NMS vs RFAI: Correlation
Nuveen Minnesota Quality Municipal Income Fund (NMS) and RF Acquisition Corp II (RFAI) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMS and RFAI?
Over the past 3 years, NMS and RFAI moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.26 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -796.0 %².
Among the 11 assets we track against NMS, RFAI sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 385.4 percentage points (+4.1% for NMS against +389.5% for RFAI). One caveat on sizing: RFAI is 24.6 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.
NMS vs RFAI: side by side
| NMS (Nuveen Minnesota Quality Municipal Income Fund) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +4.1% | +389.5% |
| 5-year return | -9.9% | n/a |
| Volatility (ann.) | 11.7% | 288.3% |
| Beta vs S&P 500 | 0.23 | -1.62 |
| Max drawdown (3Y) | -12.8% | -16.5% |
| Market cap | $0.1B | $0.4B |
| P/E (trailing) | 9.5 | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMS | RFAI |
|---|---|---|
| 2022 | -21.9% | – |
| 2023 | +1.6% | – |
| 2024 | +19.6% | – |
| 2025 | +2.2% | +5.2% |
| 2026 | -2.2% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMS and RFAI good diversifiers for each other?
Yes. With a correlation of -0.26, NMS and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NMS and RFAI?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and n/a over 5 years.
Is RFAI a good diversifier for NMS?
Yes. With a correlation of -0.26, NMS and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nms-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nms-vs-rfai/)
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Related comparisons
Hubs: NMS correlations · RFAI correlations
