Ratio Rank: 41

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.

RISR vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) 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.

	RISR	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	0.88	8.19	-7.31
Sortino ratio: Return per unit of downside risk	1.28	18.71	-17.43
Omega ratio: Gain probability vs. loss probability	1.16	6.80	-5.64
Calmar ratio: Return relative to maximum drawdown	1.82	36.45	-34.63
Martin ratio: Return relative to average drawdown	4.32	200.20	-195.88

RISR vs. CCLFX - Sharpe Ratio Comparison

The current RISR Sharpe Ratio is 0.88, which is lower than the CCLFX Sharpe Ratio of 8.19. The chart below compares the historical Sharpe Ratios of RISR 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

RISR vs. CCLFX - Drawdown Comparison

The maximum RISR drawdown since its inception was -14.31%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for RISR and CCLFX.

Drawdown Indicators

	RISR	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.31%	-3.91%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-0.19%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-8.07%	-0.46%	-7.61%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.25%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.13%	-0.16%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.03%	+1.07%

Volatility

RISR vs. CCLFX - Volatility Comparison

FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) has a higher volatility of 1.09% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.20%. This indicates that RISR'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

	RISR	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.20%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	3.55%	0.64%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	0.85%	+4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.69%	1.73%	+9.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.69%	1.86%	+9.83%

RISR vs. CCLFX - Expense Ratio Comparison

RISR has a 1.13% expense ratio, which is lower than CCLFX's 3.42% expense ratio.

Dividends

RISR vs. CCLFX - Dividend Comparison

RISR's dividend yield for the trailing twelve months is around 5.86%, less than CCLFX's 10.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CCLFX Cliffwater Corporate Lending Fund	10.09%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF	5.37%	5.95%	5.67%	7.96%	4.26%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RISR and CCLFX in my portfolio?

RISR and CCLFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RISR or CCLFX?

RISR has higher volatility (1.09%) compared to CCLFX (0.20%). In terms of maximum drawdown, RISR dropped -14.31% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.19 vs 0.88), 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.