CION Invt (CION)
Market Price (2/27/2026): $8.37 | Market Cap: $435.8 MilSector: Financials | Industry: Asset Management & Custody Banks
CION Invt (CION)
Market Price (2/27/2026): $8.37Market Cap: $435.8 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 12% | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -52% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 246% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 134% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -96% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7% | |
| Low stock price volatilityVol 12M is 26% | Key risksCION key risks include [1] higher non-accruals relative to its BDC peers and [2] a significant reliance on non-cash payment-in-kind (PIK) income. | |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 134% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -96% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -52% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 246% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -59%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7% |
| Key risksCION key risks include [1] higher non-accruals relative to its BDC peers and [2] a significant reliance on non-cash payment-in-kind (PIK) income. |
Qualitative Assessment
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CION Invt (CION) stock has lost about 5% since 10/31/2025 because of the following key factors:
1. CION's strong third-quarter 2025 earnings beat market expectations, providing a solid floor for the stock. The company reported an EPS of $0.74 against an estimated $0.35, along with higher-than-anticipated revenue of $78.71 million, which likely prevented a downturn in the stock price immediately following the announcement in early November 2025.
2. The consistent and predictable dividend payouts, including a shift to monthly distributions, appealed to income-focused investors. CION declared base distributions of $0.10 per share for January, February, and March 2026, totaling $0.30 for the first quarter. This consistent return to shareholders, especially the move to monthly payments, reinforced investor confidence in its income-generating capacity, contributing to stock stability.
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1. CION's strong third-quarter 2025 earnings beat market expectations, providing a solid floor for the stock. The company reported an EPS of $0.74 against an estimated $0.35, along with higher-than-anticipated revenue of $78.71 million, which likely prevented a downturn in the stock price immediately following the announcement in early November 2025.
2. The consistent and predictable dividend payouts, including a shift to monthly distributions, appealed to income-focused investors. CION declared base distributions of $0.10 per share for January, February, and March 2026, totaling $0.30 for the first quarter. This consistent return to shareholders, especially the move to monthly payments, reinforced investor confidence in its income-generating capacity, contributing to stock stability.
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Stock Movement Drivers
Fundamental Drivers
The -2.9% change in CION stock from 10/31/2025 to 2/26/2026 was primarily driven by a -95.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.63 | 8.38 | -2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2 | 38 | 2168.5% |
| P/S Multiple | 273.6 | 11.6 | -95.8% |
| Shares Outstanding (Mil) | 53 | 52 | 1.1% |
| Cumulative Contribution | -2.9% |
Market Drivers
10/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| CION | -2.9% | |
| Market (SPY) | 1.1% | 20.8% |
| Sector (XLF) | 0.2% | 34.9% |
Fundamental Drivers
The -4.9% change in CION stock from 7/31/2025 to 2/26/2026 was primarily driven by a -1369.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.81 | 8.38 | -4.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -3 | 38 | -1369.9% |
| P/S Multiple | -157.6 | 11.6 | -107.3% |
| Shares Outstanding (Mil) | 53 | 52 | 1.9% |
| Cumulative Contribution | -4.9% |
Market Drivers
7/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| CION | -4.9% | |
| Market (SPY) | 9.4% | 23.1% |
| Sector (XLF) | 0.6% | 34.7% |
Fundamental Drivers
The -15.8% change in CION stock from 1/31/2025 to 2/26/2026 was primarily driven by a -58.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.95 | 8.38 | -15.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 91 | 38 | -58.6% |
| Net Income Margin (%) | 87.3% | 68.9% | -21.2% |
| P/E Multiple | 6.7 | 16.8 | 151.2% |
| Shares Outstanding (Mil) | 53 | 52 | 2.6% |
| Cumulative Contribution | -15.8% |
Market Drivers
1/31/2025 to 2/26/2026| Return | Correlation | |
|---|---|---|
| CION | -15.8% | |
| Market (SPY) | 15.5% | 50.2% |
| Sector (XLF) | 3.1% | 51.7% |
Fundamental Drivers
The 23.0% change in CION stock from 1/31/2023 to 2/26/2026 was primarily driven by a 145.8% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2262026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.81 | 8.38 | 23.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 68 | 38 | -44.5% |
| Net Income Margin (%) | 83.3% | 68.9% | -17.3% |
| P/E Multiple | 6.8 | 16.8 | 145.8% |
| Shares Outstanding (Mil) | 57 | 52 | 9.1% |
| Cumulative Contribution | 23.0% |
Market Drivers
1/31/2023 to 2/26/2026| Return | Correlation | |
|---|---|---|
| CION | 23.0% | |
| Market (SPY) | 75.9% | 48.7% |
| Sector (XLF) | 50.2% | 53.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CION Return | 14% | -15% | 35% | 15% | -2% | -10% | 32% |
| Peers Return | 29% | -8% | 31% | 13% | -8% | -4% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| CION Win Rate | 67% | 50% | 58% | 67% | 50% | 0% | |
| Peers Win Rate | 68% | 50% | 72% | 63% | 50% | 10% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| CION Max Drawdown | -0% | -36% | -3% | -5% | -21% | -11% | |
| Peers Max Drawdown | -3% | -17% | -2% | -3% | -18% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, FSK, OBDC, GSBD, MFIC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/26/2026 (YTD)
How Low Can It Go
| Event | CION | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -46.7% | -25.4% |
| % Gain to Breakeven | 87.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to ARCC, FSK, OBDC, GSBD, MFIC
In The Past
CION Invt's stock fell -46.7% during the 2022 Inflation Shock from a high on 3/28/2022. A -46.7% loss requires a 87.7% gain to breakeven.
