Redwood Trust (RWT)
Market Price (12/23/2025): $5.67 | Market Cap: $731.5 MilSector: Financials | Industry: Mortgage REITs
Redwood Trust (RWT)
Market Price (12/23/2025): $5.67Market Cap: $731.5 MilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldDividend Yield is 14% | Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -73% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2865% |
| Low stock price volatilityVol 12M is 32% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg QQuarterly Revenue Change % is -22% | |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5608%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5608% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% | ||
| Key risksRWT key risks include [1] a liquidity shortfall that could force asset sales and threaten its REIT status, Show more. |
| Attractive yieldDividend Yield is 14% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -73% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2865% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg QQuarterly Revenue Change % is -22% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5608%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5608% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
| Key risksRWT key risks include [1] a liquidity shortfall that could force asset sales and threaten its REIT status, Show more. |
Why The Stock Moved
Qualitative Assessment
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1. Concerns about unsustainable dividends and a challenging financial position.Redwood Trust (RWT) has faced investor skepticism regarding the sustainability of its dividends and its overall financial strength. Reports in late October 2025 highlighted investor concerns about an upbeat growth outlook being balanced with worries over unsustainable dividends, a challenging financial position, and valuation multiples that were higher than industry averages.
2. Persistent worries about credit quality, housing policy shifts, and exposure to volatile mortgage rates.
Throughout late 2025, Redwood Trust contended with ongoing concerns related to credit quality, shifts in housing policy, and its vulnerability to volatile mortgage rates. These factors can significantly impact a real estate investment trust's (REIT) performance as they influence the demand for real estate and the profitability of investments.
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Stock Movement Drivers
Fundamental Drivers
The -5.6% change in RWT stock from 9/22/2025 to 12/22/2025 was primarily driven by a -10.2% change in the company's Total Revenues ($ Mil).| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.88 | 5.55 | -5.61% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 150.66 | 135.31 | -10.19% |
| P/S Multiple | 5.19 | 5.29 | 1.94% |
| Shares Outstanding (Mil) | 133.01 | 129.02 | 3.00% |
| Cumulative Contribution | -5.70% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| RWT | -5.6% | |
| Market (SPY) | 2.7% | 33.7% |
| Sector (XLF) | 2.4% | 43.8% |
Fundamental Drivers
The 3.2% change in RWT stock from 6/23/2025 to 12/22/2025 was primarily driven by a 89.8% change in the company's P/S Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.38 | 5.55 | 3.16% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 256.21 | 135.31 | -47.19% |
| P/S Multiple | 2.79 | 5.29 | 89.81% |
| Shares Outstanding (Mil) | 132.77 | 129.02 | 2.82% |
| Cumulative Contribution | 3.08% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| RWT | 3.2% | |
| Market (SPY) | 14.4% | 37.0% |
| Sector (XLF) | 9.2% | 40.9% |
Fundamental Drivers
The -7.6% change in RWT stock from 12/22/2024 to 12/22/2025 was primarily driven by a -50.9% change in the company's Total Revenues ($ Mil).| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 6.01 | 5.55 | -7.61% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 275.79 | 135.31 | -50.94% |
| P/S Multiple | 2.88 | 5.29 | 83.75% |
| Shares Outstanding (Mil) | 132.22 | 129.02 | 2.42% |
| Cumulative Contribution | -7.66% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| RWT | -7.6% | |
| Market (SPY) | 16.9% | 56.4% |
| Sector (XLF) | 15.7% | 60.7% |
Fundamental Drivers
The 7.4% change in RWT stock from 12/23/2022 to 12/22/2025 was primarily driven by a 41.2% change in the company's Total Revenues ($ Mil).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.17 | 5.55 | 7.42% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 95.80 | 135.31 | 41.24% |
| P/S Multiple | 6.26 | 5.29 | -15.47% |
| Shares Outstanding (Mil) | 116.09 | 129.02 | -11.14% |
| Cumulative Contribution | 6.09% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| RWT | -9.6% | |
| Market (SPY) | 47.7% | 50.1% |
| Sector (XLF) | 52.0% | 51.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RWT Return | -43% | 60% | -42% | 22% | -3% | -3% | -39% |
| Peers Return | -12% | 14% | -19% | 25% | 4% | 20% | 28% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| RWT Win Rate | 67% | 75% | 42% | 50% | 50% | 58% | |
| Peers Win Rate | 62% | 53% | 48% | 55% | 58% | 62% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| RWT Max Drawdown | -84% | -4% | -54% | -15% | -24% | -22% | |
| Peers Max Drawdown | -64% | -4% | -34% | -15% | -8% | -6% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: RITM, STWD, NLY, AGNC, PMT.
