NMFC vs RWAY: Correlation
New Mountain Finance Corporation (NMFC) and Runway Growth Finance Corp. (RWAY) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMFC and RWAY?
Across a 3-year window, the weekly returns of NMFC and RWAY correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 375.3 %².
Among the 22 assets we track against NMFC, RWAY ranks #11 by 3-year correlation. The trailing year gives NMFC the advantage: -16.1% versus -27.2%, a 11.1-point spread.
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.
NMFC vs RWAY: side by side
| NMFC (New Mountain Finance Corporation) | RWAY (Runway Growth Finance Corp.) | |
|---|---|---|
| 1-year return | -16.1% | -27.2% |
| 5-year return | +1.4% | +2.3% |
| Volatility (ann.) | 19.7% | 29.4% |
| Beta vs S&P 500 | 0.53 | 0.69 |
| Max drawdown (3Y) | -30.6% | -45.3% |
| Market cap | $0.7B | $0.3B |
| P/E (trailing) | – | 27.4 |
| Dividend yield | 15.98% | 20.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMFC | RWAY |
|---|---|---|
| 2022 | -0.6% | -0.6% |
| 2023 | +15.8% | +25.7% |
| 2024 | -0.9% | +1.7% |
| 2025 | -7.2% | -6.6% |
| 2026 | -10.9% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMFC and RWAY good diversifiers for each other?
Only partially. A correlation of 0.65 means NMFC and RWAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NMFC and RWAY?
The NMFC/RWAY correlation stands at 0.65 on a 3-year window (1 year: 0.74, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is RWAY a good diversifier for NMFC?
Only partially. A correlation of 0.65 means NMFC and RWAY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
A reading of 0.65 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NMFC correlations · RWAY correlations