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About CION Invt (CION)
CION Investment Corporation is a business development company. It specializes in investments in senior secured loans, including unitranche loans, First Lien, second lien loans, long-term subordinated loans, and mezzanine loans; equity interests such as warrants or options; and corporate bonds; and other debt securities in middle-market companies. The firm invests in growth capital, acquisitions, leveraged buyouts, market/product expansion, refinancing and recapitalization. The fund also invests up to 30 percent of their assets opportunistically in other types of investments, including the securities of larger public companies and foreign securities. It also makes investments in the secondary loan market. The fund does not invest in start-up companies, turnaround situations, or companies with speculative business plans. The fund prefers to invest in high tech industries, healthcare, pharmaceuticals, business services, media, chemicals, plastic, rubber, telecommunication, consumer services, advertising, printing and publishing, consumer goods, durables, diversified financials, and other industries. It also invests in homebuilding, restaurants, beverage and tobacco bars, broadcasting, distributors, Non-durable good distribution, food beverage and tobacco, energy, oil gas and consumables fuels, insurance, aerospace and defense, industrial machinery, paper and forest product machinery, information technology, metals and mining, and real estate. It primarily seeks to invest in the United States. The fund seeks to invest between $5 million and $50 million in companies with an EBITDA between $25 million and $75 million with average targeted hold of $25 million. It also purchases minority interests in the form of common or preferred equity in the target companies, typically in conjunction with its debt investments or through a co-investment with a financial sponsor. The fund seeks to exit its investments through an initial public offering of common stock, a merger, a sale, or other recapitalization.
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1. It's like a publicly traded investment vehicle that provides loans to private, medium-sized companies, similar to a specialized lending arm of an alternative asset manager like KKR or Blackstone.
2. Think of it as a publicly traded 'bank' for private, medium-sized businesses, similar to how the commercial lending arm of a major bank (like JPMorgan Chase) might lend to businesses, but CION focuses exclusively on private firms.
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- Senior Secured Loans: Provides first-priority debt financing to middle-market companies, typically secured by the borrower's assets.
- Junior Secured Loans: Offers second-priority debt financing to middle-market companies, ranking below senior secured debt.
- Mezzanine Debt: Supplies subordinated debt capital, often combined with equity-like features, to support growth and acquisitions for portfolio companies.
- Equity Investments: Makes minority equity investments, often alongside debt financing, to participate in the growth potential of middle-market companies.
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CION Investment Corporation (CION) operates as a Business Development Company (BDC), which primarily provides financing solutions, including debt and equity, to middle-market companies. Therefore, its "customers" are the companies it invests in or lends to.
CION's portfolio is diversified across numerous companies, predominantly private entities. Based on its most recent public filings (N-CSR for the period ending September 30, 2023), its largest investment exposures were to the following companies:
- DocuSign, Inc. (Symbol: DOCU) - CION holds debt investments in this company. DocuSign is a publicly traded company known for its electronic signature and agreement cloud services.
- Swoop Funding, Inc. - This is a private company in which CION holds first-lien debt investments.
- Blackboard Inc. - CION holds first-lien debt investments in this company, which provides education technology. Blackboard was acquired by Anthology in 2021 and is currently a private company.
It is important to note that CION has investments in over 130 portfolio companies, and the vast majority are private businesses. The companies listed above represent some of its largest individual debt exposures by fair value as of September 30, 2023.
