RFAI vs STLD: Correlation
RF Acquisition Corp II (RFAI) and Steel Dynamics (STLD) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFAI and STLD?
On 3 years of weekly data the RFAI/STLD correlation comes out at -0.21, 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 (-0.21). The 5-year figure is n/a, and annualized covariance runs at -2259.8 %².
Among the 65 assets we track against RFAI, STLD ranks #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RFAI ahead by 309.7 points (+389.5% versus +79.8%). One caveat on sizing: RFAI is 8.4 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 STLD: side by side
| RFAI (RF Acquisition Corp II) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +389.5% | +79.8% |
| 5-year return | n/a | +262.0% |
| Volatility (ann.) | 288.3% | 34.5% |
| Beta vs S&P 500 | -1.62 | 1.13 |
| Max drawdown (3Y) | -16.5% | -28.7% |
| Market cap | $0.4B | $33.8B |
| P/E (trailing) | 399.9 | 21.4 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | RFAI | STLD |
|---|---|---|
| 2022 | – | +60.1% |
| 2023 | – | +22.8% |
| 2024 | – | -2.0% |
| 2025 | +5.2% | +50.7% |
| 2026 | +383.6% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFAI and STLD good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RFAI and STLD?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.33 over the last year and n/a over 5 years.
Is STLD a good diversifier for RFAI?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rfai-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rfai-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RFAI correlations · STLD correlations
