CHMI vs MFA: Correlation
How closely do Cherry Hill Mortgage Investment Corporation (CHMI) and MFA Financial, Inc. (MFA) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMI and MFA?
On 3 years of weekly data the CHMI/MFA correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.54). The 5-year figure is 0.56, and annualized covariance runs at 526.9 %².
Among the 13 assets we track against CHMI, MFA ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CHMI ahead by 16.3 points (+19.1% versus +2.8%).
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.
CHMI vs MFA: side by side
| CHMI (Cherry Hill Mortgage Investment Corporation) | MFA (MFA Financial, Inc.) | |
|---|---|---|
| 1-year return | +19.1% | +2.8% |
| 5-year return | -27.0% | -8.1% |
| Volatility (ann.) | 38.1% | 25.6% |
| Beta vs S&P 500 | 0.85 | 0.64 |
| Max drawdown (3Y) | -32.7% | -31.6% |
| Market cap | $0.1B | $0.9B |
| P/E (trailing) | 13.9 | 8.8 |
| Dividend yield | 13.65% | 16.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHMI | MFA |
|---|---|---|
| 2022 | -17.2% | -37.2% |
| 2023 | -18.9% | +30.7% |
| 2024 | -21.9% | +2.6% |
| 2025 | +14.9% | +6.1% |
| 2026 | +24.3% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMI and MFA good diversifiers for each other?
To a limited degree. At 0.54 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 CHMI and MFA?
The CHMI/MFA correlation stands at 0.54 on a 3-year window (1 year: 0.40, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is MFA a good diversifier for CHMI?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chmi-vs-mfa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chmi-vs-mfa/)
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Related comparisons
Hubs: CHMI correlations · MFA correlations