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- CION Investment Management, LLC
- CION Administration, LLC
- U.S. Bank National Association (USB)
- KPMG LLP
- Proskauer Rose LLP
- Computershare Trust Company, N.A. (CPU)
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Mark Gatto Co-Chief Executive Officer
Mr. Gatto is a Co-Founder of CION Investment Group, LLC. He also co-founded a specialty business-consulting firm in New York City where he served as its managing partner, and was an attorney in private practice. He joined CION in 1999. As Co-Founder and Co-Chief Executive Officer of CION Investment Corporation, CION Ares Diversified Credit Fund, and CION Grosvenor Infrastructure Fund, he is involved with entities operating within the alternative investment and portfolio management services space, including a partnership with Ares Management.
Michael A. Reisner Co-Chief Executive Officer
Mr. Reisner is a Co-Founder of CION Investment Group, LLC. He joined CION Investments in 2001 and previously served as Chief Financial Officer from January 2007 through April 2008. Prior to CION, he was an attorney in private practice in New York from 1996 to 2001. As Co-Founder and Co-Chief Executive Officer of CION Investment Corporation, CION Ares Diversified Credit Fund, and CION Grosvenor Infrastructure Fund, he has a history of managing entities within the alternative investment space, notably through CION's partnership with Ares Management.
Keith Franz Chief Financial Officer & Treasurer
Mr. Franz has served as Chief Financial Officer and Treasurer of CION Investment Corporation. He has experience from E&Y LLP's audit and business advisory practice, SMART Business Advisory and Consulting, LLP, and Voxx International Corp. He joined CION in 2014.
Gregg Bresner President & Chief Investment Officer
Mr. Bresner joined CION in 2016 and brings over 25 years of experience in corporate finance, investment, and portfolio management, with a focus on the leveraged finance sector. He co-founded Briscoe Capital Management, a registered investment manager, which later merged into Plainfield Asset Management. His prior experience includes roles at Wasserstein Perella & Co., Bankers Trust Company, BT Alex. Brown, Deutsche Bank, Briscoe Capital Management, and Plainfield Asset Management. He also served as the operating Chief Financial Officer of JDS Therapeutics.
Eric Pinero Chief Legal Officer
Mr. Pinero serves as the Chief Legal Officer for CION Investment Corporation.
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CION Investment Corporation (symbol: CION) faces several key risks inherent to its business model as an externally managed Business Development Company (BDC) that primarily invests in the debt of private U.S. middle-market companies. Here are the key risks to the business: 1. High Non-Accruals and Reliance on Payment-in-Kind (PIK) Income: CION has reported higher non-accruals relative to its BDC peers, indicating a greater percentage of its investments are not generating cash interest payments. Additionally, a significant portion of CION's income is derived from Payment-in-Kind (PIK) interest, where interest is paid by increasing the principal amount of the loan rather than with cash. While PIK can be a strategic component, it does not represent actual cash flow to the fund. This reliance on non-cash income, especially when coupled with elevated non-accruals, can lead to liquidity challenges, particularly during market downturns, and could potentially result in a reduction of dividend distributions to shareholders. 2. Investment in Below Investment Grade Securities and Middle-Market Companies: CION primarily invests in senior secured debt, including first and second lien loans, of private and thinly traded U.S. middle-market companies. Substantially all of these debt securities are considered below investment grade, often referred to as "high yield" or "junk" securities, which are viewed as having speculative characteristics regarding the issuer's capacity to pay interest and repay principal. Investing in these types of companies and securities carries inherently higher credit risk, business risk, and a lack of liquidity, which can be significantly amplified during economic recessions or downturns. 3. Interest Rate Risk and Potential for Dividend Cuts: As a BDC with a portfolio heavily weighted towards floating-rate investments, CION is susceptible to interest rate fluctuations. Specifically, potential interest rate cuts by the Federal Reserve could negatively impact CION's investment income. If CION is unable to offset the impact of such rate cuts through an increased portfolio size or new investments, its dividend coverage ratio could decline, putting its ability to maintain current dividend levels at risk.AI Analysis | Feedback
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CION Investment Corporation (NYSE: CION) primarily operates as a business development company (BDC) focused on providing senior secured loans to U.S. middle-market companies. These companies generally have an annual EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $25 million to $75 million. The addressable market for CION's main products and services is the U.S. middle-market direct lending and private credit market. The middle market in the United States comprises approximately 200,000 companies. The broader private credit market, which includes direct lending to middle-market companies, was valued at approximately $1.6 trillion at the end of 2023 and is projected to grow to $2.8 trillion by 2028. This market size is global, but CION specifically focuses on the U.S. middle-market. While a precise dollar figure solely for "U.S. middle-market direct lending" is not readily available as a distinct value, the overall private credit market growth reflects the increasing addressable market for firms like CION. Here's the market size information:Addressable Market Size for CION Investment Corporation's Main Products and Services:
- Primary Service: Senior secured direct lending to U.S. middle-market companies.
