GF vs OFS: Correlation
Measured on weekly returns over the past three years, New Germany Fund, Inc. (The) (GF) and OFS Capital Corporation - Closed End Fund (OFS) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GF and OFS?
On 3 years of weekly data the GF/OFS correlation comes out at 0.39, moderate. The link has tightened recently: the 1-year correlation (0.51) runs above the 3-year figure (0.39). The 5-year figure is 0.34, and annualized covariance runs at 278.0 %².
OFS is close to the least connected end of GF's tracked universe, ranking #10 of 14. Their recent paths diverged sharply: over the last 12 months GF outperformed by 50.2 percentage points (+2.8% for GF against -47.4% for OFS). Note the risk asymmetry: OFS runs 1.6 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.
GF vs OFS: side by side
| GF (New Germany Fund, Inc. (The)) | OFS (OFS Capital Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | +2.8% | -47.4% |
| 5-year return | -16.5% | -31.5% |
| Volatility (ann.) | 20.9% | 34.0% |
| Beta vs S&P 500 | 0.76 | 0.69 |
| Max drawdown (3Y) | -18.1% | -67.0% |
| Market cap | – | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 1.29% | 23.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GF | OFS |
|---|---|---|
| 2022 | -42.2% | +3.3% |
| 2023 | +11.7% | +29.9% |
| 2024 | -10.0% | -20.2% |
| 2025 | +48.3% | -31.6% |
| 2026 | +3.9% | -14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GF and OFS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GF and OFS?
As of 2026-08-27, the correlation of weekly returns between GF and OFS is 0.39 over 3 years, 0.51 over 1 year and 0.34 over 5 years.
Is OFS a good diversifier for GF?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
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Related comparisons
Hubs: GF correlations · OFS correlations