[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] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | RWT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -60.2% | -25.4% |
| % Gain to Breakeven | 151.2% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -85.8% | -33.9% |
| % Gain to Breakeven | 602.3% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -16.9% | -19.8% |
| % Gain to Breakeven | 20.3% | 24.7% |
| Time to Breakeven | 797 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -85.2% | -56.8% |
| % Gain to Breakeven | 574.8% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to DX, IVR, RC, LOAN, NLY
In The Past
Redwood Trust's stock fell -60.2% during the 2022 Inflation Shock from a high on 11/15/2021. A -60.2% loss requires a 151.2% gain to breakeven.
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AI Analysis | Feedback
Here are 1-3 brief analogies for Redwood Trust (RWT):
A specialized capital provider for the residential mortgage market, similar to the mortgage financing arm of a large investment bank like Goldman Sachs (GS) or JPMorgan Chase (JPM).
Think of them as BlackRock (BLK) for residential mortgages, focusing on investing in and managing mortgage-related assets.
Like a specialized mortgage lender such as Rocket Companies (RKT), but focused on financing and investing in jumbo, non-traditional, and complex residential mortgages.
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- Residential Mortgage Banking: Provides financing solutions by originating and purchasing high-quality residential mortgage loans, primarily jumbo loans, for securitization or retention.
- Commercial Mortgage Banking: Offers flexible debt financing, including bridge and mezzanine loans, for institutional-quality commercial real estate properties across various sectors.
- Investment Portfolio Management: Manages a diversified portfolio of residential and commercial real estate-related assets, including whole loans and securities, to generate income and capital appreciation.
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Redwood Trust (RWT) primarily sells to other companies and institutional investors, rather than directly to individual consumers.
As a real estate investment trust (REIT) focused on residential mortgage credit, Redwood Trust's business model involves originating, acquiring, pooling, and securitizing mortgage loans, as well as engaging in whole loan sales. Its "customers" are typically not individual borrowers seeking a mortgage but rather sophisticated financial entities that purchase these mortgage assets.
Due to the broad and diversified nature of its transactions in the capital markets, specific major customer companies of Redwood Trust are not publicly disclosed. Their business relies on transactions with a wide range of market participants rather than reliance on a few concentrated buyers. However, their primary customer categories include:
- Institutional Investors: These entities purchase mortgage-backed securities (MBS) issued by Redwood Trust. This category includes a wide array of large financial institutions, such as:
- Pension funds
- Insurance companies
- Asset management firms
- Hedge funds
- Banks and other financial institutions
- Other Financial Institutions: These are typically banks, credit unions, or other mortgage lenders and investment funds that purchase whole loans directly from Redwood Trust to hold in their portfolios or for further securitization.
- Real Estate Investment Companies / Professional Investors: Through its CoreVest segment, Redwood Trust provides business-purpose loans (e.g., for "buy-to-rent" properties). While these are loans, the "customer" in this context is the company or professional investor receiving the financing, rather than a traditional individual homeowner.
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- Wells Fargo Bank, N.A. (WFC)
- JPMorgan Chase Bank, N.A. (JPM)
- Bank of America, N.A. (BAC)
- Citibank, N.A. (C)
- Barclays Bank PLC (BCS)
- KPMG LLP
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Christopher J. Abate, Chief Executive Officer and Director
Mr. Abate has served as Chief Executive Officer of Redwood Trust since May 2018 and as a director since December 2017. He joined Redwood in April 2006, holding various positions including President from July 2016 to May 2018, Chief Financial Officer from March 2012 to August 2017, and Controller from January 2009 to March 2013. Prior to joining Redwood, Mr. Abate was employed by PricewaterhouseCoopers LLP. In August 2025, he was named a member of the Board of Directors of Heritage Commerce Corp (Nasdaq: HTBK) and also serves as a director for Heritage Bank of Commerce. From October 2019 to December 2021, Mr. Abate served as Chair of the Board of Structured Finance Association. He holds a B.A. in accounting and finance from Western Michigan University and dual MBAs from the University of California at Berkeley and Columbia University.