- Market Segment: U.S. Middle Market.
- Market Size (U.S. Middle Market Companies): Approximately 200,000 companies.
- Market Size (Private Credit, Global): Valued at approximately $1.6 trillion at the end of 2023, with a projection to reach $2.8 trillion by 2028. This global figure encompasses the direct lending activities that CION undertakes in the U.S. middle market.
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CION Investment Corporation (CION) is anticipated to drive future revenue growth over the next two to three years through several key strategies:- Strategic and Selective Investment Activity: CION plans to continue its focus on selective investments, capitalizing on a robust investment pipeline and increased merger and acquisition (M&A) activity. This approach is expected to lead to new debt and equity investments, contributing to a growing portfolio and subsequently higher interest income.
- Monetization of Equity Positions and Realized Gains: A significant driver involves monetizing existing equity positions, which can generate capital gains. The company has already seen an increase in its Net Asset Value (NAV) due to increased fair value in equity holdings, such as Longview Power and Palmetto Solar, indicating potential for future realized gains.
- Continued Strong Origination and Amendment Activity: CION's revenue growth is also expected to be fueled by robust origination and amendment activity. This leads to higher interest income and increased transaction fees, as evidenced by the rise in total investment income driven by these activities in recent quarters.
- Resilient Portfolio Credit Quality: Maintaining a strong portfolio with a low non-accrual rate is crucial for sustaining and growing revenue. Despite a challenging credit market, CION's demonstrated portfolio strength and effective management of non-accruals are expected to mitigate potential revenue losses and support consistent investment income.
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Here is a summary of CION Investment Corporation's capital allocation decisions over the last 3-5 years:Share Repurchases
- CION repurchased 330,324 shares of its common stock for $3.3 million during the third quarter ended September 30, 2025.
- Through September 30, 2025, CION repurchased a total of 4,984,922 shares for $50.3 million under its 10b5-1 trading plan.
- During the second quarter of 2025, CION repurchased 699,565 shares at an average price of $9.37 and the board approved a $20 million increase to its share repurchase program.
Share Issuance
- CION has an "opt out" distribution reinvestment plan, allowing shareholders to reinvest cash distributions into additional common stock.
- Shares are issued at a discounted price without sales charges, and the company covers administrative fees.
Outbound Investments
- CION's investment objective is to generate current income and capital appreciation by primarily investing in senior secured debt, including first and second lien loans, and unitranche loans of U.S. middle-market companies.
- As of September 30, 2025, the company's total investments at fair value were $1.74 billion across 91 portfolio companies, with 80.0% in senior secured first lien investments.
- During the third quarter of 2025, CION funded new investment commitments of $65 million and funded previously unfunded commitments of $17 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can CION Invt Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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|---|---|---|---|---|---|---|---|
| 01302026 | FDS | FactSet Research Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -18.8% | -18.8% | -25.3% |
| 01302026 | PFSI | PennyMac Financial Services | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -6.9% | -6.9% | -9.3% |
| 01302026 | ALLY | Ally Financial | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -1.9% | -1.9% | -5.5% |
| 01232026 | FIS | Fidelity National Information Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -18.9% | -18.9% | -22.6% |
| 01022026 | MORN | Morningstar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -18.1% | -18.1% | -26.8% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.91 |
| Mkt Cap | 2.1 |
| Rev LTM | 255 |
