TGHYX vs. CCLFX

Last updated Jun 5, 2026

TGHYX (TCW High Yield Bond Fund) and CCLFX (Cliffwater Corporate Lending Fund) are both High Yield Bonds funds. At a 0.12 correlation, their price movements are largely independent. TGHYX charges 0.55%/yr vs 3.42%/yr for CCLFX.

Performance

TGHYX vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW High Yield Bond Fund (TGHYX) and Cliffwater Corporate Lending Fund (CCLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TGHYX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CCLFX

• 1D: 0.00%
• 1M: 0.38%
• YTD: 2.33%
• 6M: 2.93%
• 1Y: 7.47%
• 3Y*: 10.57%
• 5Y*: 8.75%
• 10Y*: —

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

TGHYX vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	6.19%	10.65%	-8.76%	3.46%	10.03%	5.36%
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 TGHYX and CCLFX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jun 6, 2019	0.12

Return for Risk

TGHYX vs. CCLFX — Risk / Return Rank

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

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.

TGHYX vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW High Yield Bond Fund (TGHYX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TGHYX	CCLFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	8.50	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	5.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	4.57	—

Drawdowns

Drawdown Indicators

	TGHYX	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.91%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.19%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.25%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.16%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.03%	—

Volatility

Volatility by Period

	TGHYX	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.88%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.73%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.87%	—

TGHYX vs. CCLFX - Expense Ratio Comparison

TGHYX has a 0.55% expense ratio, which is lower than CCLFX's 3.42% expense ratio.

Dividends

TGHYX vs. CCLFX - Dividend Comparison

TGHYX has not paid dividends to shareholders, while CCLFX's dividend yield for the trailing twelve months is around 10.28%.

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%
TGHYX TCW High Yield Bond Fund	0.00%	0.00%	5.04%	5.91%	5.32%	5.70%	3.84%	4.32%	5.17%	4.35%	4.12%	4.50%

Frequently Asked Questions

Can I hold both TGHYX and CCLFX in my portfolio?

TGHYX and CCLFX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.