NRK vs RFAI: Correlation
How closely do Nuveen New York AMT-Free Quality Municipal Income Fund (NRK) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRK and RFAI?
On 3 years of weekly data the NRK/RFAI correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.32). The 5-year figure is n/a, and annualized covariance runs at -940.2 %².
Among the 14 assets we track against NRK, RFAI sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 372.1 percentage points (+17.4% for NRK against +389.5% for RFAI). One caveat on sizing: RFAI is 26.9 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.
NRK vs RFAI: side by side
| NRK (Nuveen New York AMT-Free Quality Municipal Income Fund) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +17.4% | +389.5% |
| 5-year return | -2.0% | n/a |
| Volatility (ann.) | 10.7% | 288.3% |
| Beta vs S&P 500 | 0.27 | -1.62 |
| Max drawdown (3Y) | -11.5% | -16.5% |
| Market cap | $0.9B | $0.4B |
| P/E (trailing) | 32.1 | 399.9 |
| Dividend yield | 8.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRK | RFAI |
|---|---|---|
| 2022 | -21.8% | – |
| 2023 | +7.1% | – |
| 2024 | +5.9% | – |
| 2025 | +4.7% | +5.2% |
| 2026 | +7.1% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRK and RFAI good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NRK and RFAI?
As of 2026-08-27, the correlation of weekly returns between NRK and RFAI is -0.32 over 3 years, -0.48 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for NRK?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/nrk-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: NRK correlations · RFAI correlations
