SYFFX vs. CELFX
SYFFX (Pioneer Securitized Income Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, SYFFX returned 5.31%/yr vs 11.97%/yr for CELFX. At a 0.05 correlation, their price movements are largely independent. SYFFX charges 0.65%/yr vs 2.68%/yr for CELFX.
Performance
SYFFX vs. CELFX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SYFFX achieves a 2.11% return, which is significantly lower than CELFX's 4.08% return.
SYFFX
- 1D
- -0.11%
- 1M
- 0.28%
- 6M
- 2.00%
- YTD
- 2.11%
- 1Y
- 4.68%
- 3Y*
- 8.25%
- 5Y*
- 5.31%
- 10Y*
- —
CELFX
- 1D
- 0.00%
- 1M
- 0.74%
- 6M
- 3.79%
- YTD
- 4.08%
- 1Y
- 9.09%
- 3Y*
- 11.66%
- 5Y*
- 11.97%
- 10Y*
- —
SYFFX vs. CELFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SYFFX Pioneer Securitized Income Fund | 2.11% | 6.83% | 9.33% | 13.51% | -5.15% | 1.07% |
CELFX Cliffwater Enhanced Lending Fund | 4.08% | 11.33% | 12.91% | 12.77% | 11.57% | 7.35% |
Correlation
The correlation between SYFFX 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 | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.05 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SYFFX vs. CELFX — Risk / Return Rank
SYFFX
CELFX
SYFFX vs. CELFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pioneer Securitized Income Fund (SYFFX) 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.
| SYFFX | CELFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.82 | ||
| Sortino ratioReturn per unit of downside risk | -31.95 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 18.54 | -16.99 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 49.79 | -46.76 |
| Martin ratioReturn relative to average drawdown | 8.14 | 516.24 | -508.10 |
Loading charts...
Drawdowns
SYFFX vs. CELFX - Drawdown Comparison
The maximum SYFFX drawdown since its inception was -38.78%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for SYFFX and CELFX.
Loading charts...
Drawdown Indicators
| SYFFX | CELFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.78% | -2.61% | -36.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -0.18% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -1.55% | -2.61% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -6.11% | -2.61% | -3.50% |
Current DrawdownCurrent decline from peak | -0.21% | 0.00% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -0.08% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 0.02% | +0.56% |
Volatility
SYFFX vs. CELFX - Volatility Comparison
Pioneer Securitized Income Fund (SYFFX) has a higher volatility of 0.55% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.30%. This indicates that SYFFX's price experiences larger fluctuations and is considered to be riskier than CELFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SYFFX | CELFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.30% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 0.61% | +1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.46% | 0.85% | +1.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 2.17% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.71% | 2.16% | +6.55% |
SYFFX vs. CELFX - Expense Ratio Comparison
SYFFX has a 0.65% expense ratio, which is lower than CELFX's 2.68% expense ratio.
Dividends
SYFFX vs. CELFX - Dividend Comparison
SYFFX's dividend yield for the trailing twelve months is around 6.41%, less than CELFX's 10.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 10.56% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% |
SYFFX Pioneer Securitized Income Fund | 6.41% | 6.62% | 6.94% | 8.07% | 5.96% | 2.48% |
Frequently Asked Questions
SYFFX 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.
SYFFX has higher volatility (0.55%) compared to CELFX (0.30%). In terms of maximum drawdown, SYFFX dropped -38.78% vs CELFX's -2.61%.
CELFX currently has the higher Sharpe Ratio (10.73 vs 1.91), 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.
Find the right allocation for SYFFX and CELFX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer