EAF vs REFR: Correlation
How closely do GrafTech International Ltd. (EAF) and Research Frontiers Incorporated (REFR) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EAF and REFR?
Over the past 3 years, EAF and REFR moved with a correlation of 0.30, which is moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 1942.8 %².
Within EAF's tracked universe of 12 assets, REFR comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EAF ahead by 40.1 points (-25.3% versus -65.4%).
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.
EAF vs REFR: side by side
| EAF (GrafTech International Ltd.) | REFR (Research Frontiers Incorporated) | |
|---|---|---|
| 1-year return | -25.3% | -65.4% |
| 5-year return | -93.3% | -78.3% |
| Volatility (ann.) | 96.0% | 68.5% |
| Beta vs S&P 500 | 1.47 | 0.52 |
| Max drawdown (3Y) | -86.7% | -83.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EAF | REFR |
|---|---|---|
| 2022 | -59.5% | +11.0% |
| 2023 | -53.8% | -47.1% |
| 2024 | -21.0% | +69.3% |
| 2025 | -10.3% | -23.4% |
| 2026 | -52.1% | -63.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EAF and REFR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EAF and REFR?
The EAF/REFR correlation stands at 0.30 on a 3-year window (1 year: 0.31, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is REFR a good diversifier for EAF?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 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/eaf-vs-refr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eaf-vs-refr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EAF correlations · REFR correlations
