HASI vs MFA: Correlation
HA Sustainable Infrastructure Capital, Inc. (HASI) and MFA Financial, Inc. (MFA) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HASI and MFA?
Over the past 3 years, HASI and MFA moved with a correlation of 0.60, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.60 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 734.2 %².
MFA is one of the assets that tracks HASI most closely: it ranks #1 out of the 13 assets we track against HASI. Correlation aside, the last 12 months split them widely, with HASI ahead by 48.2 points (+51.0% versus +2.8%). One caveat on sizing: HASI 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.
HASI vs MFA: side by side
| HASI (HA Sustainable Infrastructure Capital, Inc.) | MFA (MFA Financial, Inc.) | |
|---|---|---|
| 1-year return | +51.0% | +2.8% |
| 5-year return | -13.8% | -8.1% |
| Volatility (ann.) | 48.0% | 25.6% |
| Beta vs S&P 500 | 0.84 | 0.64 |
| Max drawdown (3Y) | -41.4% | -31.6% |
| Market cap | $5.2B | $0.9B |
| P/E (trailing) | 62.0 | 8.8 |
| Dividend yield | 4.22% | 16.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HASI | MFA |
|---|---|---|
| 2022 | -43.0% | -37.2% |
| 2023 | +1.5% | +30.7% |
| 2024 | +3.0% | +2.6% |
| 2025 | +23.9% | +6.1% |
| 2026 | +31.0% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HASI and MFA good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HASI and MFA?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.39 over the last year and 0.54 over 5 years.
Is MFA a good diversifier for HASI?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/hasi-vs-mfa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hasi-vs-mfa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HASI correlations · MFA correlations
