Cliffwater Corporate Correlations

CCLFX Fund

USD 10.67 0.01 0.09%

The current 90-days correlation between Cliffwater Corporate and Vanguard Total Stock is 0.01 (i.e., Significant diversification). The correlation of Cliffwater Corporate is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Cliffwater Corporate Correlation With Market

Good diversification

The correlation between Cliffwater Corporate Lending and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cliffwater Corporate Lending and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cliffwater Corporate Lending. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Cliffwater Mutual Fund

0.9	BXSL	Blackstone Secured	Pair Corr
0.76	ETCEX	Eventide Exponential	Pair Corr
0.75	QSPNX	Aqr Style Premia	Pair Corr
0.7	AMFNX	Asg Managed Futures	Pair Corr
0.85	MSSMX	Small Pany Growth	Pair Corr
0.93	DFCMX	Dfa Calfrna Shrt	Pair Corr
0.92	IIXAX	Catalyst Insider Income	Pair Corr
0.94	AQMIX	Aqr Managed Futures	Pair Corr
0.77	SPNNX	Invesco Steelpath Mlp	Pair Corr
0.98	EMPIX	Ambassador Fund	Pair Corr
0.9	ESDIX	Ashmore Emerging Markets	Pair Corr
0.98	DLINX	Doubleline Flexible	Pair Corr
0.93	BXFAX	Barings Global Floating	Pair Corr
0.64	VLPAX	Virtus Select Mlp	Pair Corr
0.82	WWACX	Westwood Alternative	Pair Corr
0.99	DFGBX	Dfa Five Year	Pair Corr
0.89	APDPX	Artisan Global Uncon	Pair Corr
0.96	DDFCX	Delaware Floating Rate	Pair Corr
0.74	QSPRX	Aqr Style Premia	Pair Corr
0.96	AMFIX	Aama Income Fund	Pair Corr
0.96	ATOIX	Alpine Ultra Short	Pair Corr
0.71	MURSX	Msif Real Estate	Pair Corr
0.83	MCRTX	Morgan Stanley Multi	Pair Corr
0.94	PLFRX	Pacific Funds Floating	Pair Corr
0.65	SMAPX	Salient Mlp Energy	Pair Corr
0.96	LRRVX	Floating Rate	Pair Corr
0.99	DBFRX	Doubleline Floating Rate	Pair Corr
0.73	CBHCX	Victory Cemp Market	Pair Corr

Moving against Cliffwater Mutual Fund

0.79	VGTSX	Vanguard Total Inter	Pair Corr
0.79	VTIAX	Vanguard Total Inter	Pair Corr
0.76	NHS	Neuberger Berman High	Pair Corr
0.62	PFHCX	Pacific Funds Small	Pair Corr

Related Correlations Analysis

	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX
VTSAX		0.99	1.0	0.9	1.0	1.0	0.99	0.9	-0.17	-0.17	VTSAX
VFIAX	0.99		0.99	0.88	0.99	0.99	1.0	0.88	-0.17	-0.17	VFIAX
VTSMX	1.0	0.99		0.9	1.0	1.0	0.99	0.9	-0.17	-0.16	VTSMX
VITSX	0.9	0.88	0.9		0.9	0.9	0.88	0.99	-0.19	-0.19	VITSX
VSTSX	1.0	0.99	1.0	0.9		1.0	0.99	0.9	-0.17	-0.17	VSTSX
VSMPX	1.0	0.99	1.0	0.9	1.0		0.99	0.9	-0.17	-0.17	VSMPX
VFINX	0.99	1.0	0.99	0.88	0.99	0.99		0.88	-0.16	-0.16	VFINX
VFFSX	0.9	0.88	0.9	0.99	0.9	0.9	0.88		-0.19	-0.19	VFFSX
VGTSX	-0.17	-0.17	-0.17	-0.19	-0.17	-0.17	-0.16	-0.19		1.0	VGTSX
VTIAX	-0.17	-0.17	-0.16	-0.19	-0.17	-0.17	-0.16	-0.19	1.0		VTIAX
	VTSAX	VFIAX	VTSMX	VITSX	VSTSX	VSMPX	VFINX	VFFSX	VGTSX	VTIAX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

VTSMX	+ 1.0	VTSAX
VSTSX	+ 1.0	VTSAX
VSMPX	+ 1.0	VTSAX
VFINX	+ 1.0	VFIAX
VSTSX	+ 1.0	VTSMX
VSMPX	+ 1.0	VTSMX

High negative correlations

VTIAX	- 0.19	VFFSX
VGTSX	- 0.19	VFFSX
VTIAX	- 0.19	VITSX
VGTSX	- 0.19	VITSX
VTIAX	- 0.17	VSMPX
VGTSX	- 0.17	VSMPX

Risk-Adjusted Indicators

There is a big difference between Cliffwater Mutual Fund performing well and Cliffwater Corporate Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Cliffwater Corporate's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VTSAX	0.60	0.04	0.02	1.12	0.86	(0.60)	1.30	(1.30)	5.93
VFIAX	0.57	0.03	0.01	2.39	0.84	(0.55)	1.23	(1.31)	5.48
VTSMX	0.60	0.04	0.02	1.07	0.86	(0.60)	1.29	(1.31)	5.95
VITSX	0.60	0.03	0.02	0.12	0.86	(0.60)	1.30	(1.30)	5.95
VSTSX	0.60	0.04	0.02	1.10	0.86	(0.60)	1.29	(1.30)	5.94
VSMPX	0.60	0.04	0.02	1.11	0.86	(0.60)	1.29	(1.30)	5.94
VFINX	0.57	0.03	0.01	2.46	0.84	(0.55)	1.23	(1.31)	5.48
VFFSX	0.58	0.03	0.01	0.10	0.84	(0.56)	1.23	(1.31)	5.47
VGTSX	0.54	(0.10)	0.00	(1.27)	0.00	0.00	0.93	(1.53)	3.44
VTIAX	0.54	(0.10)	0.00	(1.29)	0.00	0.00	0.96	(1.59)	3.47

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