NWG vs. MAIN

Last updated Jun 4, 2026

NWG (NatWest Group plc) and MAIN (Main Street Capital Corporation) are both stocks. Both are in the Financial Services sector — NWG in Banks - Diversified, MAIN in Asset Management. Over the past 10 years, NWG returned 14.32%/yr vs 12.73%/yr for MAIN. At a 0.30 correlation, their price movements are largely independent.

Performance

NWG vs. MAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NatWest Group plc (NWG) and Main Street Capital Corporation (MAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWG achieves a -5.66% return, which is significantly higher than MAIN's -13.65% return. Over the past 10 years, NWG has outperformed MAIN with an annualized return of 14.32%, while MAIN has yielded a comparatively lower 12.73% annualized return.

NWG

• 1D: -1.98%
• 1M: 4.97%
• YTD: -5.66%
• 6M: -0.96%
• 1Y: 16.03%
• 3Y*: 42.89%
• 5Y*: 29.37%
• 10Y*: 14.32%

MAIN

• 1D: -1.67%
• 1M: -8.64%
• YTD: -13.65%
• 6M: -11.32%
• 1Y: -3.49%
• 3Y*: 17.00%
• 5Y*: 12.47%
• 10Y*: 12.73%

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

NWG vs. MAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWG NatWest Group plc	-5.66%	81.29%	92.31%	-4.69%	11.23%	39.24%	-24.92%	29.18%	-26.25%	38.16%
MAIN Main Street Capital Corporation	-13.65%	10.74%	47.30%	28.22%	-11.37%	48.31%	-19.54%	36.88%	-8.27%	16.62%

Correlation

The correlation between NWG and MAIN is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007	0.30

Fundamentals

Market Cap NWG : $31.84B MAIN : $4.60B
EPS NWG : $2.95 MAIN : $5.22
PE Ratio NWG : 5.36 MAIN : 9.72
PEG Ratio NWG : 0.20 MAIN : 1.11
PS Ratio NWG : 1.09 MAIN : 6.46
PB Ratio NWG : 0.73 MAIN : 1.49
Total Revenue (TTM) NWG : $29.58B MAIN : $704.17M
Gross Profit (TTM) NWG : $16.97B MAIN : $499.08M
EBITDA (TTM) NWG : $9.10B MAIN : $396.90M

Return for Risk

NWG vs. MAIN — Risk / Return Rank

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

NWG

NWG Risk / Return Rank: 54
NWG Sharpe Ratio Rank: 58
NWG Sortino Ratio Rank: 51
NWG Omega Ratio Rank: 49
NWG Calmar Ratio Rank: 55
NWG Martin Ratio Rank: 57

MAIN

MAIN Risk / Return Rank: 32
MAIN Sharpe Ratio Rank: 35
MAIN Sortino Ratio Rank: 29
MAIN Omega Ratio Rank: 29
MAIN Calmar Ratio Rank: 35
MAIN Martin Ratio Rank: 35

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.

NWG vs. MAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NatWest Group plc (NWG) and Main Street Capital Corporation (MAIN). 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.

	NWG	MAIN	Difference
Sharpe ratio Return per unit of total volatility	0.52	-0.14	+0.66
Sortino ratio Return per unit of downside risk	0.93	-0.03	+0.95
Omega ratio Gain probability vs. loss probability	1.11	1.00	+0.11
Calmar ratio Return relative to maximum drawdown	0.67	-0.16	+0.83
Martin ratio Return relative to average drawdown	1.69	-0.33	+2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWG vs. MAIN - Sharpe Ratio Comparison

The current NWG Sharpe Ratio is 0.52, which is higher than the MAIN Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of NWG and MAIN, 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

	NWG	MAIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	-0.14	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.58	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.47	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.55	-0.66

Drawdowns

NWG vs. MAIN - Drawdown Comparison

The maximum NWG drawdown since its inception was -96.96%, which is greater than MAIN's maximum drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for NWG and MAIN.

Drawdown Indicators

	NWG	MAIN	Difference
Max Drawdown Largest peak-to-trough decline	-96.96%	-64.53%	-32.43%
Max Drawdown (1Y) Largest decline over 1 year	-24.03%	-22.43%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-34.62%	-22.43%	-12.19%
Max Drawdown (5Y) Largest decline over 5 years	-40.56%	-27.06%	-13.50%
Max Drawdown (10Y) Largest decline over 10 years	-67.34%	-64.53%	-2.81%
Current Drawdown Current decline from peak	-71.59%	-20.74%	-50.85%
Average Drawdown Average peak-to-trough decline	-86.23%	-7.29%	-78.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.53%	10.72%	-1.19%

Volatility

NWG vs. MAIN - Volatility Comparison

NatWest Group plc (NWG) has a higher volatility of 9.69% compared to Main Street Capital Corporation (MAIN) at 8.82%. This indicates that NWG's price experiences larger fluctuations and is considered to be riskier than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWG	MAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	8.82%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	23.75%	20.33%	+3.42%
Volatility (1Y) Calculated over the trailing 1-year period	31.20%	24.81%	+6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.51%	21.56%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.31%	27.29%	+11.02%

Dividends

NWG vs. MAIN - Dividend Comparison

NWG's dividend yield for the trailing twelve months is around 5.53%, less than MAIN's 8.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIN Main Street Capital Corporation	8.44%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%
NWG NatWest Group plc	5.53%	3.69%	4.36%	9.42%	11.57%	2.74%	4.59%	9.75%	0.91%	0.00%	0.00%	0.00%

Financials

NWG vs. MAIN - Profitability Comparison

The chart below illustrates the profitability comparison between NatWest Group plc and Main Street Capital Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NWG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported a gross profit of 4.36B and revenue of 7.39B. Therefore, the gross margin over that period was 59.0%.

MAIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a gross profit of 0.00 and revenue of 140.11M. Therefore, the gross margin over that period was 0.0%.

NWG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported an operating income of 2.03B and revenue of 7.39B, resulting in an operating margin of 27.5%.

MAIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported an operating income of 0.00 and revenue of 140.11M, resulting in an operating margin of 0.0%.

NWG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported a net income of 1.51B and revenue of 7.39B, resulting in a net margin of 20.4%.

MAIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a net income of 90.82M and revenue of 140.11M, resulting in a net margin of 64.8%.

Frequently Asked Questions

Can I hold both NWG and MAIN in my portfolio?

NWG and MAIN have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWG or MAIN?

NWG has higher volatility (9.69%) compared to MAIN (8.82%). In terms of maximum drawdown, NWG dropped -96.96% vs MAIN's -64.53%.

Which has better risk-adjusted returns?

NWG currently has the higher Sharpe Ratio (0.52 vs -0.14), 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.