GECC vs NMFC: Correlation
Great Elm Capital Corp. - Closed End Fund (GECC) and New Mountain Finance Corporation (NMFC) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GECC and NMFC?
Over the past 3 years, GECC and NMFC moved with a correlation of 0.47, 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 0.38, and the annualized covariance of weekly returns is 283.0 %².
Among the 13 assets we track against GECC, NMFC ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NMFC outperformed by 20.1 percentage points (-36.2% for GECC against -16.1% for NMFC). Note the risk asymmetry: GECC runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GECC vs NMFC: side by side
| GECC (Great Elm Capital Corp. - Closed End Fund) | NMFC (New Mountain Finance Corporation) | |
|---|---|---|
| 1-year return | -36.2% | -16.1% |
| 5-year return | -40.4% | +1.4% |
| Volatility (ann.) | 30.5% | 19.7% |
| Beta vs S&P 500 | 0.62 | 0.53 |
| Max drawdown (3Y) | -54.0% | -30.6% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 21.54% | 15.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GECC | NMFC |
|---|---|---|
| 2022 | -47.4% | -0.6% |
| 2023 | +49.4% | +15.8% |
| 2024 | +18.9% | -0.9% |
| 2025 | -25.4% | -7.2% |
| 2026 | -6.2% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GECC and NMFC good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GECC and NMFC?
As of 2026-08-27, the correlation of weekly returns between GECC and NMFC is 0.47 over 3 years, 0.45 over 1 year and 0.38 over 5 years.
Is NMFC a good diversifier for GECC?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/gecc-vs-nmfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gecc-vs-nmfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GECC correlations · NMFC correlations
