MRNA vs RFAI: Correlation
Measured on weekly returns over the past three years, Moderna (MRNA) and RF Acquisition Corp II (RFAI) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNA and RFAI?
Over the past 3 years, MRNA and RFAI moved with a correlation of 0.78, which is strong. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 25410.8 %².
Few assets follow MRNA as closely as RFAI, which ranks #1 of 38 tracked partners. The last year tells two different stories: MRNA led by 79.3 percentage points, +468.8% for MRNA against +389.5% for RFAI. Note the risk asymmetry: RFAI runs 2.9 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.
MRNA vs RFAI: side by side
| MRNA (Moderna) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +468.8% | +389.5% |
| 5-year return | -61.5% | n/a |
| Volatility (ann.) | 100.7% | 288.3% |
| Beta vs S&P 500 | 0.98 | -1.62 |
| Max drawdown (3Y) | -86.6% | -16.5% |
| Market cap | $57.0B | $0.4B |
| P/E (trailing) | – | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MRNA | RFAI |
|---|---|---|
| 2022 | -29.3% | – |
| 2023 | -44.6% | – |
| 2024 | -58.2% | – |
| 2025 | -29.1% | +5.2% |
| 2026 | +384.1% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNA and RFAI good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MRNA and RFAI?
As of 2026-08-27, the correlation of weekly returns between MRNA and RFAI is 0.78 over 3 years, 0.88 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for MRNA?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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/mrna-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mrna-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRNA correlations · RFAI correlations
