CFG vs RFAI: Correlation
How closely do Citizens Financial Group (CFG) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFG and RFAI?
On 3 years of weekly data the CFG/RFAI correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.30) runs below the 3-year figure (-0.17). The 5-year figure is n/a, and annualized covariance runs at -1438.4 %².
Within CFG's tracked universe of 46 assets, RFAI comes in at #41 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 350.2 percentage points (+39.3% for CFG against +389.5% for RFAI). Note the risk asymmetry: RFAI runs 9.3 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.
CFG vs RFAI: side by side
| CFG (Citizens Financial Group) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +39.3% | +389.5% |
| 5-year return | +98.3% | n/a |
| Volatility (ann.) | 31.0% | 288.3% |
| Beta vs S&P 500 | 1.16 | -1.62 |
| Max drawdown (3Y) | -29.1% | -16.5% |
| Market cap | $29.6B | $0.4B |
| P/E (trailing) | 15.4 | 399.9 |
| Dividend yield | 2.55% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CFG | RFAI |
|---|---|---|
| 2022 | -13.4% | – |
| 2023 | -11.0% | – |
| 2024 | +38.0% | – |
| 2025 | +38.6% | +5.2% |
| 2026 | +22.7% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFG and RFAI good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between CFG and RFAI?
The CFG/RFAI correlation stands at -0.17 on a 3-year window (1 year: -0.30, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RFAI a good diversifier for CFG?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
A reading of -0.17 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
$ curl https://www.pairbook.io/api/v1/pairs/cfg-vs-rfai.json
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Related comparisons
Hubs: CFG correlations · RFAI correlations
