FRD vs RFL: Correlation
Friedman Industries Inc. (FRD) and Rafael Holdings, Inc. (RFL) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRD and RFL?
On 3 years of weekly data the FRD/RFL correlation comes out at 0.36, moderate. The past 12 months show a tighter link (0.47) than the 3-year average (0.36). The 5-year figure is 0.25, and annualized covariance runs at 1097.1 %².
Within FRD's tracked universe of 12 assets, RFL comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FRD outperformed by 79.8 percentage points (+137.8% for FRD against +58.0% for RFL).
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.
FRD vs RFL: side by side
| FRD (Friedman Industries Inc.) | RFL (Rafael Holdings, Inc.) | |
|---|---|---|
| 1-year return | +137.8% | +58.0% |
| 5-year return | +282.9% | -94.5% |
| Volatility (ann.) | 50.1% | 61.2% |
| Beta vs S&P 500 | 1.10 | 0.61 |
| Max drawdown (3Y) | -34.6% | -59.3% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRD | RFL |
|---|---|---|
| 2022 | +5.3% | -63.3% |
| 2023 | +59.0% | -2.1% |
| 2024 | -0.3% | -9.8% |
| 2025 | +35.3% | -27.5% |
| 2026 | +120.0% | +100.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRD and RFL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FRD and RFL?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.47 over the last year and 0.25 over 5 years.
Is RFL a good diversifier for FRD?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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/frd-vs-rfl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/frd-vs-rfl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FRD correlations · RFL correlations
