QQQ vs RFAI: Correlation
How closely do Invesco QQQ Trust (QQQ) and RF Acquisition Corp II (RFAI) trade together? Their weekly returns over three years give a correlation of -0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RFAI?
On 3 years of weekly data the QQQ/RFAI correlation comes out at -0.09, near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.16 over 1 year against -0.09 over 3. The 5-year figure is n/a, and annualized covariance runs at -555.6 %².
Within QQQ's tracked universe of 4755 assets, RFAI comes in at #4709 by 3-year correlation. The last year tells two different stories: RFAI led by 363.2 percentage points, +26.3% for QQQ against +389.5% for RFAI. Note the risk asymmetry: RFAI runs 14.7 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.
QQQ vs RFAI: side by side
| QQQ (Invesco QQQ Trust) | RFAI (RF Acquisition Corp II) | |
|---|---|---|
| 1-year return | +26.3% | +389.5% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 288.3% |
| Beta vs S&P 500 | 1.28 | -1.62 |
| Max drawdown (3Y) | -22.8% | -16.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 399.9 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | RFAI |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | – |
| 2024 | +25.6% | – |
| 2025 | +20.8% | +5.2% |
| 2026 | +17.7% | +383.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RFAI good diversifiers for each other?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between QQQ and RFAI?
As of 2026-08-27, the correlation of weekly returns between QQQ and RFAI is -0.09 over 3 years, -0.16 over 1 year and n/a over 5 years.
Is RFAI a good diversifier for QQQ?
Yes: at -0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.09 mean?
A reading of -0.09 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-rfai.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-rfai/)
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Related comparisons
Hubs: QQQ correlations · RFAI correlations
