AMRC vs RFAI: Correlation
How closely do Ameresco, Inc. (AMRC) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMRC and RFAI?
Over the past 3 years, AMRC and RFAI moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.23). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -4743.7 %².
RFAI is close to the least connected end of AMRC's tracked universe, ranking #16 of 18. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 396.1 percentage points (-6.6% for AMRC against +389.5% for RFAI). One caveat on sizing: RFAI is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMRC vs RFAI: side by side
| AMRC (Ameresco, Inc.) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | -6.6% | +389.5% |
| 5-year return | -66.7% | n/a |
| Volatility (ann.) | 74.9% | 288.3% |
| Beta vs S&P 500 | 1.78 | -1.62 |
| Max drawdown (3Y) | -81.5% | -16.5% |
| Market cap | $1.2B | $0.4B |
| P/E (trailing) | 43.2 | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMRC | RFAI |
|---|---|---|
| 2022 | -29.8% | – |
| 2023 | -44.6% | – |
| 2024 | -25.9% | – |
| 2025 | +24.7% | +5.2% |
| 2026 | -21.8% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMRC and RFAI good diversifiers for each other?
Yes. With a correlation of -0.23, AMRC and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMRC and RFAI?
The AMRC/RFAI correlation stands at -0.23 on a 3-year window (1 year: -0.38, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RFAI a good diversifier for AMRC?
Yes. With a correlation of -0.23, AMRC and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: AMRC correlations · RFAI correlations
