CMI vs RFAI: Correlation
Measured on weekly returns over the past three years, Cummins (CMI) and RF Acquisition Corp II (RFAI) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and RFAI?
On 3 years of weekly data the CMI/RFAI correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -1444.9 %².
By 3-year correlation, RFAI places #29 of the 36 assets tracked against CMI. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 344.4 percentage points (+45.1% for CMI against +389.5% for RFAI). Risk is not evenly split, since RFAI carries 11.1 times the volatility of the other side.
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.
CMI vs RFAI: side by side
| CMI (Cummins) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +45.1% | +389.5% |
| 5-year return | +169.6% | n/a |
| Volatility (ann.) | 25.9% | 288.3% |
| Beta vs S&P 500 | 1.05 | -1.62 |
| Max drawdown (3Y) | -30.5% | -16.5% |
| Market cap | $79.0B | $0.4B |
| P/E (trailing) | 29.6 | 399.9 |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | RFAI |
|---|---|---|
| 2022 | +14.1% | – |
| 2023 | +1.7% | – |
| 2024 | +48.9% | – |
| 2025 | +49.4% | +5.2% |
| 2026 | +13.6% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and RFAI good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMI and RFAI?
As of 2026-08-27, the correlation of weekly returns between CMI and RFAI is -0.18 over 3 years, -0.26 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for CMI?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmi-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmi-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMI correlations · RFAI correlations
