NRO vs RFI: Correlation
Measured on weekly returns over the past three years, Neuberger Real Estate Securities Income Fund Inc. (NRO) and Cohen & Steers Total Return Realty Fund, Inc. (RFI) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRO and RFI?
Over the past 3 years, NRO and RFI moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 279.3 %².
In NRO's tracked universe of 17 assets, RFI sits right near the top at #3. Their 12-month results are close: +2.5% for NRO against +3.7% for RFI.
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.
NRO vs RFI: side by side
| NRO (Neuberger Real Estate Securities Income Fund Inc.) | RFI (Cohen & Steers Total Return Realty Fund, Inc.) | |
|---|---|---|
| 1-year return | +2.5% | +3.7% |
| 5-year return | +2.7% | +5.1% |
| Volatility (ann.) | 18.9% | 18.1% |
| Beta vs S&P 500 | 0.70 | 0.57 |
| Max drawdown (3Y) | -24.8% | -16.2% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.2 | 27.1 |
| Dividend yield | 0.00% | 8.41% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRO | RFI |
|---|---|---|
| 2022 | -35.1% | -22.1% |
| 2023 | +15.1% | +4.4% |
| 2024 | +23.8% | +6.6% |
| 2025 | +0.8% | +3.6% |
| 2026 | +5.0% | +8.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRO and RFI good diversifiers for each other?
No: a correlation of 0.82 means NRO and RFI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NRO and RFI?
The NRO/RFI correlation stands at 0.82 on a 3-year window (1 year: 0.79, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is RFI a good diversifier for NRO?
No: a correlation of 0.82 means NRO and RFI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 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/nro-vs-rfi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nro-vs-rfi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NRO correlations · RFI correlations
