XPTFX vs. CCLFX

Last updated Aug 4, 2026

XPTFX (Federated Hermes Project and Trade Finance Tender Fund) and CCLFX (Cliffwater Corporate Lending Fund Class I Shares) are both Bank Loan funds. Over the past 5 years, XPTFX returned 6.57%/yr vs 8.72%/yr for CCLFX. Their 0.11 correlation means their historical movements had little consistent relationship. XPTFX charges 0.41%/yr vs 3.27%/yr for CCLFX.

Performance

XPTFX vs. CCLFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Project and Trade Finance Tender Fund (XPTFX) and Cliffwater Corporate Lending Fund Class I Shares (CCLFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPTFX achieves a 3.95% return, which is significantly higher than CCLFX's 3.28% return.

XPTFX

• 1D: 0.00%
• 1M: 0.50%
• 6M: 3.33%
• YTD: 3.95%
• 1Y: 7.07%
• 3Y*: 7.88%
• 5Y*: 6.57%
• 10Y*: —
• ALL TIME*: 4.76%

CCLFX

• 1D: 0.00%
• 1M: 0.49%
• 6M: 2.89%
• YTD: 3.28%
• 1Y: 6.75%
• 3Y*: 10.13%
• 5Y*: 8.72%
• 10Y*: —
• ALL TIME*: 8.48%

*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)
CCLFX Cliffwater Corporate Lending Fund Class I Shares	$0.00	$0.00	$0.00
XPTFX Federated Hermes Project and Trade Finance Tender Fund	$0.00	$0.00	$0.00

XPTFX vs. CCLFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XPTFX Federated Hermes Project and Trade Finance Tender Fund	3.95%	7.47%	8.62%	8.55%	3.74%	1.91%	2.18%	2.70%
CCLFX Cliffwater Corporate Lending Fund Class I Shares	3.28%	8.93%	12.62%	12.66%	2.32%	10.38%	8.73%	2.12%

Correlation

The correlation between XPTFX and CCLFX is -0.04, 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.	-0.04
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (All Time) Calculated using the full available price history since Jun 5, 2019	0.11

The correlation between XPTFX and CCLFX shifts across timeframes, from -0.04 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XPTFX vs. CCLFX — Risk / Return Rank

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

XPTFX

XPTFX Risk / Return Rank: 92
XPTFX Sharpe Ratio Rank: 93
XPTFX Sortino Ratio Rank: 92
XPTFX Omega Ratio Rank: 100
XPTFX Calmar Ratio Rank: 91
XPTFX Martin Ratio Rank: 86

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) 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.

XPTFX vs. CCLFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Project and Trade Finance Tender Fund (XPTFX) and Cliffwater Corporate Lending Fund Class I Shares (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.

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.

	XPTFX	CCLFX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	8.10	-5.64
Sortino ratio: Return per unit of downside risk	3.55	18.45	-14.90
Omega ratio: Gain probability vs. loss probability	4.11	6.72	-2.61
Calmar ratio: Return relative to maximum drawdown	3.68	35.94	-32.26
Martin ratio: Return relative to average drawdown	11.56	197.36	-185.81

XPTFX vs. CCLFX - Sharpe Ratio Comparison

The current XPTFX Sharpe Ratio is 2.46, which is lower than the CCLFX Sharpe Ratio of 8.10. The chart below compares the historical Sharpe Ratios of XPTFX and CCLFX, 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

XPTFX vs. CCLFX - Drawdown Comparison

The maximum XPTFX drawdown since its inception was -2.95%, smaller than the maximum CCLFX drawdown of -3.91%. Use the drawdown chart below to compare losses from any high point for XPTFX and CCLFX.

Drawdown Indicators

	XPTFX	CCLFX	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-3.91%	+0.96%
Max Drawdown (1Y) Largest decline over 1 year	-1.96%	-0.19%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	-2.95%	-0.46%	-2.49%
Max Drawdown (5Y) Largest decline over 5 years	-2.95%	-2.25%	-0.70%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.16%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.03%	+0.59%

Volatility

XPTFX vs. CCLFX - Volatility Comparison

Federated Hermes Project and Trade Finance Tender Fund (XPTFX) and Cliffwater Corporate Lending Fund Class I Shares (CCLFX) have volatilities of 0.21% and 0.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPTFX	CCLFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.21%	0.20%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.60%	0.63%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	0.85%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.53%	1.73%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.00%	1.86%	+0.14%

XPTFX vs. CCLFX - Expense Ratio Comparison

XPTFX has a 0.41% expense ratio, which is lower than CCLFX's 3.27% expense ratio.

Dividends

XPTFX vs. CCLFX - Dividend Comparison

XPTFX's dividend yield for the trailing twelve months is around 6.03%, less than CCLFX's 10.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CCLFX Cliffwater Corporate Lending Fund Class I Shares	10.08%	10.47%	11.27%	10.96%	3.96%	7.03%	6.90%	0.61%	0.00%
XPTFX Federated Hermes Project and Trade Finance Tender Fund	6.03%	7.24%	6.78%	6.66%	5.70%	2.21%	2.74%	4.62%	4.60%

Frequently Asked Questions

Can I hold both XPTFX and CCLFX in my portfolio?

XPTFX and CCLFX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPTFX or CCLFX?

XPTFX has higher volatility (0.21%) compared to CCLFX (0.20%). In terms of maximum drawdown, XPTFX dropped -2.95% vs CCLFX's -3.91%.

Which has better risk-adjusted returns?

CCLFX currently has the higher Sharpe Ratio (8.10 vs 2.46), 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.