FRNM vs RFAI: Correlation
How closely do Freenome, Inc. (FRNM) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRNM and RFAI?
Across a 3-year window, the weekly returns of FRNM and RFAI correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 3792.8 %².
Few assets follow FRNM as closely as RFAI, which ranks #1 of 34 tracked partners. The last year tells two different stories: RFAI led by 357.2 percentage points, +32.3% for FRNM against +389.5% for RFAI. Note the risk asymmetry: RFAI runs 13.7 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.
FRNM vs RFAI: side by side
| FRNM (Freenome, Inc.) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +32.3% | +389.5% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 21.1% | 288.3% |
| Beta vs S&P 500 | 0.03 | -1.62 |
| Max drawdown (3Y) | -29.6% | -16.5% |
| Market cap | $1.5B | $0.4B |
| P/E (trailing) | – | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Are FRNM and RFAI good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FRNM and RFAI?
As of 2026-08-27, the correlation of weekly returns between FRNM and RFAI is 0.62 over 3 years, 0.62 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for FRNM?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: FRNM correlations · RFAI correlations
