CION vs OFS: Correlation
Measured on weekly returns over the past three years, CION Investment Corporation (CION) and OFS Capital Corporation - Closed End Fund (OFS) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and OFS?
Over the past 3 years, CION and OFS moved with a correlation of 0.48, which is moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 492.2 %².
By 3-year correlation, OFS places #11 of the 22 assets tracked against CION. The last year tells two different stories: CION led by 29.7 percentage points, -17.7% for CION against -47.4% for OFS.
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.
CION vs OFS: side by side
| CION (CION Investment Corporation) | OFS (OFS Capital Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -17.7% | -47.4% |
| 5-year return | +26.2% | -31.5% |
| Volatility (ann.) | 30.2% | 34.0% |
| Beta vs S&P 500 | 0.86 | 0.69 |
| Max drawdown (3Y) | -40.3% | -67.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | 23.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | OFS |
|---|---|---|
| 2022 | -14.8% | +3.3% |
| 2023 | +35.4% | +29.9% |
| 2024 | +14.8% | -20.2% |
| 2025 | -2.3% | -31.6% |
| 2026 | -14.6% | -14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and OFS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CION and OFS?
As of 2026-08-27, the correlation of weekly returns between CION and OFS is 0.48 over 3 years, 0.58 over 1 year and 0.49 over 5 years.
Is OFS a good diversifier for CION?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
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Related comparisons
Hubs: CION correlations · OFS correlations
