ORC vs. REFI

Last updated Jun 20, 2026

ORC (Orchid Island Capital, 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, ORC returned 4.64%/yr vs 3.02%/yr for REFI. At a 0.34 correlation, their price movements are largely independent.

Performance

ORC vs. REFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Orchid Island Capital, Inc. (ORC) 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, ORC achieves a 0.49% return, which is significantly higher than REFI's -2.68% return.

ORC

• 1D: 1.36%
• 1M: 0.26%
• YTD: 0.49%
• 6M: 0.23%
• 1Y: 15.51%
• 3Y*: 4.64%
• 5Y*: -8.40%
• 10Y*: -3.30%

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)

ORC vs. REFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ORC Orchid Island Capital, Inc.	0.49%	12.66%	9.87%	-3.10%	-41.63%	2.08%
REFI Chicago Atlantic Real Estate Finance, Inc.	-2.68%	-8.70%	8.69%	23.70%	3.35%	1.52%

Correlation

The correlation between ORC and REFI is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.34

The correlation between ORC and REFI shifts across timeframes, from 0.34 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ORC : $1.27B REFI : $245.99M
EPS ORC : $0.85 REFI : $226.63
PE Ratio ORC : 7.85 REFI : 0.05
PEG Ratio ORC : 0.03 REFI : 0.00
PS Ratio ORC : 5.61 REFI : 5.54
PB Ratio ORC : 0.91 REFI : 0.00
Total Revenue (TTM) ORC : $181.13M REFI : $44.35M
Gross Profit (TTM) ORC : $87.42M REFI : $42.41M
EBITDA (TTM) ORC : $197.11M REFI : $8.16M

Return for Risk

ORC vs. REFI — Risk / Return Rank

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

ORC

ORC Risk / Return Rank: 61
ORC Sharpe Ratio Rank: 66
ORC Sortino Ratio Rank: 58
ORC Omega Ratio Rank: 57
ORC Calmar Ratio Rank: 62
ORC Martin Ratio Rank: 63

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.

ORC vs. REFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Orchid Island Capital, Inc. (ORC) 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.

	ORC	REFI	Difference
Sharpe ratio: Return per unit of total volatility	0.73	-0.29	+1.02
Sortino ratio: Return per unit of downside risk	1.11	-0.24	+1.36
Omega ratio: Gain probability vs. loss probability	1.14	0.97	+0.17
Calmar ratio: Return relative to maximum drawdown	0.94	-0.46	+1.40
Martin ratio: Return relative to average drawdown	2.14	-0.82	+2.96

ORC vs. REFI - Sharpe Ratio Comparison

The current ORC Sharpe Ratio is 0.73, which is higher than the REFI Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of ORC 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

ORC vs. REFI - Drawdown Comparison

The maximum ORC drawdown since its inception was -75.77%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for ORC and REFI.

Drawdown Indicators

	ORC	REFI	Difference
Max Drawdown Largest peak-to-trough decline	-75.77%	-26.55%	-49.22%
Max Drawdown (1Y) Largest decline over 1 year	-16.58%	-14.71%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	-43.06%	-19.25%	-23.81%
Max Drawdown (5Y) Largest decline over 5 years	-65.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.77%	—	—
Current Drawdown Current decline from peak	-45.82%	-15.63%	-30.19%
Average Drawdown Average peak-to-trough decline	-28.85%	-9.93%	-18.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.28%	8.28%	-1.00%

Volatility

ORC vs. REFI - Volatility Comparison

Orchid Island Capital, Inc. (ORC) and Chicago Atlantic Real Estate Finance, Inc. (REFI) have volatilities of 6.40% and 6.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORC	REFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	6.25%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	17.76%	16.18%	+1.58%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	23.78%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.78%	24.32%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.71%	24.32%	+13.39%

Dividends

ORC vs. REFI - Dividend Comparison

ORC's dividend yield for the trailing twelve months is around 20.90%, more than REFI's 16.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ORC Orchid Island Capital, Inc.	20.90%	20.00%	18.51%	21.35%	29.67%	17.33%	15.13%	16.41%	16.74%	18.10%	15.51%	19.34%
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

Frequently Asked Questions

Can I hold both ORC and REFI in my portfolio?

ORC and REFI have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORC or REFI?

ORC has higher volatility (6.40%) compared to REFI (6.25%). In terms of maximum drawdown, ORC dropped -75.77% vs REFI's -26.55%.

Which has better risk-adjusted returns?

ORC currently has the higher Sharpe Ratio (0.73 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.