TCBIX vs. ENHNX

Last updated Aug 1, 2026

TCBIX (The Covered Bridge Fund) and ENHNX (Cullen Enhanced Equity Income Fund) are both Derivative Income funds. Over the past 10 years, TCBIX returned 7.51%/yr vs 7.09%/yr for ENHNX. Their correlation of 0.89 means they have usually moved in the same direction. TCBIX charges 1.40%/yr vs 0.75%/yr for ENHNX.

Performance

TCBIX vs. ENHNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Covered Bridge Fund (TCBIX) and Cullen Enhanced Equity Income Fund (ENHNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCBIX achieves a 11.04% return, which is significantly lower than ENHNX's 12.04% return. Over the past 10 years, TCBIX has outperformed ENHNX with an annualized return of 7.51%, while ENHNX has yielded a comparatively lower 7.09% annualized return.

TCBIX

• 1D: 0.21%
• 1M: 1.70%
• 6M: 7.46%
• YTD: 11.04%
• 1Y: 19.15%
• 3Y*: 9.55%
• 5Y*: 6.96%
• 10Y*: 7.51%
• ALL TIME*: 7.26%

ENHNX

• 1D: -1.05%
• 1M: 0.71%
• 6M: 7.50%
• YTD: 12.04%
• 1Y: 17.04%
• 3Y*: 8.14%
• 5Y*: 5.42%
• 10Y*: 7.09%
• ALL TIME*: 7.64%

*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)
ENHNX Cullen Enhanced Equity Income Fund	$0.00	$0.00	$0.00
TCBIX The Covered Bridge Fund	$0.00	$0.00	$0.00

TCBIX vs. ENHNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCBIX The Covered Bridge Fund	11.04%	12.61%	4.09%	4.09%	0.05%	18.21%	-1.71%	18.73%	-3.93%	9.66%
ENHNX Cullen Enhanced Equity Income Fund	12.04%	6.20%	6.89%	0.99%	-1.98%	21.67%	1.52%	18.16%	-5.10%	10.69%

Correlation

The correlation between TCBIX and ENHNX is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.89

The correlation between TCBIX and ENHNX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

Return for Risk

TCBIX vs. ENHNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TCBIX

TCBIX Risk / Return Rank: 83
TCBIX Sharpe Ratio Rank: 82
TCBIX Sortino Ratio Rank: 83
TCBIX Omega Ratio Rank: 78
TCBIX Calmar Ratio Rank: 89
TCBIX Martin Ratio Rank: 85

ENHNX

ENHNX Risk / Return Rank: 52
ENHNX Sharpe Ratio Rank: 52
ENHNX Sortino Ratio Rank: 55
ENHNX Omega Ratio Rank: 45
ENHNX Calmar Ratio Rank: 69
ENHNX Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TCBIX vs. ENHNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Covered Bridge Fund (TCBIX) and Cullen Enhanced Equity Income Fund (ENHNX). 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.

	TCBIX	ENHNX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.37	+0.59
Sortino ratio: Return per unit of downside risk	2.93	2.04	+0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	3.27	2.27	+1.00
Martin ratio: Return relative to average drawdown	10.74	6.04	+4.71

TCBIX vs. ENHNX - Sharpe Ratio Comparison

The current TCBIX Sharpe Ratio is 1.96, which is higher than the ENHNX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of TCBIX and ENHNX, 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

TCBIX vs. ENHNX - Drawdown Comparison

The maximum TCBIX drawdown since its inception was -28.94%, smaller than the maximum ENHNX drawdown of -35.59%. Use the drawdown chart below to compare losses from any high point for TCBIX and ENHNX.

Drawdown Indicators

	TCBIX	ENHNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-35.59%	+6.65%
Max Drawdown (1Y) Largest decline over 1 year	-5.26%	-6.34%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-12.73%	-13.60%	+0.87%
Max Drawdown (5Y) Largest decline over 5 years	-17.07%	-18.30%	+1.23%
Max Drawdown (10Y) Largest decline over 10 years	-28.94%	-35.59%	+6.65%
Current Drawdown Current decline from peak	-0.21%	-1.57%	+1.36%
Average Drawdown Average peak-to-trough decline	-3.45%	-4.02%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	2.40%	-0.79%

Volatility

TCBIX vs. ENHNX - Volatility Comparison

The current volatility for The Covered Bridge Fund (TCBIX) is 2.92%, while Cullen Enhanced Equity Income Fund (ENHNX) has a volatility of 4.19%. This indicates that TCBIX experiences smaller price fluctuations and is considered to be less risky than ENHNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCBIX	ENHNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	4.19%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	6.45%	7.88%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	8.80%	10.54%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.20%	12.87%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.52%	15.46%	-1.94%

TCBIX vs. ENHNX - Expense Ratio Comparison

TCBIX has a 1.40% expense ratio, which is higher than ENHNX's 0.75% expense ratio.

Dividends

TCBIX vs. ENHNX - Dividend Comparison

TCBIX's dividend yield for the trailing twelve months is around 8.33%, more than ENHNX's 5.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENHNX Cullen Enhanced Equity Income Fund	5.69%	4.38%	5.99%	6.22%	3.82%	7.77%	5.86%	5.69%	6.45%	6.82%	7.67%	0.00%
TCBIX The Covered Bridge Fund	8.33%	8.24%	7.47%	7.34%	8.09%	6.00%	4.70%	6.77%	11.55%	7.32%	7.32%	5.36%

Frequently Asked Questions

Can I hold both TCBIX and ENHNX in my portfolio?

TCBIX and ENHNX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCBIX or ENHNX?

ENHNX has higher volatility (4.19%) compared to TCBIX (2.92%). In terms of maximum drawdown, TCBIX dropped -28.94% vs ENHNX's -35.59%.

Which has better risk-adjusted returns?

TCBIX currently has the higher Sharpe Ratio (1.96 vs 1.37), 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.