WHF vs. NMFC

Last updated Jun 3, 2026

WHF (WhiteHorse Finance, Inc.) and NMFC (New Mountain Finance Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, WHF returned 9.00%/yr vs 6.53%/yr for NMFC. At a 0.33 correlation, their price movements are largely independent.

Performance

WHF vs. NMFC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WhiteHorse Finance, Inc. (WHF) and New Mountain Finance Corporation (NMFC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WHF achieves a 6.36% return, which is significantly higher than NMFC's -8.28% return. Over the past 10 years, WHF has outperformed NMFC with an annualized return of 9.00%, while NMFC has yielded a comparatively lower 6.53% annualized return.

WHF

• 1D: -1.01%
• 1M: -6.87%
• YTD: 6.36%
• 6M: 3.77%
• 1Y: -6.60%
• 3Y*: -2.03%
• 5Y*: -2.79%
• 10Y*: 9.00%

NMFC

• 1D: 0.00%
• 1M: -5.81%
• YTD: -8.28%
• 6M: -9.34%
• 1Y: -12.97%
• 3Y*: -1.08%
• 5Y*: 1.32%
• 10Y*: 6.53%

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

WHF vs. NMFC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WHF WhiteHorse Finance, Inc.	6.36%	-15.36%	-8.52%	6.26%	-6.23%	25.77%	19.14%	20.83%	4.80%	21.87%
NMFC New Mountain Finance Corporation	-8.28%	-7.17%	-0.95%	15.47%	-0.55%	31.94%	-7.13%	20.64%	2.78%	5.71%

Correlation

The correlation between WHF and NMFC is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 7, 2012	0.33

Fundamentals

EPS WHF : $0.69 NMFC : $328.53
PE Ratio WHF : 10.01 NMFC : 0.02
PS Ratio WHF : 3.31 NMFC : 2.39
Total Revenue (TTM) WHF : $47.81M NMFC : $315.55M
Gross Profit (TTM) WHF : $14.33M NMFC : $203.95M
EBITDA (TTM) WHF : -$4.37M NMFC : $106.53M

Return for Risk

WHF vs. NMFC — Risk / Return Rank

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

WHF

WHF Risk / Return Rank: 29
WHF Sharpe Ratio Rank: 30
WHF Sortino Ratio Rank: 26
WHF Omega Ratio Rank: 26
WHF Calmar Ratio Rank: 32
WHF Martin Ratio Rank: 32

NMFC

NMFC Risk / Return Rank: 17
NMFC Sharpe Ratio Rank: 15
NMFC Sortino Ratio Rank: 15
NMFC Omega Ratio Rank: 16
NMFC Calmar Ratio Rank: 21
NMFC Martin Ratio Rank: 17

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.

WHF vs. NMFC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WhiteHorse Finance, Inc. (WHF) and New Mountain Finance Corporation (NMFC). 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.

	WHF	NMFC	Difference
Sharpe ratio Return per unit of total volatility	-0.24	-0.59	+0.35
Sortino ratio Return per unit of downside risk	-0.15	-0.73	+0.58
Omega ratio Gain probability vs. loss probability	0.98	0.92	+0.07
Calmar ratio Return relative to maximum drawdown	-0.25	-0.55	+0.30
Martin ratio Return relative to average drawdown	-0.48	-1.11	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WHF vs. NMFC - Sharpe Ratio Comparison

The current WHF Sharpe Ratio is -0.24, which is higher than the NMFC Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of WHF and NMFC, 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

	WHF	NMFC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.24	-0.59	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.07	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.25	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.32	-0.08

Drawdowns

WHF vs. NMFC - Drawdown Comparison

The maximum WHF drawdown since its inception was -57.48%, smaller than the maximum NMFC drawdown of -64.16%. Use the drawdown chart below to compare losses from any high point for WHF and NMFC.

Drawdown Indicators

	WHF	NMFC	Difference
Max Drawdown Largest peak-to-trough decline	-57.48%	-64.16%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-24.56%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-37.91%	-27.77%	-10.14%
Max Drawdown (5Y) Largest decline over 5 years	-37.91%	-27.77%	-10.14%
Max Drawdown (10Y) Largest decline over 10 years	-57.48%	-64.16%	+6.68%
Current Drawdown Current decline from peak	-25.85%	-20.24%	-5.61%
Average Drawdown Average peak-to-trough decline	-8.92%	-5.43%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.08%	12.25%	+1.83%

Volatility

WHF vs. NMFC - Volatility Comparison

WhiteHorse Finance, Inc. (WHF) has a higher volatility of 10.15% compared to New Mountain Finance Corporation (NMFC) at 5.51%. This indicates that WHF's price experiences larger fluctuations and is considered to be riskier than NMFC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WHF	NMFC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.15%	5.51%	+4.64%
Volatility (6M) Calculated over the trailing 6-month period	20.58%	17.66%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	28.10%	22.19%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.96%	18.43%	+4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.54%	25.87%	+5.67%

Dividends

WHF vs. NMFC - Dividend Comparison

WHF's dividend yield for the trailing twelve months is around 22.71%, more than NMFC's 15.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMFC New Mountain Finance Corporation	15.80%	13.90%	12.17%	11.40%	9.86%	8.76%	10.92%	9.90%	10.81%	10.04%	9.65%	10.45%
WHF WhiteHorse Finance, Inc.	22.71%	20.72%	18.44%	12.60%	11.26%	10.03%	13.96%	11.79%	11.16%	10.58%	11.67%	12.37%

Financials

Frequently Asked Questions

Can I hold both WHF and NMFC in my portfolio?

WHF and NMFC have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WHF or NMFC?

WHF has higher volatility (10.15%) compared to NMFC (5.51%). In terms of maximum drawdown, WHF dropped -57.48% vs NMFC's -64.16%.

Which has better risk-adjusted returns?

WHF currently has the higher Sharpe Ratio (-0.24 vs -0.59), 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.