Brooke E. Carillo, Chief Financial Officer
Ms. Carillo serves as Chief Financial Officer of Redwood Trust, Inc., having joined the company in May 2021. Before Redwood, she was employed at Annaly Capital Management, Inc. where she most recently held the position of Head of Corporate Development and Strategy. In that role, Ms. Carillo was responsible for corporate strategy, capital markets, and investor relations departments, and was a member of the firm's Operating Committee. Prior to joining Annaly in 2010, she worked in investment banking within the Financial Institutions Group at Bank of America Merrill Lynch. Ms. Carillo earned a B.S. in Economics from Duke University.
Dashiell I. Robinson, President and Director
Mr. Robinson has served as Redwood's President since December 2017 and as a director since August 2021. He initially joined Redwood in September 2017 as Executive Vice President. Before his tenure at Redwood, Mr. Robinson was the Head of Mortgage Finance within the Asset-Backed Finance Group at Wells Fargo Securities, where he led a team responsible for financing and distributing residential mortgage products. From 2001 to 2008, he was employed within the Structured Credit Products Group at Wachovia Capital Markets. Mr. Robinson holds a B.A. from Georgetown University.
Andrew P. Stone, Executive Vice President, Chief Legal Officer and Secretary
Mr. Stone has served as Executive Vice President, Chief Legal Officer, and Secretary of Redwood Trust since 2008. Previously, he was the Deputy General Counsel of Thomas Weisel Partners Group, Inc. Before that, Mr. Stone practiced corporate and securities law at Brobeck, Phleger & Harrison LLP and Sullivan & Cromwell LLP.
Fred J. Matera, Chief Investment Officer
Mr. Matera assumed the role of Chief Investment Officer of Redwood in 2022, where he oversees centralized investment, capital markets, and distribution functions across the company's investment portfolio and lending businesses. He also serves as Co-Head of Business Purpose Lending. Prior to this, Mr. Matera was Head of Redwood Residential and a Director of the company. He is a Co-Founder of MoVi Partners.
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The key risks to Redwood Trust's business include:
-
Interest Rate Fluctuations and Market Volatility: Redwood Trust's business is highly sensitive to changes in interest rates, which can significantly impact the value of its securities portfolios, cash flows, and overall earnings. Market volatility, as seen during periods like the COVID-19 pandemic and the regional banking crisis in early 2023, has led to significant declines in the market value of its securities portfolio. The performance, cash flows, and market values of the company's loans, securities, and other assets can be volatile. Interest rate fluctuations can also affect the broader mortgage market and Redwood's mortgage banking margins.
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Liquidity Risk and Access to Financing: A significant risk for Redwood Trust is the potential for its liquidity needs to exceed its access to financing. In such a scenario, the company might be forced to sell assets, potentially at inopportune times, which could reduce earnings and threaten its REIT status or solvency. The ability to increase borrowing limits and overall investment capacity can also be constrained by the ability to raise equity capital at attractive prices.
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Credit Performance and Valuation of Investments: The cash flows and earnings from Redwood Trust's investments, including real estate loans and mortgage-backed securities, are directly impacted by changes in credit performance and prepayment rates. Difficulties in accurately estimating fair values for illiquid assets can also introduce volatility and uncertainty into earnings and book value. Changes in credit spreads, which reflect the market's perception of investment risk, can lead to declines in the value of their securities portfolios.
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Redwood Trust (RWT) operates in several distinct areas of the U.S. housing credit market. The addressable markets for their main products and services are as follows:
- Jumbo Residential Mortgage Market: The origination volume for jumbo mortgages in the U.S. was estimated at $270.83 billion in 2024, showing a 20.8% increase from the previous year. Non-agency jumbos, which are mortgages with balances above conforming loan limits, accounted for approximately $217 billion of this volume in 2024. Other data indicates that jumbo loan origination volume cooled from $753 billion in 2021 to $497 billion in 2022, a nearly 34% decline. The U.S. home mortgage market, which includes jumbo mortgages, is projected to reach a valuation of USD 571.64 billion by 2033, growing from USD 204.49 billion in 2024. Another source indicates the U.S. home mortgage market size was around USD 180.91 billion in 2023 and is predicted to grow to around USD 501.67 billion by 2032.
- Single-Family Rental (SFR) Market (Business Purpose Lending): The single-family rental market in the U.S. had 14.2 million households as of 2023. This market also represents a commanding valuation of over $4 trillion. More than half of the approximately 43 million renter households in the U.S. (about 25 million) live in single-family rental homes.
