NXG vs RFAI: Correlation
Measured on weekly returns over the past three years, NXG NextGen Infrastructure Income Fund (NXG) and RF Acquisition Corp II (RFAI) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXG and RFAI?
Across a 3-year window, the weekly returns of NXG and RFAI correlate at -0.25, 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 (-0.25). Stretching to 5 years gives n/a, with an annualized covariance of -2037.8 %².
Among the 10 assets we track against NXG, RFAI sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 354.0 percentage points (+35.5% for NXG against +389.5% for RFAI). Risk is not evenly split, since RFAI carries 10.1 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.
NXG vs RFAI: side by side
| NXG (NXG NextGen Infrastructure Income Fund) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +35.5% | +389.5% |
| 5-year return | +116.8% | n/a |
| Volatility (ann.) | 28.6% | 288.3% |
| Beta vs S&P 500 | 0.60 | -1.62 |
| Max drawdown (3Y) | -26.2% | -16.5% |
| Market cap | $0.4B | $0.4B |
| P/E (trailing) | 2.4 | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXG | RFAI |
|---|---|---|
| 2022 | -7.6% | – |
| 2023 | +4.3% | – |
| 2024 | +50.6% | – |
| 2025 | +25.8% | +5.2% |
| 2026 | +20.6% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXG and RFAI good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NXG and RFAI?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.47 over the last year and n/a over 5 years.
Is RFAI a good diversifier for NXG?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NXG correlations · RFAI correlations
