CBOE vs RFL: Correlation
How closely do Cboe Global Markets (CBOE) and Rafael Holdings, Inc. (RFL) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and RFL?
On 3 years of weekly data the CBOE/RFL correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -320.8 %².
Within CBOE's tracked universe of 39 assets, RFL comes in at #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RFL ahead by 25.5 points (+32.5% versus +58.0%). Note the risk asymmetry: RFL runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CBOE vs RFL: side by side
| CBOE (Cboe Global Markets) | RFL (Rafael Holdings, Inc.) | |
|---|---|---|
| 1-year return | +32.5% | +58.0% |
| 5-year return | +168.0% | -94.5% |
| Volatility (ann.) | 26.1% | 61.2% |
| Beta vs S&P 500 | 0.09 | 0.61 |
| Max drawdown (3Y) | -36.7% | -59.3% |
| Market cap | $32.8B | $0.1B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | RFL |
|---|---|---|
| 2022 | -2.2% | -63.3% |
| 2023 | +44.4% | -2.1% |
| 2024 | +10.7% | -9.8% |
| 2025 | +29.2% | -27.5% |
| 2026 | +25.7% | +100.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and RFL good diversifiers for each other?
Yes. With a correlation of -0.20, CBOE and RFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CBOE and RFL?
As of 2026-08-27, the correlation of weekly returns between CBOE and RFL is -0.20 over 3 years, -0.24 over 1 year and -0.08 over 5 years.
Is RFL a good diversifier for CBOE?
Yes. With a correlation of -0.20, CBOE and RFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cboe-vs-rfl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cboe-vs-rfl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBOE correlations · RFL correlations
