RFAI vs SPY: Correlation
Measured on weekly returns over the past three years, RF Acquisition Corp II (RFAI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFAI and SPY?
On 3 years of weekly data the RFAI/SPY correlation comes out at -0.08, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -339.0 %².
Within RFAI's tracked universe of 65 assets, SPY comes in at #16 by 3-year correlation. The last year tells two different stories: RFAI led by 368.9 percentage points, +389.5% for RFAI against +20.6% for SPY. One caveat on sizing: RFAI is 19.9 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.
RFAI vs SPY: side by side
| RFAI (RF Acquisition Corp II) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +389.5% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 288.3% | 14.5% |
| Beta vs S&P 500 | -1.62 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 399.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | RFAI | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +5.2% | +17.7% |
| 2026 | +383.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFAI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between RFAI and SPY?
Using weekly returns as of 2026-08-27: -0.08 over 3 years, with -0.14 over the last year and n/a over 5 years.
Is SPY a good diversifier for RFAI?
By historical standards, yes. A correlation of -0.08 means the two rarely move for the same reasons.
What does a correlation of -0.08 mean?
On the −1 to +1 scale, -0.08 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.
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Related comparisons
Hubs: RFAI correlations · SPY correlations
