CION vs RWAY: Correlation
CION Investment Corporation (CION) and Runway Growth Finance Corp. (RWAY) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and RWAY?
Across a 3-year window, the weekly returns of CION and RWAY correlate at 0.67, strong. The link has tightened recently: the 1-year correlation (0.81) runs above the 3-year figure (0.67). Stretching to 5 years gives 0.62, with an annualized covariance of 595.9 %².
RWAY is one of the assets that tracks CION most closely: it ranks #2 out of the 22 assets we track against CION. Over the last 12 months CION came out ahead by 9.5 percentage points (-17.7% against -27.2%).
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 RWAY: side by side
| CION (CION Investment Corporation) | RWAY (Runway Growth Finance Corp.) | |
|---|---|---|
| 1-year return | -17.7% | -27.2% |
| 5-year return | +26.2% | +2.3% |
| Volatility (ann.) | 30.2% | 29.4% |
| Beta vs S&P 500 | 0.86 | 0.69 |
| Max drawdown (3Y) | -40.3% | -45.3% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 123.5 | 27.4 |
| Dividend yield | 17.98% | 20.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | RWAY |
|---|---|---|
| 2022 | -14.8% | -0.6% |
| 2023 | +35.4% | +25.7% |
| 2024 | +14.8% | +1.7% |
| 2025 | -2.3% | -6.6% |
| 2026 | -14.6% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and RWAY good diversifiers for each other?
To a limited degree. At 0.67 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 CION and RWAY?
As of 2026-08-27, the correlation of weekly returns between CION and RWAY is 0.67 over 3 years, 0.81 over 1 year and 0.62 over 5 years.
Is RWAY a good diversifier for CION?
To a limited degree. At 0.67 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 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CION correlations · RWAY correlations
