ACRE vs. REFI

Last updated Jun 20, 2026

ACRE (Ares Commercial Real Estate Corporation) and REFI (Chicago Atlantic Real Estate Finance, Inc.) are both stocks. Both operate in the REIT - Mortgage industry within the Real Estate sector. Over the past 3 years, ACRE returned -11.85%/yr vs 3.02%/yr for REFI. At a 0.42 correlation, their price movements are largely independent.

Performance

ACRE vs. REFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ares Commercial Real Estate Corporation (ACRE) and Chicago Atlantic Real Estate Finance, Inc. (REFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACRE achieves a -0.26% return, which is significantly higher than REFI's -2.68% return.

ACRE

• 1D: 0.22%
• 1M: -3.75%
• YTD: -0.26%
• 6M: -7.58%
• 1Y: 8.41%
• 3Y*: -11.85%
• 5Y*: -9.67%
• 10Y*: 1.22%

REFI

• 1D: 3.06%
• 1M: 0.53%
• YTD: -2.68%
• 6M: -4.63%
• 1Y: -6.81%
• 3Y*: 3.02%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACRE vs. REFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ACRE Ares Commercial Real Estate Corporation	-0.26%	-7.92%	-34.00%	15.56%	-20.44%	-1.98%
REFI Chicago Atlantic Real Estate Finance, Inc.	-2.68%	-8.70%	8.69%	23.70%	3.35%	1.52%

Correlation

The correlation between ACRE and REFI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.42

The correlation between ACRE and REFI shifts across timeframes, from 0.42 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ACRE : $255.59M REFI : $245.99M
EPS ACRE : -$0.36 REFI : $226.63
PS Ratio ACRE : 4.66 REFI : 5.54
PB Ratio ACRE : 0.52 REFI : 0.00
Total Revenue (TTM) ACRE : $54.71M REFI : $44.35M
Gross Profit (TTM) ACRE : $25.31M REFI : $42.41M
EBITDA (TTM) ACRE : $30.62M REFI : $8.16M

Return for Risk

ACRE vs. REFI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACRE

ACRE Risk / Return Rank: 50
ACRE Sharpe Ratio Rank: 50
ACRE Sortino Ratio Rank: 46
ACRE Omega Ratio Rank: 45
ACRE Calmar Ratio Rank: 53
ACRE Martin Ratio Rank: 53

REFI

REFI Risk / Return Rank: 27
REFI Sharpe Ratio Rank: 30
REFI Sortino Ratio Rank: 26
REFI Omega Ratio Rank: 26
REFI Calmar Ratio Rank: 26
REFI Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACRE vs. REFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ares Commercial Real Estate Corporation (ACRE) and Chicago Atlantic Real Estate Finance, Inc. (REFI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ACRE	REFI	Difference
Sharpe ratio: Return per unit of total volatility	0.22	-0.29	+0.51
Sortino ratio: Return per unit of downside risk	0.63	-0.24	+0.88
Omega ratio: Gain probability vs. loss probability	1.07	0.97	+0.10
Calmar ratio: Return relative to maximum drawdown	0.48	-0.46	+0.94
Martin ratio: Return relative to average drawdown	0.97	-0.82	+1.79

ACRE vs. REFI - Sharpe Ratio Comparison

The current ACRE Sharpe Ratio is 0.22, which is higher than the REFI Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of ACRE and REFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACRE vs. REFI - Drawdown Comparison

The maximum ACRE drawdown since its inception was -75.68%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for ACRE and REFI.

Drawdown Indicators

	ACRE	REFI	Difference
Max Drawdown Largest peak-to-trough decline	-75.68%	-26.55%	-49.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.69%	-14.71%	-2.98%
Max Drawdown (3Y) Largest decline over 3 years	-61.28%	-19.25%	-42.03%
Max Drawdown (5Y) Largest decline over 5 years	-67.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.68%	—	—
Current Drawdown Current decline from peak	-51.39%	-15.63%	-35.76%
Average Drawdown Average peak-to-trough decline	-19.90%	-9.93%	-9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.71%	8.28%	+0.43%

Volatility

ACRE vs. REFI - Volatility Comparison

Ares Commercial Real Estate Corporation (ACRE) has a higher volatility of 10.73% compared to Chicago Atlantic Real Estate Finance, Inc. (REFI) at 6.25%. This indicates that ACRE's price experiences larger fluctuations and is considered to be riskier than REFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACRE	REFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.73%	6.25%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	24.56%	16.18%	+8.38%
Volatility (1Y) Calculated over the trailing 1-year period	37.57%	23.78%	+13.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.45%	24.32%	+11.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.08%	24.32%	+20.76%

Dividends

ACRE vs. REFI - Dividend Comparison

ACRE's dividend yield for the trailing twelve months is around 12.99%, less than REFI's 16.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACRE Ares Commercial Real Estate Corporation	12.99%	12.55%	16.98%	13.13%	13.61%	9.63%	11.08%	8.33%	8.90%	8.37%	7.57%	8.74%
REFI Chicago Atlantic Real Estate Finance, Inc.	16.42%	15.33%	13.36%	13.41%	13.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both ACRE and REFI in my portfolio?

ACRE and REFI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACRE or REFI?

ACRE has higher volatility (10.73%) compared to REFI (6.25%). In terms of maximum drawdown, ACRE dropped -75.68% vs REFI's -26.55%.

Which has better risk-adjusted returns?

ACRE currently has the higher Sharpe Ratio (0.22 vs -0.29), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.