ICMB vs. CION

Last updated Jun 3, 2026

ICMB (Investcorp Credit Management BDC, Inc.) and CION (CION Investment Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 3 years, ICMB returned -21.34%/yr vs 3.04%/yr for CION. At a 0.17 correlation, their price movements are largely independent.

Performance

ICMB vs. CION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Investcorp Credit Management BDC, Inc. (ICMB) and CION Investment Corporation (CION). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICMB achieves a -56.30% return, which is significantly lower than CION's -23.59% return.

ICMB

• 1D: 0.00%
• 1M: -35.52%
• YTD: -56.30%
• 6M: -58.60%
• 1Y: -52.53%
• 3Y*: -21.34%
• 5Y*: -15.94%
• 10Y*: -5.96%

CION

• 1D: 1.47%
• 1M: -11.99%
• YTD: -23.59%
• 6M: -23.75%
• 1Y: -13.30%
• 3Y*: 3.04%
• 5Y*: —
• 10Y*: —

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

ICMB vs. CION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICMB Investcorp Credit Management BDC, Inc.	-56.30%	5.92%	0.74%	19.01%	-18.96%	-5.74%
CION CION Investment Corporation	-23.59%	-2.26%	14.82%	35.42%	-14.80%	14.07%

Correlation

The correlation between ICMB and CION is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.17

Fundamentals

EPS ICMB : -$0.74 CION : $0.67
PS Ratio ICMB : 1.74 CION : 1.65
Total Revenue (TTM) ICMB : $6.51M CION : $217.31M
Gross Profit (TTM) ICMB : $729.57K CION : $189.35M
EBITDA (TTM) ICMB : -$9.28M CION : $112.53M

Return for Risk

ICMB vs. CION — Risk / Return Rank

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

ICMB

ICMB Risk / Return Rank: 4
ICMB Sharpe Ratio Rank: 3
ICMB Sortino Ratio Rank: 5
ICMB Omega Ratio Rank: 4
ICMB Calmar Ratio Rank: 8
ICMB Martin Ratio Rank: 0

CION

CION Risk / Return Rank: 20
CION Sharpe Ratio Rank: 19
CION Sortino Ratio Rank: 18
CION Omega Ratio Rank: 18
CION Calmar Ratio Rank: 25
CION Martin Ratio Rank: 20

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.

ICMB vs. CION - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Investcorp Credit Management BDC, Inc. (ICMB) and CION Investment Corporation (CION). 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.

	ICMB	CION	Difference
Sharpe ratio Return per unit of total volatility	-1.06	-0.50	-0.56
Sortino ratio Return per unit of downside risk	-1.49	-0.53	-0.96
Omega ratio Gain probability vs. loss probability	0.78	0.93	-0.15
Calmar ratio Return relative to maximum drawdown	-0.84	-0.45	-0.39
Martin ratio Return relative to average drawdown	-2.31	-0.99	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICMB vs. CION - Sharpe Ratio Comparison

The current ICMB Sharpe Ratio is -1.06, which is lower than the CION Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of ICMB and CION, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICMB	CION	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.06	-0.50	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	0.09	-0.26

Drawdowns

ICMB vs. CION - Drawdown Comparison

The maximum ICMB drawdown since its inception was -80.34%, which is greater than CION's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for ICMB and CION.

Drawdown Indicators

	ICMB	CION	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-45.39%	-34.95%
Max Drawdown (1Y) Largest decline over 1 year	-61.81%	-33.39%	-28.42%
Max Drawdown (3Y) Largest decline over 3 years	-61.81%	-37.62%	-24.19%
Max Drawdown (5Y) Largest decline over 5 years	-63.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.34%	—	—
Current Drawdown Current decline from peak	-63.40%	-32.16%	-31.24%
Average Drawdown Average peak-to-trough decline	-19.30%	-14.97%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.43%	14.97%	+7.46%

Volatility

ICMB vs. CION - Volatility Comparison

Investcorp Credit Management BDC, Inc. (ICMB) has a higher volatility of 16.14% compared to CION Investment Corporation (CION) at 9.59%. This indicates that ICMB's price experiences larger fluctuations and is considered to be riskier than CION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICMB	CION	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.14%	9.59%	+6.55%
Volatility (6M) Calculated over the trailing 6-month period	46.57%	22.23%	+24.34%
Volatility (1Y) Calculated over the trailing 1-year period	49.75%	26.64%	+23.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.12%	29.37%	+9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.41%	29.37%	+15.04%

Dividends

ICMB vs. CION - Dividend Comparison

ICMB's dividend yield for the trailing twelve months is around 23.73%, more than CION's 17.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CION CION Investment Corporation	17.63%	14.89%	13.33%	14.24%	14.87%	3.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICMB Investcorp Credit Management BDC, Inc.	23.73%	19.26%	17.82%	17.72%	17.02%	12.73%	15.93%	14.93%	16.00%	12.27%	15.12%	18.14%

Financials

Frequently Asked Questions

Can I hold both ICMB and CION in my portfolio?

ICMB and CION have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICMB or CION?

ICMB has higher volatility (16.14%) compared to CION (9.59%). In terms of maximum drawdown, ICMB dropped -80.34% vs CION's -45.39%.

Which has better risk-adjusted returns?

CION currently has the higher Sharpe Ratio (-0.50 vs -1.06), 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.