NXGL vs RFAI: Correlation
NexGel, Inc (NXGL) and RF Acquisition Corp II (RFAI) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NXGL and RFAI?
Across a 3-year window, the weekly returns of NXGL and RFAI correlate at -0.32, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.32). Stretching to 5 years gives n/a, with an annualized covariance of -8104.6 %².
Among the 11 assets we track against NXGL, RFAI sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months RFAI outperformed by 474.5 percentage points (-85.0% for NXGL against +389.5% for RFAI). One caveat on sizing: RFAI is 3.6 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.
NXGL vs RFAI: side by side
| NXGL (NexGel, Inc) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | -85.0% | +389.5% |
| 5-year return | -90.1% | n/a |
| Volatility (ann.) | 79.8% | 288.3% |
| Beta vs S&P 500 | 1.14 | -1.62 |
| Max drawdown (3Y) | -93.3% | -16.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 399.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NXGL | RFAI |
|---|---|---|
| 2022 | -52.1% | – |
| 2023 | +70.4% | – |
| 2024 | +109.4% | – |
| 2025 | -63.9% | +5.2% |
| 2026 | -78.3% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NXGL and RFAI good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NXGL and RFAI?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.43 over the last year and n/a over 5 years.
Is RFAI a good diversifier for NXGL?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 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: NXGL correlations · RFAI correlations
