NPV vs RFAI: Correlation
Measured on weekly returns over the past three years, Nuveen Virginia Quality Municipal Income Fund (NPV) and RF Acquisition Corp II (RFAI) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NPV and RFAI?
Over the past 3 years, NPV and RFAI moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.26). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -796.5 %².
RFAI is close to the least connected end of NPV's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 389.2 percentage points (+0.3% for NPV against +389.5% for RFAI). One caveat on sizing: RFAI is 24.2 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.
NPV vs RFAI: side by side
| NPV (Nuveen Virginia Quality Municipal Income Fund) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +0.3% | +389.5% |
| 5-year return | -20.8% | n/a |
| Volatility (ann.) | 11.9% | 288.3% |
| Beta vs S&P 500 | 0.23 | -1.62 |
| Max drawdown (3Y) | -18.3% | -16.5% |
| Market cap | $0.2B | $0.4B |
| P/E (trailing) | 9.3 | 399.9 |
| Dividend yield | 8.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NPV | RFAI |
|---|---|---|
| 2022 | -31.5% | – |
| 2023 | +0.4% | – |
| 2024 | +24.6% | – |
| 2025 | -5.9% | +5.2% |
| 2026 | -0.3% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NPV and RFAI good diversifiers for each other?
Yes. With a correlation of -0.26, NPV and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NPV and RFAI?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.44 over the last year and n/a over 5 years.
Is RFAI a good diversifier for NPV?
Yes. With a correlation of -0.26, NPV and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/npv-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/npv-vs-rfai/)
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Related comparisons
Hubs: NPV correlations · RFAI correlations
