GPMT vs. REFI

Last updated Jun 20, 2026

GPMT (Granite Point Mortgage Trust 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, GPMT returned -30.22%/yr vs 3.02%/yr for REFI. At a 0.33 correlation, their price movements are largely independent.

Performance

GPMT vs. REFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Granite Point Mortgage Trust Inc. (GPMT) 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, GPMT achieves a -43.04% return, which is significantly lower than REFI's -2.68% return.

GPMT

• 1D: -6.38%
• 1M: -0.75%
• YTD: -43.04%
• 6M: -42.55%
• 1Y: -40.12%
• 3Y*: -30.22%
• 5Y*: -31.48%
• 10Y*: —

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)

GPMT vs. REFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GPMT Granite Point Mortgage Trust Inc.	-43.04%	-7.03%	-49.00%	28.79%	-48.31%	-2.22%
REFI Chicago Atlantic Real Estate Finance, Inc.	-2.68%	-8.70%	8.69%	23.70%	3.35%	1.52%

Correlation

The correlation between GPMT and REFI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.33

The correlation between GPMT and REFI shifts across timeframes, from 0.23 (1 year) to 0.35 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap GPMT : $62.93M REFI : $245.99M
EPS GPMT : -$0.85 REFI : $226.63
PS Ratio GPMT : 0.47 REFI : 5.54
PB Ratio GPMT : 0.12 REFI : 0.00
Total Revenue (TTM) GPMT : $132.94M REFI : $44.35M
Gross Profit (TTM) GPMT : $74.25M REFI : $42.41M
EBITDA (TTM) GPMT : $16.09M REFI : $8.16M

Return for Risk

GPMT vs. REFI — Risk / Return Rank

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

GPMT

GPMT Risk / Return Rank: 10
GPMT Sharpe Ratio Rank: 7
GPMT Sortino Ratio Rank: 9
GPMT Omega Ratio Rank: 10
GPMT Calmar Ratio Rank: 14
GPMT Martin Ratio Rank: 10

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.

GPMT vs. REFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Granite Point Mortgage Trust Inc. (GPMT) 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.

	GPMT	REFI	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.29	-0.59
Sortino ratio: Return per unit of downside risk	-1.22	-0.24	-0.98
Omega ratio: Gain probability vs. loss probability	0.86	0.97	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.46	-0.27
Martin ratio: Return relative to average drawdown	-1.32	-0.82	-0.50

GPMT vs. REFI - Sharpe Ratio Comparison

The current GPMT Sharpe Ratio is -0.88, which is lower than the REFI Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of GPMT 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

GPMT vs. REFI - Drawdown Comparison

The maximum GPMT drawdown since its inception was -87.96%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for GPMT and REFI.

Drawdown Indicators

	GPMT	REFI	Difference
Max Drawdown Largest peak-to-trough decline	-87.96%	-26.55%	-61.41%
Max Drawdown (1Y) Largest decline over 1 year	-54.89%	-14.71%	-40.18%
Max Drawdown (3Y) Largest decline over 3 years	-74.35%	-19.25%	-55.10%
Max Drawdown (5Y) Largest decline over 5 years	-85.73%	—	—
Current Drawdown Current decline from peak	-86.91%	-15.63%	-71.28%
Average Drawdown Average peak-to-trough decline	-40.82%	-9.93%	-30.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.41%	8.28%	+22.13%

Volatility

GPMT vs. REFI - Volatility Comparison

Granite Point Mortgage Trust Inc. (GPMT) has a higher volatility of 11.67% compared to Chicago Atlantic Real Estate Finance, Inc. (REFI) at 6.25%. This indicates that GPMT'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

	GPMT	REFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.67%	6.25%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	36.85%	16.18%	+20.67%
Volatility (1Y) Calculated over the trailing 1-year period	45.94%	23.78%	+22.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.83%	24.32%	+19.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.52%	24.32%	+61.20%

Dividends

GPMT vs. REFI - Dividend Comparison

GPMT's dividend yield for the trailing twelve months is around 15.15%, less than REFI's 16.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GPMT Granite Point Mortgage Trust Inc.	15.15%	8.33%	10.75%	13.47%	17.72%	8.54%	6.51%	9.14%	8.99%	3.95%
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%

Financials

Frequently Asked Questions

Can I hold both GPMT and REFI in my portfolio?

GPMT and REFI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPMT or REFI?

GPMT has higher volatility (11.67%) compared to REFI (6.25%). In terms of maximum drawdown, GPMT dropped -87.96% vs REFI's -26.55%.

Which has better risk-adjusted returns?

REFI currently has the higher Sharpe Ratio (-0.29 vs -0.88), 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.