NUE vs RFAI: Correlation
Nucor (NUE) and RF Acquisition Corp II (RFAI) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and RFAI?
On 3 years of weekly data the NUE/RFAI correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.33) runs below the 3-year figure (-0.19). The 5-year figure is n/a, and annualized covariance runs at -2006.8 %².
Among the 34 assets we track against NUE, RFAI ranks #27 by 3-year correlation. The last year tells two different stories: RFAI led by 319.4 percentage points, +70.1% for NUE against +389.5% for RFAI. One caveat on sizing: RFAI is 8.7 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.
NUE vs RFAI: side by side
| NUE (Nucor) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +70.1% | +389.5% |
| 5-year return | +124.6% | n/a |
| Volatility (ann.) | 33.3% | 288.3% |
| Beta vs S&P 500 | 1.08 | -1.62 |
| Max drawdown (3Y) | -47.8% | -16.5% |
| Market cap | $57.3B | $0.4B |
| P/E (trailing) | 20.1 | 399.9 |
| Dividend yield | 0.88% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NUE | RFAI |
|---|---|---|
| 2022 | +17.4% | – |
| 2023 | +33.8% | – |
| 2024 | -32.0% | – |
| 2025 | +42.0% | +5.2% |
| 2026 | +55.6% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and RFAI good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NUE and RFAI?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.33 over the last year and n/a over 5 years.
Is RFAI a good diversifier for NUE?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/nue-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nue-vs-rfai/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NUE correlations · RFAI correlations
