NMFC vs WHF: Correlation
How closely do New Mountain Finance Corporation (NMFC) and WhiteHorse Finance, Inc. - Closed End Fund (WHF) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMFC and WHF?
Over the past 3 years, NMFC and WHF moved with a correlation of 0.48, which is moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 215.3 %².
By 3-year correlation, WHF places #13 of the 22 assets tracked against NMFC. On 12-month performance WHF holds a 13.6-point edge, -16.1% against -2.5%.
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 WHF: side by side
| NMFC (New Mountain Finance Corporation) | WHF (WhiteHorse Finance, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -16.1% | -2.5% |
| 5-year return | +1.4% | -11.5% |
| Volatility (ann.) | 19.7% | 22.6% |
| Beta vs S&P 500 | 0.53 | 0.25 |
| Max drawdown (3Y) | -30.6% | -37.9% |
| Market cap | $0.7B | $0.2B |
| P/E (trailing) | – | 9.1 |
| Dividend yield | 15.98% | 16.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMFC | WHF |
|---|---|---|
| 2022 | -0.6% | -6.2% |
| 2023 | +15.8% | +6.3% |
| 2024 | -0.9% | -8.5% |
| 2025 | -7.2% | -15.4% |
| 2026 | -10.9% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMFC and WHF good diversifiers for each other?
Reasonably. At 0.48, NMFC and WHF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NMFC and WHF?
As of 2026-08-27, the correlation of weekly returns between NMFC and WHF is 0.48 over 3 years, 0.54 over 1 year and 0.51 over 5 years.
Is WHF a good diversifier for NMFC?
Reasonably. At 0.48, NMFC and WHF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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.
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Related comparisons
Hubs: NMFC correlations · WHF correlations
