NTB vs RFAI: Correlation
Measured on weekly returns over the past three years, Bank of N.T. Butterfield & Son Limited (The) Voting (NTB) and RF Acquisition Corp II (RFAI) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTB and RFAI?
Across a 3-year window, the weekly returns of NTB and RFAI correlate at -0.27, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.27). Stretching to 5 years gives n/a, with an annualized covariance of -1761.1 %².
Out of 12 assets tracked against NTB, RFAI lands near the bottom at #10. The last year tells two different stories: RFAI led by 355.5 percentage points, +34.0% for NTB against +389.5% for RFAI. Risk is not evenly split, since RFAI carries 12.3 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.
NTB vs RFAI: side by side
| NTB (Bank of N.T. Butterfield & Son Limited (The) Voting) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +34.0% | +389.5% |
| 5-year return | +125.2% | n/a |
| Volatility (ann.) | 23.5% | 288.3% |
| Beta vs S&P 500 | 0.71 | -1.62 |
| Max drawdown (3Y) | -14.7% | -16.5% |
| Market cap | $2.3B | $0.4B |
| P/E (trailing) | 10.4 | 399.9 |
| Dividend yield | 3.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTB | RFAI |
|---|---|---|
| 2022 | -17.5% | – |
| 2023 | +14.3% | – |
| 2024 | +20.2% | – |
| 2025 | +41.0% | +5.2% |
| 2026 | +21.9% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTB and RFAI good diversifiers for each other?
Yes. With a correlation of -0.27, NTB and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTB and RFAI?
The NTB/RFAI correlation stands at -0.27 on a 3-year window (1 year: -0.47, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RFAI a good diversifier for NTB?
Yes. With a correlation of -0.27, NTB and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/ntb-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntb-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTB correlations · RFAI correlations
