CMTG vs KREF: Correlation
Claros Mortgage Trust, Inc. (CMTG) and KKR Real Estate Finance Trust Inc. (KREF) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMTG and KREF?
Over the past 3 years, CMTG and KREF moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 1043.7 %².
KREF is one of the assets that tracks CMTG most closely: it ranks #2 out of the 11 assets we track against CMTG. Their recent paths diverged sharply: over the last 12 months KREF outperformed by 42.7 percentage points (-52.7% for CMTG against -10.0% for KREF). One caveat on sizing: CMTG is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CMTG vs KREF: side by side
| CMTG (Claros Mortgage Trust, Inc.) | KREF (KKR Real Estate Finance Trust Inc.) | |
|---|---|---|
| 1-year return | -52.7% | -10.0% |
| 5-year return | -87.0% | -38.4% |
| Volatility (ann.) | 62.4% | 32.2% |
| Beta vs S&P 500 | 0.90 | 0.66 |
| Max drawdown (3Y) | -87.6% | -44.9% |
| Market cap | $0.2B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 11.26% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMTG | KREF |
|---|---|---|
| 2022 | -1.4% | -25.9% |
| 2023 | +2.8% | +9.2% |
| 2024 | -64.4% | -15.8% |
| 2025 | -32.3% | -9.3% |
| 2026 | -46.1% | -2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMTG and KREF good diversifiers for each other?
To a limited degree. At 0.52 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 CMTG and KREF?
As of 2026-08-27, the correlation of weekly returns between CMTG and KREF is 0.52 over 3 years, 0.45 over 1 year and 0.51 over 5 years.
Is KREF a good diversifier for CMTG?
To a limited degree. At 0.52 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 0.52 mean?
On the −1 to +1 scale, 0.52 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/cmtg-vs-kref.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmtg-vs-kref/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMTG correlations · KREF correlations
