FG vs RFAI: Correlation
F&G Annuities & Life, Inc. (FG) and RF Acquisition Corp II (RFAI) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FG and RFAI?
On 3 years of weekly data the FG/RFAI correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.28 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -3497.1 %².
RFAI is close to the least connected end of FG's tracked universe, ranking #11 of 13. Correlation aside, the last 12 months split them widely, with RFAI ahead by 419.2 points (-29.7% versus +389.5%). Note the risk asymmetry: RFAI runs 6.9 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.
FG vs RFAI: side by side
| FG (F&G Annuities & Life, Inc.) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | -29.7% | +389.5% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 42.0% | 288.3% |
| Beta vs S&P 500 | 1.02 | -1.62 |
| Max drawdown (3Y) | -56.2% | -16.5% |
| Market cap | $3.1B | $0.4B |
| P/E (trailing) | 7.7 | 399.9 |
| Dividend yield | 4.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FG | RFAI |
|---|---|---|
| 2023 | +137.1% | – |
| 2024 | -8.0% | – |
| 2025 | -23.6% | +5.2% |
| 2026 | -22.0% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FG and RFAI good diversifiers for each other?
Yes. With a correlation of -0.28, FG and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FG and RFAI?
As of 2026-08-27, the correlation of weekly returns between FG and RFAI is -0.28 over 3 years, -0.42 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for FG?
Yes. With a correlation of -0.28, FG and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/fg-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fg-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FG correlations · RFAI correlations
