NTRS vs RFAI: Correlation
How closely do Northern Trust (NTRS) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and RFAI?
On 3 years of weekly data the NTRS/RFAI correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.26) than the 3-year average (-0.14). The 5-year figure is n/a, and annualized covariance runs at -939.5 %².
Among the 33 assets we track against NTRS, RFAI ranks #24 by 3-year correlation. The last year tells two different stories: RFAI led by 344.7 percentage points, +44.8% for NTRS against +389.5% for RFAI. Note the risk asymmetry: RFAI runs 12.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NTRS vs RFAI: side by side
| NTRS (Northern Trust) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +44.8% | +389.5% |
| 5-year return | +83.2% | n/a |
| Volatility (ann.) | 23.7% | 288.3% |
| Beta vs S&P 500 | 1.08 | -1.62 |
| Max drawdown (3Y) | -25.2% | -16.5% |
| Market cap | $34.1B | $0.4B |
| P/E (trailing) | 16.1 | 399.9 |
| Dividend yield | 1.71% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | NTRS | RFAI |
|---|---|---|
| 2022 | -23.8% | – |
| 2023 | -1.0% | – |
| 2024 | +25.6% | – |
| 2025 | +36.9% | +5.2% |
| 2026 | +37.8% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRS and RFAI good diversifiers for each other?
Yes. With a correlation of -0.14, NTRS and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NTRS and RFAI?
The NTRS/RFAI correlation stands at -0.14 on a 3-year window (1 year: -0.26, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RFAI a good diversifier for NTRS?
Yes. With a correlation of -0.14, NTRS and RFAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.14 mean?
A reading of -0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NTRS correlations · RFAI correlations
