CCAP vs REFI: Correlation
Measured on weekly returns over the past three years, Crescent Capital BDC, Inc. (CCAP) and Chicago Atlantic Real Estate Finance, Inc. (REFI) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCAP and REFI?
Over the past 3 years, CCAP and REFI moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.50 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 223.0 %².
By 3-year correlation, REFI places #7 of the 18 assets tracked against CCAP. On 12-month performance REFI holds a 10.2-point edge, -22.8% against -12.6%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CCAP vs REFI: side by side
| CCAP (Crescent Capital BDC, Inc.) | REFI (Chicago Atlantic Real Estate Finance, Inc.) | |
|---|---|---|
| 1-year return | -22.8% | -12.6% |
| 5-year return | +1.5% | +21.3% |
| Volatility (ann.) | 22.9% | 19.4% |
| Beta vs S&P 500 | 0.60 | 0.51 |
| Max drawdown (3Y) | -36.2% | -24.9% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | – | 7.8 |
| Dividend yield | 15.14% | 17.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCAP | REFI |
|---|---|---|
| 2022 | -18.5% | +3.4% |
| 2023 | +52.6% | +23.7% |
| 2024 | +23.5% | +8.7% |
| 2025 | -17.5% | -8.7% |
| 2026 | -19.3% | -5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCAP and REFI good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CCAP and REFI?
The CCAP/REFI correlation stands at 0.50 on a 3-year window (1 year: 0.46, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is REFI a good diversifier for CCAP?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ccap-vs-refi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccap-vs-refi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCAP correlations · REFI correlations
