CION vs PNNT: Correlation
Measured on weekly returns over the past three years, CION Investment Corporation (CION) and PennantPark Investment Corporation (PNNT) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and PNNT?
On 3 years of weekly data the CION/PNNT correlation comes out at 0.64, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.64 over 3. The 5-year figure is 0.60, and annualized covariance runs at 418.7 %².
Among the 22 assets we track against CION, PNNT ranks #6 by 3-year correlation. The last year tells two different stories: CION led by 18.7 percentage points, -17.7% for CION against -36.4% for PNNT.
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 PNNT: side by side
| CION (CION Investment Corporation) | PNNT (PennantPark Investment Corporation) | |
|---|---|---|
| 1-year return | -17.7% | -36.4% |
| 5-year return | +26.2% | +13.8% |
| Volatility (ann.) | 30.2% | 21.6% |
| Beta vs S&P 500 | 0.86 | 0.61 |
| Max drawdown (3Y) | -40.3% | -47.6% |
| Market cap | $0.4B | $0.2B |
| P/E (trailing) | 123.5 | 24.9 |
| Dividend yield | 17.98% | 21.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | PNNT |
|---|---|---|
| 2022 | -14.8% | -8.9% |
| 2023 | +35.4% | +37.3% |
| 2024 | +14.8% | +16.6% |
| 2025 | -2.3% | -3.0% |
| 2026 | -14.6% | -27.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and PNNT good diversifiers for each other?
Only partially. A correlation of 0.64 means CION and PNNT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CION and PNNT?
The CION/PNNT correlation stands at 0.64 on a 3-year window (1 year: 0.70, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is PNNT a good diversifier for CION?
Only partially. A correlation of 0.64 means CION and PNNT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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/cion-vs-pnnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cion-vs-pnnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CION correlations · PNNT correlations
