TINIX vs. CELFX
TINIX (ACM Tactical Income Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, TINIX returned 0.31%/yr vs 11.99%/yr for CELFX. At a 0.05 correlation, their price movements are largely independent. TINIX charges 1.58%/yr vs 2.68%/yr for CELFX.
Performance
TINIX vs. CELFX - Performance Comparison
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Returns By Period
In the year-to-date period, TINIX achieves a 2.00% return, which is significantly lower than CELFX's 4.17% return.
TINIX
- 1D
- 0.00%
- 1M
- -0.21%
- 6M
- 1.31%
- YTD
- 2.00%
- 1Y
- 4.21%
- 3Y*
- 3.78%
- 5Y*
- 0.31%
- 10Y*
- —
CELFX
- 1D
- 0.09%
- 1M
- 0.74%
- 6M
- 3.79%
- YTD
- 4.17%
- 1Y
- 9.19%
- 3Y*
- 11.66%
- 5Y*
- 11.99%
- 10Y*
- —
TINIX vs. CELFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TINIX ACM Tactical Income Fund | 2.00% | 3.53% | 4.28% | 2.33% | -7.66% | -2.66% |
CELFX Cliffwater Enhanced Lending Fund | 4.17% | 11.33% | 12.91% | 12.77% | 11.57% | 7.35% |
Correlation
The correlation between TINIX and CELFX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.05 |
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Return for Risk
TINIX vs. CELFX — Risk / Return Rank
TINIX
CELFX
TINIX vs. CELFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ACM Tactical Income Fund (TINIX) 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.
| TINIX | CELFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.24 | ||
| Sortino ratioReturn per unit of downside risk | -33.65 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 18.73 | -17.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 50.34 | -47.93 |
| Martin ratioReturn relative to average drawdown | 8.77 | 522.03 | -513.26 |
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Drawdowns
TINIX vs. CELFX - Drawdown Comparison
The maximum TINIX drawdown since its inception was -11.79%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for TINIX and CELFX.
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Drawdown Indicators
| TINIX | CELFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.79% | -2.61% | -9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -0.18% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -2.60% | -2.61% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -11.79% | -2.61% | -9.18% |
Current DrawdownCurrent decline from peak | -0.44% | 0.00% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -0.08% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.02% | +0.46% |
Volatility
TINIX vs. CELFX - Volatility Comparison
ACM Tactical Income Fund (TINIX) has a higher volatility of 0.74% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.21%. This indicates that TINIX'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.
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Volatility by Period
| TINIX | CELFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.21% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 0.61% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 0.85% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.22% | 2.17% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 2.16% | +1.31% |
TINIX vs. CELFX - Expense Ratio Comparison
TINIX has a 1.58% expense ratio, which is lower than CELFX's 2.68% expense ratio.
Dividends
TINIX vs. CELFX - Dividend Comparison
TINIX's dividend yield for the trailing twelve months is around 3.45%, less than CELFX's 10.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 10.55% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% | 0.00% | 0.00% |
TINIX ACM Tactical Income Fund | 3.45% | 2.68% | 4.90% | 5.72% | 2.63% | 3.83% | 2.98% | 3.94% |
Frequently Asked Questions
TINIX and CELFX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TINIX has higher volatility (0.74%) compared to CELFX (0.21%). In terms of maximum drawdown, TINIX dropped -11.79% vs CELFX's -2.61%.
CELFX currently has the higher Sharpe Ratio (10.84 vs 1.60), 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.
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