RFAI vs XLI: Correlation
Measured on weekly returns over the past three years, RF Acquisition Corp II (RFAI) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of -0.15, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFAI and XLI?
On 3 years of weekly data the RFAI/XLI correlation comes out at -0.15, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.28) runs below the 3-year figure (-0.15). The 5-year figure is n/a, and annualized covariance runs at -738.9 %².
By 3-year correlation, XLI places #23 of the 65 assets tracked against RFAI. The last year tells two different stories: RFAI led by 371.2 percentage points, +389.5% for RFAI against +18.3% for XLI. Note the risk asymmetry: RFAI runs 18.4 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.
RFAI vs XLI: side by side
| RFAI (RF Acquisition Corp II) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +389.5% | +18.3% |
| 5-year return | n/a | +84.0% |
| Volatility (ann.) | 288.3% | 15.7% |
| Beta vs S&P 500 | -1.62 | 0.89 |
| Max drawdown (3Y) | -16.5% | -18.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | 399.9 | – |
| Dividend yield | 0.00% | 1.15% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $32.9B |
| Sector / category | US Listed | Sector ETF |
XLI is an Industrials fund from State Street Investment Management: $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Year-by-year returns
| Year | RFAI | XLI |
|---|---|---|
| 2022 | – | -5.6% |
| 2023 | – | +18.1% |
| 2024 | – | +17.3% |
| 2025 | +5.2% | +19.3% |
| 2026 | +383.6% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFAI and XLI good diversifiers for each other?
Yes. With a correlation of -0.15, RFAI and XLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RFAI and XLI?
Using weekly returns as of 2026-08-27: -0.15 over 3 years, with -0.28 over the last year and n/a over 5 years.
Is XLI a good diversifier for RFAI?
Yes. With a correlation of -0.15, RFAI and XLI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 mean?
A reading of -0.15 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/rfai-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfai-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RFAI correlations · XLI correlations
