TCNNF vs. REFI

Last updated Jun 3, 2026

TCNNF (Trulieve Cannabis Corp) and REFI (Chicago Atlantic Real Estate Finance, Inc.) are both stocks. TCNNF operates in Drug Manufacturers - Specialty & Generic (Healthcare), while REFI operates in REIT - Mortgage (Real Estate). Over the past 3 years, TCNNF returned 34.04%/yr vs 4.70%/yr for REFI. At a 0.11 correlation, their price movements are largely independent.

Performance

TCNNF vs. REFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trulieve Cannabis Corp (TCNNF) 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, TCNNF achieves a 7.25% return, which is significantly higher than REFI's -4.13% return.

TCNNF

• 1D: -1.58%
• 1M: -2.82%
• YTD: 7.25%
• 6M: 54.56%
• 1Y: 127.32%
• 3Y*: 34.04%
• 5Y*: -24.52%
• 10Y*: —

REFI

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

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

TCNNF vs. REFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TCNNF Trulieve Cannabis Corp	7.25%	67.65%	-0.51%	-31.18%	-70.90%	-0.91%
REFI Chicago Atlantic Real Estate Finance, Inc.	-4.13%	-8.70%	8.69%	23.70%	3.35%	0.97%

Correlation

The correlation between TCNNF and REFI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Dec 9, 2021	0.11

The correlation between TCNNF and REFI shifts across timeframes, from 0.11 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TCNNF : $1.84B REFI : $242.34M
EPS TCNNF : -$0.42 REFI : $226.63
PS Ratio TCNNF : 1.53 REFI : 5.46
PB Ratio TCNNF : 1.60 REFI : 0.00
Total Revenue (TTM) TCNNF : $1.17B REFI : $44.35M
Gross Profit (TTM) TCNNF : $670.85M REFI : $42.41M
EBITDA (TTM) TCNNF : $276.20M REFI : $8.16M

Return for Risk

TCNNF vs. REFI — Risk / Return Rank

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

TCNNF

TCNNF Risk / Return Rank: 76
TCNNF Sharpe Ratio Rank: 72
TCNNF Sortino Ratio Rank: 81
TCNNF Omega Ratio Rank: 75
TCNNF Calmar Ratio Rank: 78
TCNNF Martin Ratio Rank: 74

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

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.

TCNNF vs. REFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trulieve Cannabis Corp (TCNNF) 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.

	TCNNF	REFI	Difference
Sharpe ratio Return per unit of total volatility	1.06	-0.38	+1.44
Sortino ratio Return per unit of downside risk	2.42	-0.38	+2.80
Omega ratio Gain probability vs. loss probability	1.27	0.95	+0.32
Calmar ratio Return relative to maximum drawdown	2.44	-0.69	+3.13
Martin ratio Return relative to average drawdown	4.87	-1.30	+6.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCNNF vs. REFI - Sharpe Ratio Comparison

The current TCNNF Sharpe Ratio is 1.06, which is higher than the REFI Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of TCNNF 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.

Sharpe Ratios by Period

	TCNNF	REFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	-0.38	+1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.19	-0.21

Drawdowns

TCNNF vs. REFI - Drawdown Comparison

The maximum TCNNF drawdown since its inception was -93.88%, which is greater than REFI's maximum drawdown of -26.55%. Use the drawdown chart below to compare losses from any high point for TCNNF and REFI.

Drawdown Indicators

	TCNNF	REFI	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-26.55%	-67.33%
Max Drawdown (1Y) Largest decline over 1 year	-54.42%	-14.71%	-39.71%
Max Drawdown (3Y) Largest decline over 3 years	-77.52%	-19.25%	-58.27%
Max Drawdown (5Y) Largest decline over 5 years	-91.77%	—	—
Current Drawdown Current decline from peak	-82.34%	-16.89%	-65.45%
Average Drawdown Average peak-to-trough decline	-61.16%	-9.87%	-51.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.32%	7.83%	+19.49%

Volatility

TCNNF vs. REFI - Volatility Comparison

Trulieve Cannabis Corp (TCNNF) has a higher volatility of 28.20% compared to Chicago Atlantic Real Estate Finance, Inc. (REFI) at 8.00%. This indicates that TCNNF's price experiences larger fluctuations and is considered to be riskier than REFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCNNF	REFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.20%	8.00%	+20.20%
Volatility (6M) Calculated over the trailing 6-month period	84.17%	16.79%	+67.38%
Volatility (1Y) Calculated over the trailing 1-year period	120.44%	23.38%	+97.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.73%	24.31%	+63.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.80%	24.31%	+57.49%

Dividends

TCNNF vs. REFI - Dividend Comparison

TCNNF has not paid dividends to shareholders, while REFI's dividend yield for the trailing twelve months is around 16.67%.

Position	TTM	2025	2024	2023	2022
REFI Chicago Atlantic Real Estate Finance, Inc.	16.67%	15.33%	13.36%	13.41%	13.93%
TCNNF Trulieve Cannabis Corp	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both TCNNF and REFI in my portfolio?

TCNNF and REFI have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCNNF or REFI?

TCNNF has higher volatility (28.20%) compared to REFI (8.00%). In terms of maximum drawdown, TCNNF dropped -93.88% vs REFI's -26.55%.

Which has better risk-adjusted returns?

TCNNF currently has the higher Sharpe Ratio (1.06 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.