SPDW vs. CCLFX

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and CCLFX (Cliffwater Corporate Lending Fund) are both funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while CCLFX is a High Yield Bonds fund managed by Cliffwater. Over the past 5 years, SPDW returned 8.90%/yr vs 8.75%/yr for CCLFX. At a 0.14 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 3.42%/yr for CCLFX.

Performance

SPDW vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) 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, SPDW achieves a 12.18% return, which is significantly higher than CCLFX's 2.33% return.

SPDW

• 1D: 0.99%
• 1M: -1.17%
• YTD: 12.18%
• 6M: 14.96%
• 1Y: 27.89%
• 3Y*: 18.62%
• 5Y*: 8.90%
• 10Y*: 10.06%

CCLFX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 2.33%
• 6M: 2.84%
• 1Y: 7.37%
• 3Y*: 10.54%
• 5Y*: 8.75%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPDW vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	11.92%
CCLFX Cliffwater Corporate Lending Fund	2.33%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%

Correlation

The correlation between SPDW and CCLFX is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 6, 2019	0.14

Return for Risk

SPDW vs. CCLFX — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 57
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 54
SPDW Martin Ratio Rank: 59

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.

SPDW vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.

	SPDW	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	8.60	-6.86
Sortino ratio: Return per unit of downside risk	2.40	20.84	-18.45
Omega ratio: Gain probability vs. loss probability	1.32	7.79	-6.47
Calmar ratio: Return relative to maximum drawdown	2.43	39.22	-36.80
Martin ratio: Return relative to average drawdown	9.42	218.79	-209.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. CCLFX - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is lower than the CCLFX Sharpe Ratio of 8.60. The chart below compares the historical Sharpe Ratios of SPDW 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.

Sharpe Ratios by Period

	SPDW	CCLFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	8.60	-6.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	5.10	-4.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	4.57	-4.34

Drawdowns

SPDW vs. CCLFX - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than CCLFX's maximum drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for SPDW and CCLFX.

Drawdown Indicators

	SPDW	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-3.91%	-56.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-0.19%	-11.36%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-0.46%	-13.07%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-2.25%	-27.96%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-3.30%	0.00%	-3.30%
Average Drawdown Average peak-to-trough decline	-12.90%	-0.16%	-12.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.03%	+2.94%

Volatility

SPDW vs. CCLFX - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to Cliffwater Corporate Lending Fund (CCLFX) at 0.23%. This indicates that SPDW'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

	SPDW	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	0.23%	+5.84%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	0.65%	+13.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	0.87%	+15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	1.73%	+14.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	1.87%	+15.43%

SPDW vs. CCLFX - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than CCLFX's 3.42% expense ratio.

Dividends

SPDW vs. CCLFX - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, less than CCLFX's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCLFX Cliffwater Corporate Lending Fund	10.28%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	2.94%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both SPDW and CCLFX in my portfolio?

SPDW 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.

Which is riskier, SPDW or CCLFX?

SPDW has higher volatility (6.07%) compared to CCLFX (0.23%). In terms of maximum drawdown, SPDW dropped -60.02% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.60 vs 1.74), 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.