- Home Equity Investment (HEI) / Home Equity Loans Market: Americans owed $411 billion on 13.18 million home equity lines of credit (HELOCs) in the second quarter of 2025. The home equity loans segment is also a component of the broader U.S. home mortgage market.
- Residential Mortgage-Backed Securities (RMBS) and Multifamily Securities Market: The overall global mortgage lending market was valued at $11,487.23 billion in 2021 and is projected to reach $27,509.24 billion by 2031. The U.S. home loan market itself stood at USD 2.29 trillion in 2025 and is forecasted to reach USD 3.02 trillion by 2030. While specific market sizes for RMBS and multifamily securities were not isolated, these are components of the broader mortgage and housing credit markets.
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Redwood Trust (RWT) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market opportunities:
- Growth in Mortgage Banking Platforms: Redwood Trust anticipates continued revenue growth from its Residential Consumer and Residential Investor mortgage banking segments. The company has demonstrated increased loan volumes and profitability in these areas. For example, in Q2 2024, the Residential Investor segment saw a 41% increase in loan funding from the prior quarter, prioritizing higher-margin products. Similarly, the Residential Consumer business drove significant volumes and profitability in Q1 2024, with locked loans increasing by 53% from the previous quarter. The mortgage banking segment's return on equity exceeded 20% for five consecutive quarters, reaching 28% in Q3 2025, with record quarterly loan originations.
- Strategic Partnerships and Joint Ventures: Redwood Trust is leveraging strategic partnerships to expand its operational capacity and capital. A notable example is the $750 million partnership with CPP Investments, announced in March 2024, which includes a $500 million joint venture for residential investor loans and a $250 million secured financing facility. This partnership has already contributed to higher earnings and lower working capital in the Residential Investor segment. By Q3 2025, the expanded partnership with CPP Investments increased the joint venture facility limit to $400 million, signaling further growth potential for the Sequoia platform.
- Expansion of Product Offerings, particularly in Non-QM and Home Equity: The company is expanding its product portfolio, focusing on higher-margin offerings. This includes growth in term loans, single-asset bridge (SAB) loans, and debt service coverage ratio (DSCR) loans within its Residential Investor segment. Redwood also launched new products through its residential consumer seller network and plans to focus on home equity products. Its Aspire platform is rapidly growing as a non-QM aggregator, with loan locks quadrupling in Q3 2025 compared to Q2 2025, as the non-QM origination market is expected to see significant growth.
- Capital Reallocation and Optimization: Redwood Trust is actively reallocating capital from legacy investments to its higher-earning core operating platforms. The company aims to reduce capital allocated to legacy investments to 20% by year-end 2025, freeing up approximately $200 million to $250 million for redeployment into core platforms. This strategy has already resulted in the freeing of $150 million in capital for investment in higher-return core platforms during Q3 2025.
- Leveraging Technology and AI for Efficiency and Scale: Redwood Trust is investing in technology and AI to drive innovation, reduce inefficiencies, and promote scalability across its businesses. Through its RWT Horizons venture investment arm, the company invests in early-stage financial and real estate technology companies that are accretive to its mortgage banking platforms. The company is also building out its AI infrastructure and in-house capabilities to leverage AI-driven document intelligence for data extraction at scale, which is expected to support robust margin gains and sustainable growth.
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Share Repurchases
- Redwood Trust increased its common stock repurchase authorization to $150 million as of July 30, 2025.
- The company repurchased 5 million shares of common stock for approximately $29 million in the third quarter of 2025.
- In the second quarter of 2020, Redwood Trust repurchased $125 million of convertible debt below its carrying value.
Share Issuance
- As of November 7, 2025, Redwood Trust filed a prospectus supplement for an at-the-market equity offering of common stock with an aggregate gross sales price of up to $175,000,000.
- In August 2025, Redwood Trust priced an offering of $50 million aggregate principal amount of its 7.75% convertible senior notes due 2027, which was a reopening of previous issuances from June 2022 and October 2024.
- Redwood Trust had gross proceeds of $90 million from a new debt issue of 9.125% Senior Notes due March 1, 2030 (RWTP).
Inbound Investments
- Subsequent to the third quarter of 2025, Redwood Trust expanded its partnership with CPP Investments, including an extension of a secured financing facility and joint venture commitment period to September 2028, and an upsize of the secured financing facility to $400 million.
Outbound Investments
- Redwood Trust is a specialty finance company that invests in various areas of housing credit, including residential, business purpose, and multifamily investments.
- The company's Residential Mortgage Banking segment involves acquiring residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.