| Op Inc LTM | - |
| FCF LTM | 210 |
| FCF 3Y Avg | 173 |
| CFO LTM | 210 |
| CFO 3Y Avg | 173 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -11.9% |
| Rev Chg 3Y Avg | 27.6% |
| Rev Chg Q | -7.2% |
| QoQ Delta Rev Chg LTM | -1.9% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 189.7% |
| CFO/Rev 3Y Avg | 109.7% |
| FCF/Rev LTM | 189.7% |
| FCF/Rev 3Y Avg | 109.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.1 |
| P/S | 8.9 |
| P/EBIT | - |
| P/E | 10.2 |
| P/CFO | 2.6 |
| Total Yield | 24.3% |
| Dividend Yield | 16.2% |
| FCF Yield 3Y Avg | 12.8% |
| D/E | 1.9 |
| Net D/E | 1.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.7% |
| 3M Rtn | -9.2% |
| 6M Rtn | -13.4% |
| 12M Rtn | -14.8% |
| 3Y Rtn | 20.3% |
| 1M Excs Rtn | -4.7% |
| 3M Excs Rtn | -9.6% |
| 6M Excs Rtn | -20.3% |
| 12M Excs Rtn | -32.9% |
| 3Y Excs Rtn | -49.8% |
Price Behavior
Price Behavior
| Market Price | $8.38 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 10/05/2021 | |
| Distance from 52W High | -21.3% | |
| 50 Days | 200 Days | |
| DMA Price | $9.13 | $9.08 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -8.2% | -7.7% |
| 3M | 1YR | |
| Volatility | 20.8% | 26.5% |
| Downside Capture | 88.14 | 70.59 |
| Upside Capture | 2.77 | 37.25 |
| Correlation (SPY) | 34.6% | 51.2% |
CION Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.99 | 0.32 | 0.20 | 0.35 | 0.67 | 0.72 |
| Up Beta | 0.73 | -0.23 | -0.08 | 0.76 | 0.70 | 0.74 |
| Down Beta | 1.03 | 0.64 | 0.21 | 0.56 | 0.87 | 0.86 |
| Up Capture | 57% | 7% | 44% | 15% | 30% | 32% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 23 | 36 | 66 | 126 | 390 |
| Down Capture | 157% | 43% | 11% | 9% | 67% | 85% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 9 | 17 | 24 | 56 | 121 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CION | |
|---|---|---|---|---|
| CION | -20.2% | 26.4% | -0.88 | - |
| Sector ETF (XLF) | 4.1% | 19.7% | 0.09 | 52.8% |
| Equity (SPY) | 17.1% | 19.4% | 0.69 | 51.4% |
| Gold (GLD) | 79.3% | 25.7% | 2.25 | -1.3% |
| Commodities (DBC) | 10.9% | 16.8% | 0.45 | 22.2% |
| Real Estate (VNQ) | 6.6% | 16.6% | 0.21 | 47.4% |
| Bitcoin (BTCUSD) | -23.4% | 45.1% | -0.46 | 25.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CION | |
|---|---|---|---|---|
| CION | 5.5% | 28.8% | 0.23 | - |
| Sector ETF (XLF) | 12.0% | 18.8% | 0.51 | 47.5% |
| Equity (SPY) | 13.6% | 17.0% | 0.63 | 46.5% |
| Gold (GLD) | 23.6% | 17.2% | 1.12 | 5.2% |
| Commodities (DBC) | 10.8% | 19.0% | 0.45 | 15.4% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.19 | 40.2% |
| Bitcoin (BTCUSD) | 4.0% | 57.0% | 0.29 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CION | |
|---|---|---|---|---|
| CION | 2.7% | 28.8% | 0.23 | - |
| Sector ETF (XLF) | 14.0% | 22.2% | 0.58 | 47.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 46.5% |
| Gold (GLD) | 15.1% | 15.6% | 0.81 | 5.2% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 15.4% |
| Real Estate (VNQ) | 6.6% | 20.7% | 0.28 | 40.2% |
| Bitcoin (BTCUSD) | 66.3% | 66.8% | 1.06 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/21/2026 | 1.2% | 1.3% | -5.9% |
| 11/6/2025 | 7.0% | 9.2% | 13.7% |
| 8/7/2025 | 4.7% | 8.6% | 7.4% |
| 5/8/2025 | -3.8% | -0.6% | -3.0% |
| 2/3/2025 | -0.2% | -0.8% | 4.4% |
| 11/7/2024 | -3.6% | -4.2% | -0.3% |
| 8/8/2024 | 3.0% | 3.9% | 3.0% |
| 5/9/2024 | 1.4% | 5.3% | 5.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 10 |
| # Negative | 5 | 8 | 7 |
| Median Positive | 2.5% | 5.3% | 8.8% |
| Median Negative | -2.3% | -1.1% | -3.0% |
| Max Positive | 7.0% | 12.7% | 21.5% |
| Max Negative | -3.8% | -8.6% | -9.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reisner, Michael A | Co-Chairman & Co-CEO | Direct | Buy | 8132025 | 10.57 | 472 | 4,989 | 491,234 | Form |
| 2 | Finlay, Peter I | See Footnote | Buy | 5282025 | 9.66 | 200 | 1,932 | 26,565 | Form | |
| 3 | Roman, Stephen | CCO & Secretary | Direct | Buy | 5222025 | 9.48 | 600 | 5,688 | 122,206 | Form |
| 4 | Breakstone, Robert A | IRA | Buy | 5192025 | 9.72 | 500 | 4,860 | 153,397 | Form | |
| 5 | Gatto, Mark | Co-Chairman & Co-CEO | Gatto Living Trust | Buy | 5132025 | 9.66 | 2,070 | 19,996 | 29,656 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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