MFIC vs NMFC: Correlation
How closely do MidCap Financial Investment Corporation - Closed End Fund (MFIC) and New Mountain Finance Corporation (NMFC) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIC and NMFC?
Across a 3-year window, the weekly returns of MFIC and NMFC correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 272.8 %².
Among the 11 assets we track against MFIC, NMFC ranks #4 by 3-year correlation. Their 12-month results are close: -17.7% for MFIC against -16.1% for NMFC.
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.
MFIC vs NMFC: side by side
| MFIC (MidCap Financial Investment Corporation - Closed End Fund) | NMFC (New Mountain Finance Corporation) | |
|---|---|---|
| 1-year return | -17.7% | -16.1% |
| 5-year return | +29.0% | +1.4% |
| Volatility (ann.) | 20.8% | 19.7% |
| Beta vs S&P 500 | 0.57 | 0.53 |
| Max drawdown (3Y) | -27.0% | -30.6% |
| Market cap | $0.8B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 14.32% | 15.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFIC | NMFC |
|---|---|---|
| 2022 | +0.2% | -0.6% |
| 2023 | +35.5% | +15.8% |
| 2024 | +11.2% | -0.9% |
| 2025 | -4.3% | -7.2% |
| 2026 | -9.9% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIC and NMFC good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MFIC and NMFC?
The MFIC/NMFC correlation stands at 0.67 on a 3-year window (1 year: 0.64, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is NMFC a good diversifier for MFIC?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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/mfic-vs-nmfc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfic-vs-nmfc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MFIC correlations · NMFC correlations