- Through its RWT Horizons® venture investing initiative, Redwood Trust invests in early-stage companies that are directly related to its operating platforms.
Capital Expenditures
- Capital expenditures for Redwood Trust were reported as $0.00 for the years 2020, 2021, 2022, 2023, and 2024.
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Redwood Trust
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.23 |
| Mkt Cap | 6.4 |
| Rev LTM | 861 |
| Op Inc LTM | - |
| FCF LTM | -1,166 |
| FCF 3Y Avg | -532 |
| CFO LTM | -1,163 |
| CFO 3Y Avg | -510 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -9.7% |
| Rev Chg 3Y Avg | 45.7% |
| Rev Chg Q | 59.7% |
| QoQ Delta Rev Chg LTM | 13.1% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -17.6% |
| CFO/Rev 3Y Avg | -41.9% |
| FCF/Rev LTM | -17.7% |
| FCF/Rev 3Y Avg | -43.8% |
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Redwood Investments | 12,718 | 11,304 | 11,770 | ||
| Sequoia Mortgage Banking | 972 | 661 | 1,716 | ||
| Corporate/ Other | 521 | 579 | 755 | 810 | 769 |
| CoreVest Mortgage Banking | 293 | 487 | 465 | ||
| Business Purpose Lending | 4,323 | 3,787 | |||
| Residential Lending | 1,990 | 5,411 | |||
| Third-Party Investments | 3,232 | 8,029 | |||
| Total | 14,504 | 13,031 | 14,707 | 10,355 | 17,995 |
Price Behavior
| Market Price | $5.55 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 08/04/1995 | |
| Distance from 52W High | -10.1% | |
| 50 Days | 200 Days | |
| DMA Price | $5.45 | $5.58 |
| DMA Trend | down | down |
| Distance from DMA | 1.9% | -0.5% |
| 3M | 1YR | |
| Volatility | 27.3% | 32.1% |
| Downside Capture | 83.48 | 96.21 |
| Upside Capture | 44.47 | 73.68 |
| Correlation (SPY) | 36.4% | 57.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.88 | 0.78 | 0.78 | 1.07 | 0.94 | 1.02 |
| Up Beta | 1.75 | 1.72 | 1.87 | 1.93 | 1.00 | 1.01 |
| Down Beta | -0.09 | 0.31 | 0.61 | 0.53 | 0.94 | 0.98 |
| Up Capture | 103% | 44% | 23% | 89% | 64% | 82% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 11 | 18 | 28 | 63 | 118 | 365 |
| Down Capture | 68% | 93% | 82% | 113% | 101% | 104% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 22 | 32 | 56 | 122 | 352 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of RWT With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| RWT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -10.3% | 14.3% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 32.2% | 19.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -0.31 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 61.3% | 57.1% | 10.0% | 16.3% | 65.4% | 23.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of RWT With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| RWT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 0.5% | 16.5% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 33.8% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.09 | 0.73 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 50.8% | 52.7% | 14.3% | 15.7% | 58.2% | 22.1% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 10-Year Data
| Comparison of RWT With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| RWT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 0.2% | 13.4% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 48.8% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.19 | 0.55 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 39.4% | 36.7% | -0.4% | 14.4% | 46.4% | 9.1% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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 |
| 10/29/2025 | -2.7% | -4.4% | 1.6% |
| 7/30/2025 | -7.9% | -6.4% | -1.2% |
| 4/30/2025 | -6.1% | -6.0% | -12.2% |
| 2/13/2025 | -1.2% | -0.3% | -1.2% |
| 10/30/2024 | -4.2% | -6.8% | -6.3% |
| 8/1/2024 | -2.8% | -4.1% | 3.3% |
| 4/30/2024 | 11.8% | 14.5% | 12.8% |
| 2/20/2024 | -5.7% | -6.5% | -0.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 13 |
| # Negative | 15 | 17 | 11 |
| Median Positive | 3.0% | 5.1% | 4.6% |
| Median Negative | -2.8% | -4.5% | -7.4% |
| Max Positive | 11.8% | 14.5% | 104.0% |
| Max Negative | -8.6% | -16.2% | -61.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11072025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5092025 | 10-Q 3/31/2025 |
| 12312024 | 3032025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8072024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 11072023 | 10-Q 9/30/2023 |
| 6302023 | 8072023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 3012023 | 10-K 12/31/2022 |
| 9302022 | 11072022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 2252022 | 10-K 12/31/2021 |
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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