BXMT vs. NREF
BXMT (Blackstone Mortgage Trust, Inc.) and NREF (NexPoint Real Estate Finance, Inc.) are both stocks. Both operate in the REIT - Mortgage industry within the Real Estate sector. Over the past 5 years, BXMT returned -0.89%/yr vs 6.79%/yr for NREF. At a 0.46 correlation, their price movements are largely independent.
Performance
BXMT vs. NREF - Performance Comparison
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Returns By Period
In the year-to-date period, BXMT achieves a -3.07% return, which is significantly lower than NREF's 13.03% return.
BXMT
- 1D
- 1.46%
- 1M
- 0.72%
- YTD
- -3.07%
- 6M
- -5.60%
- 1Y
- 3.30%
- 3Y*
- 7.73%
- 5Y*
- -0.89%
- 10Y*
- 5.02%
NREF
- 1D
- 1.85%
- 1M
- 0.42%
- YTD
- 13.03%
- 6M
- 12.00%
- 1Y
- 24.59%
- 3Y*
- 15.74%
- 5Y*
- 6.79%
- 10Y*
- —
BXMT vs. NREF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BXMT Blackstone Mortgage Trust, Inc. | -3.07% | 21.13% | -7.90% | 13.46% | -24.03% | 20.27% | -21.72% |
NREF NexPoint Real Estate Finance, Inc. | 13.03% | 2.28% | 13.51% | 17.36% | -8.90% | 27.81% | -3.83% |
Correlation
The correlation between BXMT and NREF is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2020 | 0.46 |
The correlation between BXMT and NREF has been stable across timeframes, ranging from 0.46 to 0.56 - a consistent structural relationship.
Fundamentals
BXMT:
$3.06B
NREF:
$765.15M
BXMT:
$0.61
NREF:
$2.26
BXMT:
29.84
NREF:
6.59
BXMT:
1.47
NREF:
0.06
BXMT:
2.01
NREF:
4.39
BXMT:
0.90
NREF:
1.97
BXMT:
$1.54B
NREF:
$155.54M
BXMT:
$960.53M
NREF:
$132.51M
BXMT:
$957.49M
NREF:
$152.30M
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Return for Risk
BXMT vs. NREF — Risk / Return Rank
BXMT
NREF
BXMT vs. NREF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackstone Mortgage Trust, Inc. (BXMT) and NexPoint Real Estate Finance, Inc. (NREF). 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.
| BXMT | NREF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.18 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 1.91 | -1.64 |
| Martin ratioReturn relative to average drawdown | 0.60 | 4.83 | -4.23 |
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Drawdowns
BXMT vs. NREF - Drawdown Comparison
The maximum BXMT drawdown since its inception was -97.98%, which is greater than NREF's maximum drawdown of -66.09%. Use the drawdown chart below to compare losses from any high point for BXMT and NREF.
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Drawdown Indicators
| BXMT | NREF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.98% | -66.09% | -31.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.02% | -12.92% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -23.29% | -24.00% | +0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -43.02% | -44.78% | +1.76% |
Max Drawdown (10Y)Largest decline over 10 years | -67.86% | — | — |
Current DrawdownCurrent decline from peak | -34.94% | -3.98% | -30.96% |
Average DrawdownAverage peak-to-trough decline | -49.05% | -16.75% | -32.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.48% | 5.10% | +0.38% |
Volatility
BXMT vs. NREF - Volatility Comparison
Blackstone Mortgage Trust, Inc. (BXMT) has a higher volatility of 7.13% compared to NexPoint Real Estate Finance, Inc. (NREF) at 6.62%. This indicates that BXMT's price experiences larger fluctuations and is considered to be riskier than NREF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BXMT | NREF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 6.62% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 16.79% | 17.32% | -0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.91% | 24.64% | -2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.75% | 33.29% | -5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.64% | 45.65% | -13.01% |
Dividends
BXMT vs. NREF - Dividend Comparison
BXMT's dividend yield for the trailing twelve months is around 10.39%, less than NREF's 13.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXMT Blackstone Mortgage Trust, Inc. | 10.39% | 9.83% | 12.52% | 11.66% | 11.71% | 8.10% | 9.01% | 6.66% | 7.78% | 7.71% | 8.25% | 8.52% |
NREF NexPoint Real Estate Finance, Inc. | 13.45% | 14.20% | 12.75% | 17.40% | 12.59% | 9.87% | 8.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
BXMT vs. NREF - Financials Comparison
This section allows you to compare key financial metrics between Blackstone Mortgage Trust, Inc. and NexPoint 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
BXMT vs. NREF - Profitability Comparison
BXMT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Blackstone Mortgage Trust, Inc. reported a gross profit of 77.44M and revenue of 380.15M. Therefore, the gross margin over that period was 20.4%.
NREF - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NexPoint Real Estate Finance, Inc. reported a gross profit of 41.79M and revenue of 41.79M. Therefore, the gross margin over that period was 100.0%.
BXMT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Blackstone Mortgage Trust, Inc. reported an operating income of 48.65M and revenue of 380.15M, resulting in an operating margin of 12.8%.
NREF - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NexPoint Real Estate Finance, Inc. reported an operating income of 31.79M and revenue of 41.79M, resulting in an operating margin of 76.1%.
BXMT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Blackstone Mortgage Trust, Inc. reported a net income of -6.30M and revenue of 380.15M, resulting in a net margin of -1.7%.
NREF - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NexPoint Real Estate Finance, Inc. reported a net income of 20.27M and revenue of 41.79M, resulting in a net margin of 48.5%.
Frequently Asked Questions
BXMT and NREF have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BXMT has higher volatility (7.13%) compared to NREF (6.62%). In terms of maximum drawdown, BXMT dropped -97.98% vs NREF's -66.09%.
NREF currently has the higher Sharpe Ratio (1.00 vs 0.15), 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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