REFI vs. SCHD

Last updated Jun 3, 2026

REFI (Chicago Atlantic Real Estate Finance, Inc.) is a stock, while SCHD (Schwab U.S. Dividend Equity ETF) is Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Over the past 3 years, REFI returned 4.70%/yr vs 15.09%/yr for SCHD. At a 0.37 correlation, their price movements are largely independent.

Performance

REFI vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chicago Atlantic Real Estate Finance, Inc. (REFI) and Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REFI achieves a -4.13% return, which is significantly lower than SCHD's 19.01% return.

REFI

• 1D: 0.18%
• 1M: -6.08%
• YTD: -4.13%
• 6M: -2.29%
• 1Y: -8.83%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —

SCHD

• 1D: 0.59%
• 1M: 1.60%
• YTD: 19.01%
• 6M: 20.36%
• 1Y: 28.08%
• 3Y*: 15.09%
• 5Y*: 8.49%
• 10Y*: 12.77%

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

REFI vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
REFI Chicago Atlantic Real Estate Finance, Inc.	-4.13%	-8.70%	8.69%	23.70%	3.35%	0.97%
SCHD Schwab U.S. Dividend Equity ETF	19.01%	4.34%	11.66%	4.54%	-3.26%	4.12%

Correlation

The correlation between REFI and SCHD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021	0.37

Return for Risk

REFI vs. SCHD — Risk / Return Rank

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

REFI

REFI Risk / Return Rank: 18
REFI Sharpe Ratio Rank: 24
REFI Sortino Ratio Rank: 21
REFI Omega Ratio Rank: 22
REFI Calmar Ratio Rank: 15
REFI Martin Ratio Rank: 10

SCHD

SCHD Risk / Return Rank: 82
SCHD Sharpe Ratio Rank: 78
SCHD Sortino Ratio Rank: 87
SCHD Omega Ratio Rank: 76
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 77

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.

REFI vs. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chicago Atlantic Real Estate Finance, Inc. (REFI) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	REFI	SCHD	Difference
Sharpe ratio Return per unit of total volatility	-0.38	2.57	-2.95
Sortino ratio Return per unit of downside risk	-0.38	3.98	-4.36
Omega ratio Gain probability vs. loss probability	0.95	1.46	-0.51
Calmar ratio Return relative to maximum drawdown	-0.69	6.17	-6.86
Martin ratio Return relative to average drawdown	-1.30	15.20	-16.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REFI vs. SCHD - Sharpe Ratio Comparison

The current REFI Sharpe Ratio is -0.38, which is lower than the SCHD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of REFI and SCHD, 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

	REFI	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.57	-2.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.86	-0.67

Drawdowns

REFI vs. SCHD - Drawdown Comparison

The maximum REFI drawdown since its inception was -26.55%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for REFI and SCHD.

Drawdown Indicators

	REFI	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-26.55%	-33.37%	+6.82%
Max Drawdown (1Y) Largest decline over 1 year	-14.71%	-4.61%	-10.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.25%	-16.13%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-16.89%	-1.40%	-15.49%
Average Drawdown Average peak-to-trough decline	-9.87%	-3.32%	-6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.83%	1.87%	+5.96%

Volatility

REFI vs. SCHD - Volatility Comparison

Chicago Atlantic Real Estate Finance, Inc. (REFI) has a higher volatility of 8.00% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.92%. This indicates that REFI's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REFI	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	2.92%	+5.08%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	7.66%	+9.13%
Volatility (1Y) Calculated over the trailing 1-year period	23.38%	10.96%	+12.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.31%	14.38%	+9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.31%	16.72%	+7.59%

Dividends

REFI vs. SCHD - Dividend Comparison

REFI's dividend yield for the trailing twelve months is around 16.67%, more than SCHD's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REFI Chicago Atlantic Real Estate Finance, Inc.	16.67%	15.33%	13.36%	13.41%	13.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.26%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both REFI and SCHD in my portfolio?

REFI and SCHD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REFI or SCHD?

REFI has higher volatility (8.00%) compared to SCHD (2.92%). In terms of maximum drawdown, REFI dropped -26.55% vs SCHD's -33.37%.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.57 vs -0.38), 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.