WAARX vs. CELFX
WAARX (Western Asset Total Return Unconstrained Fund) and CELFX (Cliffwater Enhanced Lending Fund) are both Nontraditional Bonds funds. Over the past 5 years, WAARX returned 0.02%/yr vs 11.94%/yr for CELFX. Their 0.01 correlation means their historical movements had little consistent relationship. WAARX charges 0.74%/yr vs 2.68%/yr for CELFX.
Performance
WAARX vs. CELFX - Performance Comparison
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Returns By Period
In the year-to-date period, WAARX achieves a 0.42% return, which is significantly lower than CELFX's 4.46% return.
WAARX
- 1D
- 0.22%
- 1M
- -0.44%
- 6M
- -0.12%
- YTD
- 0.42%
- 1Y
- 2.04%
- 3Y*
- 4.11%
- 5Y*
- 0.02%
- 10Y*
- 2.01%
- ALL TIME*
- 3.42%
CELFX
- 1D
- 0.00%
- 1M
- 0.56%
- 6M
- 3.79%
- YTD
- 4.46%
- 1Y
- 9.10%
- 3Y*
- 11.52%
- 5Y*
- 11.94%
- 10Y*
- —
- ALL TIME*
- 11.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
WAARX vs. CELFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
WAARX Western Asset Total Return Unconstrained Fund | 0.42% | 7.13% | 1.80% | 7.50% | -13.93% | -1.38% |
CELFX Cliffwater Enhanced Lending Fund | 4.46% | 11.33% | 12.91% | 12.77% | 11.57% | 7.35% |
Correlation
The correlation between WAARX and CELFX is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.01 |
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Return for Risk
WAARX vs. CELFX — Risk / Return Rank
WAARX
CELFX
WAARX vs. CELFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Total Return Unconstrained Fund (WAARX) 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.
| WAARX | CELFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.78 | ||
| Sortino ratioReturn per unit of downside risk | -34.42 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 18.74 | -17.54 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 50.37 | -49.22 |
| Martin ratioReturn relative to average drawdown | 4.07 | 522.30 | -518.23 |
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Drawdowns
WAARX vs. CELFX - Drawdown Comparison
The maximum WAARX drawdown since its inception was -20.10%, which is greater than CELFX's maximum drawdown of -2.61%. Use the drawdown chart below to compare losses from any high point for WAARX and CELFX.
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Drawdown Indicators
| WAARX | CELFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.10% | -2.61% | -17.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.26% | -0.18% | -2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.40% | -2.61% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -19.35% | -2.61% | -16.74% |
Max Drawdown (10Y)Largest decline over 10 years | -19.35% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | 0.00% | -0.77% |
Average DrawdownAverage peak-to-trough decline | -3.12% | -0.08% | -3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.02% | +0.62% |
Volatility
WAARX vs. CELFX - Volatility Comparison
Western Asset Total Return Unconstrained Fund (WAARX) has a higher volatility of 0.70% compared to Cliffwater Enhanced Lending Fund (CELFX) at 0.20%. This indicates that WAARX'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
| WAARX | CELFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.20% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 0.61% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.47% | 0.85% | +1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 2.17% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.16% | 2.15% | +2.01% |
WAARX vs. CELFX - Expense Ratio Comparison
WAARX has a 0.74% expense ratio, which is lower than CELFX's 2.68% expense ratio.
Dividends
WAARX vs. CELFX - Dividend Comparison
WAARX's dividend yield for the trailing twelve months is around 5.16%, less than CELFX's 10.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CELFX Cliffwater Enhanced Lending Fund | 10.52% | 11.19% | 11.26% | 10.67% | 9.42% | 3.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WAARX Western Asset Total Return Unconstrained Fund | 5.16% | 4.40% | 3.86% | 2.54% | 1.04% | 4.40% | 1.59% | 4.30% | 3.69% | 3.59% | 3.18% | 3.16% |
Frequently Asked Questions
WAARX and CELFX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAARX has higher volatility (0.70%) compared to CELFX (0.20%). In terms of maximum drawdown, WAARX dropped -20.10% vs CELFX's -2.61%.
CELFX currently has the higher Sharpe Ratio (10.84 vs 1.06), 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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