RWAY vs. CII

Last updated Jun 30, 2026

RWAY (Runway Growth Finance Corp.) is a stock, while CII (BlackRock Enhanced Large Cap Core Fund) is Derivative Income fund actively managed by BlackRock. Over the past 3 years, RWAY returned -11.17%/yr vs 22.96%/yr for CII. At a 0.27 correlation, their price movements are largely independent.

Performance

RWAY vs. CII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Runway Growth Finance Corp. (RWAY) and BlackRock Enhanced Large Cap Core Fund (CII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWAY achieves a -32.61% return, which is significantly lower than CII's 12.96% return.

RWAY

• 1D: 3.40%
• 1M: -15.30%
• YTD: -32.61%
• 6M: -32.46%
• 1Y: -39.19%
• 3Y*: -11.17%
• 5Y*: —
• 10Y*: —

CII

• 1D: 2.00%
• 1M: -1.77%
• YTD: 12.96%
• 6M: 14.33%
• 1Y: 41.39%
• 3Y*: 22.96%
• 5Y*: 14.77%
• 10Y*: 15.39%

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

RWAY vs. CII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RWAY Runway Growth Finance Corp.	-32.61%	-6.56%	1.65%	25.73%	-0.61%	1.77%
CII BlackRock Enhanced Large Cap Core Fund	12.96%	37.78%	12.70%	18.47%	-13.21%	5.02%

Correlation

The correlation between RWAY and CII is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Oct 21, 2021	0.27

The correlation between RWAY and CII shifts across timeframes, from 0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RWAY vs. CII — Risk / Return Rank

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

RWAY

RWAY Risk / Return Rank: 3
RWAY Sharpe Ratio Rank: 1
RWAY Sortino Ratio Rank: 2
RWAY Omega Ratio Rank: 3
RWAY Calmar Ratio Rank: 9
RWAY Martin Ratio Rank: 3

CII

CII Risk / Return Rank: 85
CII Sharpe Ratio Rank: 90
CII Sortino Ratio Rank: 83
CII Omega Ratio Rank: 81
CII Calmar Ratio Rank: 85
CII Martin Ratio Rank: 83

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.

RWAY vs. CII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Runway Growth Finance Corp. (RWAY) and BlackRock Enhanced Large Cap Core Fund (CII). 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.

	RWAY	CII	Difference
Sharpe ratio: Return per unit of total volatility	-1.49	2.63	-4.11
Sortino ratio: Return per unit of downside risk	-2.20	3.44	-5.64
Omega ratio: Gain probability vs. loss probability	0.74	1.45	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.87	3.56	-4.43
Martin ratio: Return relative to average drawdown	-1.80	13.03	-14.83

RWAY vs. CII - Sharpe Ratio Comparison

The current RWAY Sharpe Ratio is -1.49, which is lower than the CII Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of RWAY and CII, 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

RWAY vs. CII - Drawdown Comparison

The maximum RWAY drawdown since its inception was -45.35%, smaller than the maximum CII drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for RWAY and CII.

Drawdown Indicators

	RWAY	CII	Difference
Max Drawdown Largest peak-to-trough decline	-45.35%	-56.43%	+11.08%
Max Drawdown (1Y) Largest decline over 1 year	-45.35%	-11.67%	-33.68%
Max Drawdown (3Y) Largest decline over 3 years	-45.35%	-21.05%	-24.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-43.06%	-1.77%	-41.29%
Average Drawdown Average peak-to-trough decline	-11.04%	-6.17%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.77%	3.19%	+18.58%

Volatility

RWAY vs. CII - Volatility Comparison

Runway Growth Finance Corp. (RWAY) has a higher volatility of 11.71% compared to BlackRock Enhanced Large Cap Core Fund (CII) at 6.11%. This indicates that RWAY's price experiences larger fluctuations and is considered to be riskier than CII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWAY	CII	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.71%	6.11%	+5.60%
Volatility (6M) Calculated over the trailing 6-month period	22.93%	12.49%	+10.44%
Volatility (1Y) Calculated over the trailing 1-year period	26.45%	15.87%	+10.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.67%	17.23%	+11.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.67%	18.58%	+10.09%

Dividends

RWAY vs. CII - Dividend Comparison

RWAY's dividend yield for the trailing twelve months is around 24.64%, more than CII's 15.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CII BlackRock Enhanced Large Cap Core Fund	15.28%	16.65%	6.15%	6.28%	12.27%	4.98%	6.03%	5.79%	7.06%	6.07%	8.38%	8.49%
RWAY Runway Growth Finance Corp.	24.64%	15.68%	16.33%	14.34%	10.87%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWAY and CII in my portfolio?

RWAY and CII have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWAY or CII?

RWAY has higher volatility (11.71%) compared to CII (6.11%). In terms of maximum drawdown, RWAY dropped -45.35% vs CII's -56.43%.

Which has better risk-adjusted returns?

CII currently has the higher Sharpe Ratio (2.63 vs -1.49), 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.