LFT vs REFI: Correlation
Measured on weekly returns over the past three years, Lument Finance Trust, Inc. (LFT) and Chicago Atlantic Real Estate Finance, Inc. (REFI) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LFT and REFI?
Over the past 3 years, LFT and REFI moved with a correlation of 0.41, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 257.0 %².
In LFT's tracked universe of 10 assets, REFI sits right near the top at #2. Correlation aside, the last 12 months split them widely, with REFI ahead by 50.4 points (-63.0% versus -12.6%). Note the risk asymmetry: LFT runs 1.7 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.
LFT vs REFI: side by side
| LFT (Lument Finance Trust, Inc.) | REFI (Chicago Atlantic Real Estate Finance, Inc.) | |
|---|---|---|
| 1-year return | -63.0% | -12.6% |
| 5-year return | -67.7% | +21.3% |
| Volatility (ann.) | 32.8% | 19.4% |
| Beta vs S&P 500 | 0.41 | 0.51 |
| Max drawdown (3Y) | -75.1% | -24.9% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 7.8 |
| Dividend yield | 21.82% | 17.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LFT | REFI |
|---|---|---|
| 2022 | -45.1% | +3.4% |
| 2023 | +38.6% | +23.7% |
| 2024 | +29.4% | +8.7% |
| 2025 | -39.3% | -8.7% |
| 2026 | -44.4% | -5.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LFT and REFI good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LFT and REFI?
The LFT/REFI correlation stands at 0.41 on a 3-year window (1 year: 0.49, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is REFI a good diversifier for LFT?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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/lft-vs-refi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lft-vs-refi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LFT correlations · REFI correlations
