MTB vs RFAI: Correlation
M&T Bank (MTB) and RF Acquisition Corp II (RFAI) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and RFAI?
On 3 years of weekly data the MTB/RFAI correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.16 over 3. The 5-year figure is n/a, and annualized covariance runs at -1170.3 %².
Within MTB's tracked universe of 35 assets, RFAI comes in at #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 367.8 percentage points (+21.7% for MTB against +389.5% for RFAI). Risk is not evenly split, since RFAI carries 10.9 times the volatility of the other side.
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.
MTB vs RFAI: side by side
| MTB (M&T Bank) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +21.7% | +389.5% |
| 5-year return | +101.3% | n/a |
| Volatility (ann.) | 26.5% | 288.3% |
| Beta vs S&P 500 | 0.83 | -1.62 |
| Max drawdown (3Y) | -28.5% | -16.5% |
| Market cap | $34.5B | $0.4B |
| P/E (trailing) | 12.8 | 399.9 |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | RFAI |
|---|---|---|
| 2022 | -2.9% | – |
| 2023 | -1.7% | – |
| 2024 | +41.7% | – |
| 2025 | +10.4% | +5.2% |
| 2026 | +20.1% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and RFAI good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTB and RFAI?
As of 2026-08-27, the correlation of weekly returns between MTB and RFAI is -0.16 over 3 years, -0.26 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for MTB?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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/mtb-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · RFAI correlations
