HOWL vs RFAI: Correlation
How closely do Werewolf Therapeutics, Inc. (HOWL) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOWL and RFAI?
On 3 years of weekly data the HOWL/RFAI correlation comes out at 0.61, strong. The link has tightened recently: the 1-year correlation (0.74) runs above the 3-year figure (0.61). The 5-year figure is n/a, and annualized covariance runs at 22766.8 %².
In HOWL's tracked universe of 10 assets, RFAI sits right near the top at #1. The last year tells two different stories: RFAI led by 416.5 percentage points, -27.0% for HOWL against +389.5% for RFAI. One caveat on sizing: RFAI is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
HOWL vs RFAI: side by side
| HOWL (Werewolf Therapeutics, Inc.) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | -27.0% | +389.5% |
| 5-year return | -94.4% | n/a |
| Volatility (ann.) | 124.1% | 288.3% |
| Beta vs S&P 500 | 1.39 | -1.62 |
| Max drawdown (3Y) | -96.1% | -16.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HOWL | RFAI |
|---|---|---|
| 2022 | -82.8% | – |
| 2023 | +88.3% | – |
| 2024 | -61.7% | – |
| 2025 | -57.2% | +5.2% |
| 2026 | +53.1% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HOWL and RFAI good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HOWL and RFAI?
The HOWL/RFAI correlation stands at 0.61 on a 3-year window (1 year: 0.74, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RFAI a good diversifier for HOWL?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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
$ curl https://www.pairbook.io/api/v1/pairs/howl-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/howl-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HOWL correlations · RFAI correlations
