EFC vs MFA: Correlation
Measured on weekly returns over the past three years, Ellington Financial Inc. (EFC) and MFA Financial, Inc. (MFA) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFC and MFA?
On 3 years of weekly data the EFC/MFA correlation comes out at 0.65, strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.65). The 5-year figure is 0.76, and annualized covariance runs at 311.9 %².
Among the 13 assets we track against EFC, MFA ranks #4 by 3-year correlation. The trailing year gives EFC the advantage: +10.7% versus +2.8%, a 7.9-point spread.
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.
EFC vs MFA: side by side
| EFC (Ellington Financial Inc.) | MFA (MFA Financial, Inc.) | |
|---|---|---|
| 1-year return | +10.7% | +2.8% |
| 5-year return | +35.9% | -8.1% |
| Volatility (ann.) | 18.8% | 25.6% |
| Beta vs S&P 500 | 0.54 | 0.64 |
| Max drawdown (3Y) | -18.9% | -31.6% |
| Market cap | $1.8B | $0.9B |
| P/E (trailing) | 8.4 | 8.8 |
| Dividend yield | 11.59% | 16.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFC | MFA |
|---|---|---|
| 2022 | -18.3% | -37.2% |
| 2023 | +18.2% | +30.7% |
| 2024 | +8.7% | +2.6% |
| 2025 | +26.1% | +6.1% |
| 2026 | +7.2% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFC and MFA good diversifiers for each other?
Only partially. A correlation of 0.65 means EFC and MFA 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 EFC and MFA?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.51 over the last year and 0.76 over 5 years.
Is MFA a good diversifier for EFC?
Only partially. A correlation of 0.65 means EFC and MFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efc-vs-mfa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/efc-vs-mfa/)
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Related comparisons
Hubs: EFC correlations · MFA correlations
