ARI vs. REFI
ARI (Apollo Commercial Real Estate Finance, Inc.) 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, ARI returned 10.54%/yr vs 3.02%/yr for REFI. At a 0.43 correlation, their price movements are largely independent.
Performance
ARI vs. REFI - Performance Comparison
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Returns By Period
In the year-to-date period, ARI achieves a 14.60% return, which is significantly higher than REFI's -2.68% return.
ARI
- 1D
- 1.03%
- 1M
- -1.37%
- YTD
- 14.60%
- 6M
- 13.46%
- 1Y
- 22.16%
- 3Y*
- 10.54%
- 5Y*
- 4.00%
- 10Y*
- 7.52%
REFI
- 1D
- 3.06%
- 1M
- 0.53%
- YTD
- -2.68%
- 6M
- -4.63%
- 1Y
- -6.81%
- 3Y*
- 3.02%
- 5Y*
- —
- 10Y*
- —
ARI vs. REFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ARI Apollo Commercial Real Estate Finance, Inc. | 14.60% | 23.83% | -16.51% | 24.46% | -7.12% | -3.65% |
REFI Chicago Atlantic Real Estate Finance, Inc. | -2.68% | -8.70% | 8.69% | 23.70% | 3.35% | 1.52% |
Correlation
The correlation between ARI and REFI is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021 | 0.43 |
The correlation between ARI and REFI shifts across timeframes, from 0.43 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
ARI:
$1.51B
REFI:
$245.99M
ARI:
$0.91
REFI:
$226.63
ARI:
11.89
REFI:
0.05
ARI:
0.00
REFI:
0.00
ARI:
2.54
REFI:
5.54
ARI:
0.84
REFI:
0.00
ARI:
$595.26M
REFI:
$44.35M
ARI:
$429.14M
REFI:
$42.41M
ARI:
$372.79M
REFI:
$8.16M
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Return for Risk
ARI vs. REFI — Risk / Return Rank
ARI
REFI
ARI vs. REFI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Apollo Commercial Real Estate Finance, Inc. (ARI) 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.
| ARI | REFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.46 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.97 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | -0.46 | +2.68 |
| Martin ratioReturn relative to average drawdown | 4.97 | -0.82 | +5.79 |
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Drawdowns
ARI vs. REFI - Drawdown Comparison
The maximum ARI drawdown since its inception was -77.39%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for ARI and REFI.
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Drawdown Indicators
| ARI | REFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.39% | -26.55% | -50.84% |
Max Drawdown (1Y)Largest decline over 1 year | -10.04% | -14.71% | +4.67% |
Max Drawdown (3Y)Largest decline over 3 years | -24.73% | -19.25% | -5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -40.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -77.39% | — | — |
Current DrawdownCurrent decline from peak | -3.48% | -15.63% | +12.15% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -9.93% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 8.28% | -3.81% |
Volatility
ARI vs. REFI - Volatility Comparison
The current volatility for Apollo Commercial Real Estate Finance, Inc. (ARI) is 4.36%, while Chicago Atlantic Real Estate Finance, Inc. (REFI) has a volatility of 6.25%. This indicates that ARI experiences smaller price fluctuations and is considered to be less risky than REFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARI | REFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 6.25% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 13.69% | 16.18% | -2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 23.78% | -4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.73% | 24.32% | +6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.99% | 24.32% | +19.67% |
Dividends
ARI vs. REFI - Dividend Comparison
ARI's dividend yield for the trailing twelve months is around 9.23%, less than REFI's 16.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARI Apollo Commercial Real Estate Finance, Inc. | 9.23% | 10.33% | 13.86% | 11.93% | 13.01% | 10.64% | 12.98% | 10.06% | 11.04% | 9.97% | 11.07% | 10.33% |
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
ARI vs. REFI - Financials Comparison
This section allows you to compare key financial metrics between Apollo Commercial Real Estate Finance, Inc. and Chicago Atlantic Real Estate Finance, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
ARI and REFI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REFI has higher volatility (6.25%) compared to ARI (4.36%). In terms of maximum drawdown, ARI dropped -77.39% vs REFI's -26.55%.
ARI currently has the higher Sharpe Ratio (1.17 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.
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